Mortgage Loan Purchase Agreement (2006)Full Document 

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                        MORTGAGE LOAN PURCHASE AGREEMENT

                                     between

                      MERRILL LYNCH MORTGAGE LENDING, INC.

                                    as Seller

                                       and

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

                                  as Purchaser

                                   Dated as of

                                 October 1, 2006



                                TABLE OF CONTENTS



                                                                            Page
                                                                            ----
                                                                         
SECTION 1.  DEFINITIONS..................................................     1
SECTION 2.  PURCHASE AND SALE OF THE MORTGAGE LOANS AND RELATED RIGHTS...     3
SECTION 3.  MORTGAGE LOAN SCHEDULES......................................     4
SECTION 4.  MORTGAGE LOAN TRANSFER.......................................     4
SECTION 5.  EXAMINATION OF MORTGAGE FILES................................     5
SECTION 6.  RECORDATION OF ASSIGNMENTS OF MORTGAGE.......................     7
SECTION 7.  REPRESENTATIONS AND WARRANTIES OF SELLER CONCERNING THE
            MORTGAGE LOANS...............................................     8
SECTION 8.  REPRESENTATIONS AND WARRANTIES CONCERNING THE SELLER.........    13
SECTION 9.  REPRESENTATIONS AND WARRANTIES CONCERNING THE PURCHASER......    15
SECTION 10. CONDITIONS TO CLOSING........................................    16
SECTION 11. FEES AND EXPENSES............................................    18
SECTION 12. ACCOUNTANTS' LETTERS.........................................    18
SECTION 13. INDEMNIFICATION..............................................    18
SECTION 14. NOTICES......................................................    21
SECTION 15. TRANSFER OF MORTGAGE LOANS...................................    21
SECTION 16. TERMINATION..................................................    21
SECTION 17. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE
            DELIVERY.....................................................    22
SECTION 18. MANDATORY DELIVERY; GRANT OF SECURITY INTEREST...............    22
SECTION 19. SEVERABILITY.................................................    22
SECTION 20. COUNTERPARTS.................................................    23
SECTION 21. AMENDMENT....................................................    23
SECTION 22. GOVERNING LAW................................................    23
SECTION 23. FURTHER ASSURANCES...........................................    23
SECTION 24. SUCCESSORS AND ASSIGNS.......................................    23
SECTION 25. THE SELLER...................................................    24
SECTION 26. ENTIRE AGREEMENT.............................................    24



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SECTION 27. NO PARTNERSHIP...............................................    24


                            EXHIBITS AND SCHEDULE TO
                        MORTGAGE LOAN PURCHASE AGREEMENT

Exhibit 1  Contents of Mortgage File
Exhibit 2  Contents of Final Mortgage File
Exhibit 3  Mortgage Loan Schedule Information
Exhibit 4  Seller's Information
Exhibit 5  Purchaser's Information
Exhibit 6  Schedule of Lost Notes
Exhibit 7  S&P Appendix
Schedule A Required Ratings for Each Class of Securities
Schedule B Assigned Agreements


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                        MORTGAGE LOAN PURCHASE AGREEMENT

          MORTGAGE LOAN PURCHASE AGREEMENT, dated as of October 1, 2006, as
amended and supplemented by any and all amendments hereto (collectively, the
"Agreement"), by and between MERRILL LYNCH MORTGAGE LENDING, INC., a Delaware
corporation (the "Seller"), and MERRILL LYNCH MORTGAGE INVESTORS, INC., a
Delaware corporation (the "Purchaser").

          Upon the terms and subject to the conditions of this Agreement, the
Seller agrees to sell, and the Purchaser agrees to purchase, certain first lien,
adjustable-rate mortgage loans secured by one- to four-family residences,
townhouses, individual condominiums, co-op units and units in planned unit
developments (collectively, the "Mortgage Loans") as described herein. The
Purchaser intends to deposit the Mortgage Loans into a trust fund (the "Trust
Fund") and create Mortgage Pass-Through Certificates, MLMI Series 2006-AF2 (the
"Certificates"), under a pooling and servicing agreement, to be dated as of
October 1, 2006 (the "Pooling and Servicing Agreement"), by and among the
Purchaser, as depositor, HSBC Bank USA, National Association, as trustee (the
"Trustee") and Wells Fargo Bank, N.A., as master servicer and securities

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