Administration and Servicing of Home Loans. Section 3.01. Master Servicer to Act as Servicer............................................6
Administration and Servicing of Home Loans. 5 Section 3.01. The Master Servicer................................... 5 Section 3.02. Collection of Certain Home Loan Payments.............. 8 Section 3.03. Withdrawals from the Custodial Account................ 11 Section 3.04. Maintenance of Hazard Insurance; Property Protection Expenses.............................................. 12 Section 3.05. Modification Agreements; Release or Substitution of Lien.................................................. 13 Section 3.06. Trust Estate; Related Documents....................... 14 Section 3.07. Realization Upon Defaulted Home Loans; Loss Mitigation............................................ 15 Section 3.08. Issuer and Indenture Trustee to Cooperate............. 17
Administration and Servicing of Home Loans. 15 Section 2.01. Servicing Generally......................................................................15 Section 2.02. Collection of Certain Home Loan Payments; Collection Account.............................17 Section 2.03. Hazard Insurance Policies................................................................20 Section 2.04. Assumption and Modification Agreements...................................................20
Administration and Servicing of Home Loans. Section 3.01. The Master Servicer. (a) The Master Servicer shall service and administer the Home Loans in accordance with the terms of this Servicing Agreement, following such procedures as it would employ in its good faith business judgment and which are normal and usual in its general mortgage servicing activities, and shall have full power and authority, acting alone or through a Subservicer, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable, it being understood, however, that the Master Servicer shall at all times remain responsible to the Issuer and the Indenture Trustee, as pledgee of the Home Loans, and the Credit Enhancer for the performance of its duties and obligations hereunder in accordance with the terms hereof, without diminution of such obligation or liability by virtue of such Subservicing agreements or arrangements or by virtue of indemnification from the Subservicer and to the same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering the Home Loans. Without limiting the generality of the foregoing, the Master Servicer shall continue, and is hereby authorized and empowered by the Issuer and the Indenture Trustee, as pledgee of the Home Loans, to execute and deliver, on behalf of itself, the Issuer, the Indenture Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of consent to modification in connection with a proposed conveyance, or of assignment of any Mortgage and Mortgage Note in connection with the repurchase of a Home Loan and all other comparable instruments with respect to the Home Loans and with respect to the Mortgaged Properties, or with respect to the modification or re-recording of a Mortgage for the purpose of correcting the Mortgage, the subordination of the lien of the Mortgage in favor of a public utility company or government agency or unit with powers of eminent domain, the taking of a deed in lieu of foreclosure, the commencement, prosecution or completion of judicial or non-judicial foreclosure, the acquisition of any property acquired by foreclosure or deed in lieu of foreclosure, or the management, marketing and conveyance of any property acquired by foreclosure or deed in lieu of foreclosure. The Issuer, the Indenture Trustee and the Custodian, as applicable, shall furnish the Master Servicer with any powers of atto...
Administration and Servicing of Home Loans
