Common use of Servicing Term Clause in Contracts

Servicing Term. Servicer shall subservice such Mortgage Loans for a term of thirty (30) days commencing as of the related Purchase Date, which term may be extended in writing by Purchaser in its sole discretion, for an additional thirty-day period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of a Servicer Termination Event. If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Servicer as a result of a Servicer Termination Event, Servicer shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t). Servicer shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans it is subservicing on behalf of Purchaser in segregated accounts for the sole benefit of the Mortgagor and shall apply the same for the purposes for which such funds were collected. If Servicer should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Mortgage Loans it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser.

Servicing Term. Servicer shall subservice such Mortgage Loans on behalf of Purchaser for a term of thirty (30) days commencing as of the related Purchase DateDate and ending on the last day of the calendar month following the calendar month in which such Purchase Date occurs, which term may be extended in writing on a monthly basis by the Purchaser in its sole discretion, for an additional thirty-day calendar month period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of any event described in Section 16(i) hereof (a “Servicer Termination Event”) that is continuing. If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Servicer as a result of a Servicer Termination Event, Servicer shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t). Servicer shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans it is subservicing on behalf of Purchaser in segregated accounts for the sole benefit of the Mortgagor Mortgagors and shall apply the same for the purposes for which such funds were collected. If Servicer should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations in any material respect with respect to the Mortgage Loans it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser.

Servicing Term. Servicer shall subservice such Mortgage Loans on behalf of Purchaser for a term of thirty (30) days commencing as of the related Purchase DateDate and ending on the last day of the calendar month following the calendar month in which such Purchase Date occurs, which term may be extended in writing on a monthly basis by the Purchaser in its sole discretion, for an additional thirty-day calendar month period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of any event described in Section 1617(i) hereof (a “Servicer Termination Event”) that is continuing. If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Servicer as a result of a Servicer Termination Event, Servicer shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t1415(t). Servicer shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans it is subservicing on behalf of Purchaser in segregated accounts for the sole benefit of the Mortgagor Mortgagors and shall apply the same for the purposes for which such funds were collected. If Servicer should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations in any material respect with respect to the Mortgage Loans it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser.

Servicing Term. Servicer shall subservice such Mortgage Loans on behalf of Purchaser for a term of thirty (30) days commencing as of the related Purchase DateDate and ending on the last day of the calendar month following the calendar month in which such Purchase Date occurs, which term may be extended in writing on a monthly basis by the Purchaser in its sole discretion, for an additional thirty-day calendar month period (each, a “Servicing Term”); provided, that Purchaser shall have the right to immediately terminate the Servicer at any time following the occurrence of any event described in Section 17(i) hereof (a “Servicer Termination Event”). If such Servicing Term is not extended by Purchaser or if Purchaser has terminated Servicer as a result of a Servicer Termination Event, Servicer shall transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t15(t). Servicer shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans it is subservicing on behalf of Purchaser in segregated accounts for the sole benefit of the Mortgagor Mortgagors and shall apply the same for the purposes for which such funds were collected. If Servicer should discover that, for any reason whatsoever, it has failed to perform fully its servicing obligations with respect to the Mortgage Loans it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser.

Servicing Term. Seller shall service or cause the Servicer shall subservice to service such Mortgage Loans for a term and REO Properties on behalf of thirty (30) days Purchaser commencing as of the related Purchase Date until the first next Monthly Payment Date, which term may be extended in writing by Purchaser Agent in its sole discretion, for an additional thirty-day period until the next following Monthly Payment Date (each, a “Servicing Term”); provided. Notwithstanding the foregoing, that Purchaser and/or Agent shall have the right to immediately terminate the Seller, in its capacity as servicer, or any Servicer at any time following the occurrence of a Servicer Termination Event. If such Servicing Term is not extended by Purchaser Agent or if Purchaser or Agent has terminated Seller, in its capacity as servicer, or Servicer as a result of a Servicer Termination Event, Seller shall transfer or shall cause such Servicer shall to transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t). Servicer Seller, in its capacity as servicer, shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans it or a Servicer is subservicing on behalf of Purchaser purchaser in segregated accounts for the sole benefit of the related Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller or Servicer should discover that, for any reason whatsoever, it or the Servicer has failed to fully perform fully its servicing obligations in any material respect with respect to the Mortgage Loans or REO Properties it is subservicing on behalf of Purchaser, Seller shall promptly notify PurchaserPurchaser and Agent.

Servicing Term. Seller shall service or cause the Servicer shall subservice to service such Mortgage Loans on behalf of Purchaser for a term of thirty (30) days commencing as of the related Purchase Date until the first next Monthly Payment Date, which term may be extended in writing by Purchaser Agent in its sole reasonable discretion, for an additional thirty-day period until the next following Monthly Payment Date (each, a “Servicing Term”); provided) . Notwithstanding the forgoing, that Purchaser and/or Agent shall have the right to immediately terminate the Seller or any Servicer at any time following the occurrence of a Servicer Termination Event. If such Servicing Term is not extended by Purchaser Agent or if Purchaser or Agent has terminated Seller or Servicer as a result of a Servicer Termination Event, Seller shall transfer or shall cause such Servicer shall to transfer such servicing to Purchaser or its designee at no cost or expense to Purchaser as provided in Section 14(t15(t). Servicer Seller shall hold or cause to be held all Escrow Payments collected with respect to the Mortgage Loans it or a Servicer is subservicing on behalf of Purchaser in segregated accounts for the sole benefit of the related Mortgagor and shall apply the same for the purposes for which such funds were collected. If Seller or Servicer should discover that, for any reason whatsoever, it or the Servicer has failed to fully perform fully its servicing obligations in any respect with respect to the Mortgage Loans it is subservicing on behalf of Purchaser, Seller shall promptly notify Purchaser.Purchaser and Agent.6275 (c)