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IndyMac OneWest Servicing Agreement

IndyMac OneWest Servicing Agreement

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Executed March 19, 2009, this is the servicing agreement by and between the former IndyMac and OneWest.
Executed March 19, 2009, this is the servicing agreement by and between the former IndyMac and OneWest.

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Published by: ForensicMortgageExaminers on Jun 25, 2010
Copyright:Attribution Non-commercial

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03/07/2013

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Execution Copy
#10037937v23
SERVICING AGREEMENTBY AND BETWEENINDYMAC VENTURE, LLCANDONEWEST BANK, FSBDated as of March 19, 2009
INDEX
 
 -i-
TABLE OF CONTENTSPage
ARTICLE I DEFINITIONS AND CONSTRUCTION..................................................................1Section 1.01 Definitions...................................................................................................1ARTICLE II SERVICING OBLIGATIONS OF THE SERVICER.............................................10Section 2.01 Appointment and Acceptance as Servicer................................................10Section 2.02 Limited Power of Attorney.......................................................................10Section 2.03 Servicing Fee............................................................................................10Section 2.04 Servicing Obligations and Servicing Standard.........................................10Section 2.05 Registration with MERS...........................................................................11Section 2.06 Collection Account...................................................................................11Section 2.07 LIP Account..............................................................................................12Section 2.08 Escrow Accounts......................................................................................13Section 2.09 Other Accounts.........................................................................................13Section 2.10 Maintenance of Insurance Policies; Errors and Omissions and FidelityCoverage...................................................................................................13Section 2.11 Expenses...................................................................................................14Section 2.12 Insured or Guaranteed Loans....................................................................14ARTICLE III LOAN DEFAULTS; ACQUISITION OF COLLATERAL..................................14Section 3.01 Delinquency Control.................................................................................14Section 3.02 Discretion of the Company in Responding to Defaults of Borrower........14Section 3.03 Acquisition of Acquired Collateral...........................................................15ARTICLE IV SUBSERVICING..................................................................................................15Section 4.01 Retention of Subservicer...........................................................................15Section 4.02 Subservicing Agreement Requirements....................................................15Section 4.03 Servicer Liable for Subservicers...............................................................17Section 4.04 Company Approval Required...................................................................18ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THESERVICER...................................................................................................................................18Section 5.01 Representations and Warranties................................................................18Section 5.02 Reporting, Books and Records and Compliance Covenants....................19Section 5.03 Audits by the Company and the Participant.............................................21Section 5.04 No Liens....................................................................................................21Section 5.05 Servicer’s Duty to Advise; Delivery of Certain Notices..........................21Section 5.06 Notice of Breach.......................................................................................21ARTICLE VI PARTICIPANT CONSENT..................................................................................22Section 6.01 Actions Requiring Participant Consent.....................................................22Section 6.02 Amendments, Modification and Waivers.................................................22
 
 -ii-ARTICLE VII DEFAULTS; TERMINATION; TERMINATION WITHOUT CAUSE............23Section 7.01 Defaults.....................................................................................................23Section 7.02 Termination with Cause............................................................................24Section 7.03 Termination without Cause.......................................................................24Section 7.04 Effective Date...........................................................................................24Section 7.05 Accounting................................................................................................25ARTICLE VIII INDEPENDENCE OF PARTIES; INDEMNIFICATION.................................25Section 8.01 Independence of Parties............................................................................25Section 8.02 Indemnification.........................................................................................25Section 8.03 Procedure for Indemnification..................................................................26ARTICLE IX NOTICES...............................................................................................................26ARTICLE X GOVERNING LAW; JURISDICTION..................................................................27Section 10.01 Governing Law.........................................................................................27Section 10.02 Jurisdiction; Venue and Service................................................................27Section 10.03 Waiver of Jury Trial..................................................................................28ARTICLE XI MISCELLANEOUS..............................................................................................28Section 11.01 No Assignment by Servicer; No Transfer of Ownership Interests inServicing Rights........................................................................................28Section 11.02 Legal Fees.................................................................................................28Section 11.03 Entire Agreement......................................................................................29Section 11.04 Counterparts; Facsimile Signatures..........................................................29Section 11.05 Headings...................................................................................................29Section 11.06 Construction..............................................................................................29Section 11.07 Compliance with Law...............................................................................30Section 11.08 Severability...............................................................................................30Section 11.09 Third Party Beneficiary.............................................................................30Section 11.10 Protection of Confidential Information.....................................................31Section 11.11 No Presumption........................................................................................31Section 11.12 No Right of Setoff.....................................................................................31Section 11.13 Release of Participant and Predecessor Servicers.....................................31

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