CWMBS, INC.,
Depositor
COUNTRYWIDE HOME LOANS, INC.,
Seller
PARK GRANADA LLC,
Seller
PARK MONACO INC.,
Seller
PARK SIENNA LLC,
Seller
COUNTRYWIDE HOME LOANS SERVICING LP,
Master Servicer
and
THE BANK OF NEW YORK,
Trustee
-----------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of February 1, 2007
-----------------------------------
CHL MORTGAGE PASS-THROUGH TRUST 2007-3
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-3
=============================
Table of Contents
Page
----
ARTICLE I DEFINITIONS
SECTION 1.01. Defined Terms.............................................I-3
SECTION 1.02. Certain Interpretive Provisions..........................I-33
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES
SECTION 2.01. Conveyance of Mortgage Loans.............................II-1
SECTION 2.02. Acceptance by Trustee of the Mortgage Loans..............II-4
SECTION 2.03. Representations, Warranties and Covenants of the
Sellers and Master Servicer.............................II-6
SECTION 2.04. Representations and Warranties of the Depositor as to
the Mortgage Loans.......................................II-8
SECTION 2.05. Delivery of Opinion of Counsel in Connection with
Substitutions............................................II-9
SECTION 2.06. Execution and Delivery of Certificates...................II-9
SECTION 2.07. REMIC Matters............................................II-9
SECTION 2.08. Covenants of the Master Servicer........................II-10
ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
SECTION 3.01. Master Servicer to Service Mortgage Loans...............III-1
SECTION 3.02. Subservicing; Enforcement of the Obligations of
Subservicers............................................III-2
SECTION 3.03. Rights of the Depositor and the Trustee in Respect of
the Master Servicer.....................................III-2
SECTION 3.04. Trustee to Act as Master Servicer.......................III-2
SECTION 3.05. Collection of Mortgage Loan Payments; Certificate
Account; Distribution Account; Supplemental Interest
Trust and the Corridor Contract Reserve Fund............III-3
SECTION 3.06. Collection of Taxes, Assessments and Similar Items;
Escrow Accounts.........................................III-6
SECTION 3.07. Access to Certain Documentation and Information
Regarding the Mortgage Loans............................III-6
SECTION 3.08. Permitted Withdrawals from the Certificate Account,
the Distribution Account and the Corridor Contract
Reserve Fund............................................III-7
SECTION 3.09. Maintenance of Hazard Insurance; Maintenance of
Primary Insurance Policies..............................III-9
SECTION 3.10. Enforcement of Due-on-Sale Clauses; Assumption
Agreements.............................................III-10
SECTION 3.11. Realization Upon Defaulted Mortgage Loans; Repurchase
of Certain Mortgage Loans..............................III-11
SECTION 3.12. Trustee to Cooperate; Release of Mortgage Files........III-14
SECTION 3.13. Documents, Records and Funds in Possession of Master
Servicer to be Held for the Trustee....................III-14
SECTION 3.14. Servicing Compensation.................................III-15
SECTION 3.15. Access to Certain Documentation........................III-15
SECTION 3.16. Annual Statement as to Compliance......................III-16
SECTION 3.17. Errors and Omissions Insurance; Fidelity Bonds.........III-16
SECTION 3.18. The Corridor Contract..................................III-16
i
ARTICLE IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER