Common use of CASH FOR KEYS Clause in Contracts

CASH FOR KEYS. The maximum allowable payment to either an owner or tenant to vacate the property without ▇▇▇▇▇▇▇ ▇▇▇▇▇’ prior consent should be one thousand five hundred dollars ($1,500). If the servicer intends to pay either an owner or tenant to vacate the property an amount in excess of one thousand five hundred dollars ($1,500), the servicer should make commercially reasonable efforts to obtain ▇▇▇▇▇▇▇ Sachs’ prior consent. Every advance should be cost justified and that data available to ▇▇▇▇▇▇▇ ▇▇▇▇▇ upon request. The exact amount of the advance should be proportional to the benefit and made to avoid a lengthily eviction process. Payments should be made only after the property is actually vacated and inspected by designated agents of the servicer. The servicer will report each month on all cash for keys transactions. · INSURANCE CLAIMS- The servicer will report on a monthly basis all Insurance claims filed, claims denied and claims aged over ninety (90) days during the reporting period. · LISTING – o All properties are expected to be listed within thirty (30) days of possession. o Properties not listed within thirty (30) days will require an exceptions report at month end. o All listings should be in the local MLS. o Listing Agreements should not be for more than six (6) months. o All listing agreements are subject to cancellation at any time without penalty of liability to ▇▇▇▇▇▇▇ Sachs · SIGNAGE - All listed properties are to have a sign that is conspicuous and readable from the street which clearly indicates the property is available for sale and contact information for prospective buyers. o From the date of acquisition through the date of listing , the broker/agent/servicer is to reasonably inspect the property until a sale sign is posted. [OWNER] [DATE] Countrywide Home Loans Servicing LP ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ SV-3A ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Attn: Portfolio Services Re: Flow Servicing Agreement dated May __ , 2005 (the “Servicing Agreement”), between ▇▇▇▇▇▇▇ ▇▇▇▇▇ Mortgage Company (“Owner”) and Countrywide Home Loans Servicing LP, as servicer (“Countrywide”). Gentlemen and Ladies: This letter (this "Commitment Letter") and the Term Sheet attached hereto as Exhibit A, identifies certain mortgage loans (the “Added Mortgage Loans”) which Owner proposes to add and make subject to the Servicing Agreement and the business terms under which Servicer agrees to service the Added Mortgage Loans. Upon the mutual execution of this Commitment Letter, the Added Mortgage Loans shall be deemed to have been made subject to the terms and conditions of the Servicing Agreement. The transfer and servicing of the Added Mortgage Loans shall, unless otherwise agreed, occur on the dates specified herein. All exhibits hereto are incorporated herein in their entirety. In the event there exists any inconsistency between the Servicing Agreement and this Commitment Letter, the latter shall be controlling notwithstanding anything contained in the Servicing Agreement to the contrary. All capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Servicing Agreement.

CASH FOR KEYS. The maximum allowable payment to either an owner or tenant to vacate the property without ▇▇▇▇▇▇▇ ▇▇▇▇▇Owners’ prior consent should be one thousand five hundred dollars ($1,500). If the servicer intends to pay either an owner or tenant to vacate the property an amount in excess of one thousand five hundred dollars ($1,500), the servicer should make commercially reasonable efforts to obtain ▇▇▇▇▇▇▇ SachsOwners’ prior consent. Every advance should be cost justified and that data available to ▇▇▇▇▇▇▇ ▇▇▇▇▇ Owner upon request. The exact amount of the advance should be proportional to the benefit and made to avoid a lengthily eviction process. Payments should be made only after the property is actually vacated and inspected by designated agents of the servicer. The servicer will report each month on all cash for keys transactions. · INSURANCE CLAIMS- CLAIMS – The servicer will report on a monthly basis all Insurance claims filed, claims denied and claims aged over ninety (90) days during the reporting period. · LISTING – o All properties are expected to be listed within thirty (30) days of possession. o Properties not listed within thirty (30) days will require an exceptions report at month end. o All listings should be in the local MLS. o Listing Agreements should not be for more than six (6) months. o All listing agreements are subject to cancellation at any time without penalty of liability to ▇▇▇▇▇▇▇ Sachs Owner · SIGNAGE - – All listed properties are to have a sign that is conspicuous and readable from the street which clearly indicates the property is available for sale and contact information for prospective buyers. o From the date of acquisition through the date of listing , the broker/agent/servicer is to reasonably inspect the property until a sale sign is posted. [LETTERHEAD OF OWNER] [DATE] Countrywide Home Loans Servicing LP Avelo Mortgage, L.L.C. ▇▇▇ ▇. ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ SV-3A ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ AttnAttention: Portfolio Services President Re: Flow Servicing Agreement dated May __ January 1, 2005 2006 (the “Servicing Agreement”), between ▇▇▇▇▇▇▇ ▇▇▇▇▇ Sachs Mortgage Company (“Owner”) and Countrywide Home Loans Servicing LPAvelo Mortgage, L.L.C., as servicer (“CountrywideServicer”). Gentlemen and Ladies: This letter (this "Commitment “Notice Letter"”) and the Term Sheet Mortgage Loan Schedule attached hereto as Exhibit A, identifies certain mortgage loans (the “Added Mortgage Loans”) which Owner proposes requests to add and make subject to the Servicing Agreement and effective as of [________] (the business terms under which Servicer agrees to service “Transfer Date”). As of the Added Mortgage Loans. Upon the mutual execution of this Commitment LetterTransfer Date, the Added Mortgage Loans shall be deemed to have been made subject to the terms and conditions of the Servicing Agreement. The transfer Mortgage Loans are [prime] [subprime] [Alt-A] Mortgage Loans and servicing of all delinquency calculation with respect to the Added Mortgage Loans shall, unless otherwise agreed, occur on shall be determined in accordance with [ABS] [RMBS] methodology. The Servicing Fee Rate with respect to the dates specified hereinAdded Mortgage Loans shall be [___]. The REO Management Fee with respect to the Added Mortgage Loans shall be [________]. All exhibits hereto are incorporated herein in their entirety. In the event there exists any inconsistency between the Servicing Agreement and this Commitment Letter, the latter shall be controlling notwithstanding anything contained in the Servicing Agreement to the contrary. All capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Servicing Agreement.