Merrill Lynch Mortgage Investors, Inc. Series 2005-BC1 – ‘8-K’ for 3/7/05 – EX-99.1

On:  Tuesday, 3/22/05, at 4:45pm ET   ·   For:  3/7/05   ·   Accession #:  950123-5-3465   ·   File #:  333-121605-04

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Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Merrill Lynch Mortgage Investors Inc.                  5     16K 
 2: EX-4.1      Pooling and Servicing Agreement                      155    631K 
 3: EX-99.1     Mortgage Loan Sale and Assignment Agreement           14     54K 

EX-99.1   —   Mortgage Loan Sale and Assignment Agreement
Exhibit Table of Contents

EX-99.1
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                                                                    Exhibit 99.1

================================================================================

 MERRILL LYNCH MORTGAGE LENDING, INC.,

SELLER

 and

 MERRILL LYNCH MORTGAGE INVESTORS, INC.,

 PURCHASER

 MORTGAGE LOAN SALE AND ASSIGNMENT AGREEMENT

 Dated as of March 1, 2005

Specialty Underwriting and Residential Finance Trust
(Mortgage Loan Asset-Backed Certificates, Series 2005-BC1)

================================================================================

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 TABLE OF CONTENTS

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ARTICLE I CONVEYANCE OF MORTGAGE LOANS...................................     1 
   Section 1.01.   Sale of Mortgage Loans................................     1 
   Section 1.02.   Delivery of Documents.................................     1 
   Section 1.03.   Review of Documentation...............................     2 
   Section 1.04.   Representations and Warranties Regarding the Seller...     2 
   Section 1.05.   Grant Clause..........................................     9 
   Section 1.06.   Assignment by Depositor...............................     9 

ARTICLE II MISCELLANEOUS PROVISIONS......................................     9 
   Section 2.01.   Binding Nature of Agreement; Assignment...............     9 
   Section 2.02.   Entire Agreement......................................     9 
   Section 2.03.   Amendment.............................................     9 
   Section 2.04.   Governing Law.........................................    10 
   Section 2.05.   Severability of Provisions............................    10 
   Section 2.06.   Indulgences; No Waivers...............................    10 
   Section 2.07.   Headings Not to Affect Interpretation.................    10 
   Section 2.08.   Benefits of Agreement.................................    10 
   Section 2.09.   Counterparts..........................................    10 

SCHEDULE

SCHEDULE A Mortgage Loan Schedule                                               

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     This MORTGAGE LOAN SALE AND ASSIGNMENT AGREEMENT, dated as of March 1, 2005
(the "Agreement"), is executed by and between Merrill Lynch Mortgage Lending,   
Inc. (the "Seller") and Merrill Lynch Mortgage Investors, Inc. (the             
"Depositor").                                                                   

All capitalized terms not defined herein shall have the same meanings 
assigned to such terms in that certain Pooling and Servicing Agreement (the     
"Pooling Agreement"), dated as of March 1, 2005, among the Depositor, JPMorgan  
Chase Bank, N.A., as trustee (the "Trustee") and Litton Loan Servicing, LP, as  
servicer (the "Servicer").                                                      

 WITNESSETH:

WHEREAS, the Seller has acquired or originated certain mortgage loans 
identified on the Mortgage Loan Schedule attached hereto as Schedule A (the     
"Mortgage Loans");                                                              

   WHEREAS, the Seller desires to sell, without recourse, all of its rights,
title and interest in the Mortgage Loans to the Depositor; and                  

WHEREAS, the Seller and the Depositor acknowledge and agree that the  
Depositor will assign all of its rights and delegate all of its obligations     
hereunder to the Trustee, and that each reference herein to the Depositor is    
intended, unless otherwise specified, to mean the Depositor or the Trustee, as  
assignee, whichever is the owner of the Mortgage Loans from time to time.       

     NOW, THEREFORE, in consideration of the mutual agreements herein set forth,
and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Seller and the Depositor agree as follows:         

 ARTICLE I

CONVEYANCE OF MORTGAGE LOANS

   Section 1.01. Sale of Mortgage Loans. Concurrently with the execution and
delivery of this Agreement, the Seller does hereby transfer, assign, set over,  
deposit with and otherwise convey to the Depositor, without recourse, subject to
Sections 1.03 and 1.04, all the right, title and interest of the Seller in and  
to the Mortgage Loans identified on Schedule A hereto, having an aggregate      
principal balance as of the Cut-off Date of approximately $784,653,856. Such    
conveyance includes, without limitation, the right to all distributions of      
principal and interest received on or with respect to the Mortgage Loans on or  
after March 1, 2005 other than payments of principal and interest due on or     
before such date, and all such payments due after such date but received prior  
to such date and intended by the related Mortgagors to be applied after such    
date, together with all of the Seller's right, title and interest in and to each
related account and all amounts from time to time credited to and the proceeds  
of such account, any REO Property and the proceeds thereof, the Seller's rights 
under any Insurance Policies related to the Mortgage Loans, and the Seller's    
security interest in any collateral pledged to secure the Mortgage Loans,       
including the Mortgaged Properties.                                             

    Concurrently with the execution hereof, the Depositor tenders the purchase
price for the Mortgage Loans.                                                   

   Section 1.02. Delivery of Documents. In connection with such transfer and
assignment of the Mortgage Loans hereunder, the Seller does hereby deliver, or  
cause to be delivered, to the Depositor (or                                     

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its designee) the following documents or instruments with respect to each       
Mortgage Loan (each a "Mortgage File") so transferred and assigned; provided    
that for Mortgage Loans (if any) that have been prepaid in full after the       
Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering   
the related Mortgage Files, herewith delivers to the Depositor an Officer's     
Certificate which shall include a statement to the effect that all amounts      
received in connection with such prepayment that are required to be deposited in
the account maintained by the Servicer for such purpose have been so deposited. 

(a) The Original Mortgage Note endorsed, "Pay to the order of JPMorgan
Chase Bank, N.A., as trustee - SURF 2005-BC1, without recourse" together with   
all riders thereto. The Mortgage Note shall include all intervening endorsements
showing a complete chain of the title from the originator to the Seller.        

    (b) Except as provided below and for each Mortgage Loan that is not a MERS
Loan, the original recorded Mortgage together with all riders thereto, with     
evidence of recording thereon, or, if the original Mortgage has not yet been    
returned from the recording office, a copy of the original Mortgage together    
with all riders thereto certified by the Seller to be true copy of the original 
of the Mortgage that has been delivered for recording in the appropriate        
recording office of the jurisdiction in which the Mortgaged Property is located 
and in the case of each MERS Loan, the original Mortgage together with all      
riders thereto, noting the presence of the MIN of the Loan and either language  
indicating that the Mortgage Loan is a MOM Loan or if the Mortgage Loan was not 
a MOM Loan at origination, the original Mortgage and the assignment thereof to  
MERS, with evidence of recording indicated thereon, or a copy of the Mortgage   
certified by the public recording office in which such Mortgage has been        
recorded.                                                                       

     (c) In the case of each Mortgage Loan that is not a MERS Loan, the original
Assignment of each Mortgage, to "JPMorgan Chase Bank, N.A., as trustee - SURF   
2005-BC1."                                                                      

    (d) The original policy of title insurance (or a preliminary title report,
commitment or binder if the original title insurance policy has not been        
received from the title insurance company).                                     

     (e) Originals of any intervening assignments of the Mortgage, with evidence
of recording thereon or, if the original intervening assignment has not yet been
returned from the recording office, a copy of such assignment certified to be a 
true copy of the original of the assignment which has been sent for recording in
the appropriate jurisdiction in which the Mortgaged Property is located.        

(f) Originals of all assumption and modification agreements, if any.  

Section 1.03. Review of Documentation. The Depositor, by execution and
delivery hereof, acknowledges receipt of the Mortgage Files pertaining to the   
Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof  
by the trustee, JPMorgan Chase Bank, N.A. (the "Trustee") for the Mortgage Loans
for the Depositor. The Trustee is required to review, within 60 days following  
the Closing Date, each applicable Mortgage File. If in the course of such review
the Trustee finds any document or documents constituting a part of a Mortgage   
File to be missing or defective (that is, mutilated, damaged, defaced or        
unexecuted) in any material respect, the Seller shall be obligated to cure such 
defect or to repurchase the related Mortgage Loan from the Depositor (or, at the
direction of and on behalf of the Depositor, from the Trust Fund), or to        
substitute a Replacement Mortgage Loan therefor, in each case to the same extent
and in the same manner as the Depositor is obligated to the Trustee and the     
Trust Fund under the Pooling Agreement.                                         

Section 1.04. Representations and Warranties Regarding the Seller.    

   (a) The Seller hereby represents and warrants to the Depositor that as of
the date hereof that:                                                           

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    (i) The Seller is a Delaware corporation duly organized, validly
 existing and in good standing under the laws governing its creation and
   existence and has full corporate power and authority to own its property,
to carry on its business as presently conducted, and to enter into and
perform its obligations under this Agreement;                         

        (ii) The execution and delivery by the Seller of this Agreement have
   been duly authorized by all necessary corporate action on the part of the
Seller; neither the execution and delivery of this Agreement, nor the 
   consummation of the transactions herein contemplated, nor compliance with
the provisions hereof, will conflict with or result in a breach of, or
    constitute a default under, any of the provisions of any law, governmental
  rule, regulation, judgment, decree or order binding on the Seller or its
properties or the federal stock charter or bylaws of the Seller;      

       (iii) The execution, delivery and performance by the Seller of this
   Agreement and the consummation of the transactions contemplated hereby do
not require the consent or approval of, the giving of notice to, the  
 registration with, or the taking of any other action in respect of, any
  state, federal or other governmental authority or agency, except such as
has been obtained, given, effected or taken prior to the date hereof; 

          (iv) This Agreement has been duly executed and delivered by the Seller
   and, assuming due authorization, execution and delivery by the Depositor,
constitutes a valid and binding obligation of the Seller enforceable  
   against it in accordance with its terms except as such enforceability may
be subject to (A) applicable bankruptcy and insolvency laws and other 
     similar laws affecting the enforcement of the rights of creditors generally
     and (B) general principles of equity regardless of whether such enforcement
is considered in a proceeding in equity or at law; and                

     (v) There are no actions, suits or proceedings pending or, to the
 knowledge of the Seller, threatened or likely to be asserted against or
affecting the Seller, before or by any court, administrative agency,  
     arbitrator or governmental body (A) with respect to any of the transactions
contemplated by this Agreement or (B) with respect to any other matter
 which in the judgment of the Seller will be determined adversely to the
Seller and will if determined adversely to the Seller materially and  
adversely affect it or its business, assets, operations or condition, 
financial or otherwise, or adversely affect its ability to perform its
obligations under this Agreement.                                     

(b) The Seller hereby represents and warrants to the Depositor the    
following with respect to the Mortgage Loans as of the Closing Date. To the     
extent that any fact, condition or event with respect to a Mortgage Loan        
constitutes a breach of a representation or warranty of Seller under this       
Agreement, the only right or remedy of the Depositor shall be the right to      
enforce the obligations of the Seller under any applicable representation or    
warranty made by it.                                                            

       (i) The information set forth with respect to the Mortgage Loans on
the Mortgage Loan Schedule provides a true, complete, and accurate and
there are no material omissions of material facts.                    

       (ii) Each Mortgage is a valid and enforceable lien on the Mortgaged
Property, subject only to (a) in the case of the second lien Mortgage 
    Loans, the related first lien,(b) the lien of non-delinquent real property
  taxes and assessments not yet due and payable, (c) covenants, conditions
and restrictions, rights of way, easements and other matters of public
record as of the date of recording of such Mortgage, such exceptions  
appearing of record being acceptable to mortgage lending institutions 
    generally, specifically referred to in the lender's title insurance policy
referred to in x below or referred to or otherwise considered in the  
appraisal made in                                                     

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     connection with the origination of the related Mortgage Loan, and (d) other
matters to which like properties are commonly subject that do not     
materially interfere with the benefits of the security intended to be 
provided by such Mortgage.                                            

          (iii) Immediately prior to the assignment of the Mortgage Loans to the
Depositor, the Seller was the sole legal and beneficial owner of each 
 Mortgage Loan and had full right to transfer and sell the Mortgage Loan
   free and clear of any encumbrance, equity. lien, pledge, charge, claim or
security interest.                                                    

  (iv) There is no delinquent tax or assessment lien against any
Mortgaged Property.                                                   

     (v) There is no valid set-offs or defense to any Mortgage Note or
Mortgage.                                                             

          (vi) There are no mechanic's or similar liens or claims that have been
     filed for work, labor or material and there are not outstanding rights that
   under law, could give rise to such lien, which would affect the Mortgaged
 Property as a lien senior to or equal to the lien of the Mortgage Loan.

          (vii) Each Mortgaged Property is, (i) undamaged by any toxic materials
or other environmental hazards on, in or potentially affecting such   
     Mortgage Property; and (ii) free and clear of damage and waste and there is
no proceeding pending for the total or partial condemnation.          

   (viii) Each Mortgage Loan is in compliance with local, state or
  federal law or regulation designated to protect the health and safety of
the occupants of the Mortgaged Property.                              

        (ix) As of the Closing Date, the Mortgage Loan has not been modified
     in any material respect including as to prepayment penalties (except that a
    Mortgage Loan may have been modified by a written instrument that has been
recorded or submitted for recordation, if necessary, to protect the   
interests of the Certificate Holders).                                

          (x) With respect to each first lien Mortgage Loan that is covered by a
  lender's policy of title insurance, each such policy is enforceable, and
    each such policy was issued by a title insurer qualified to do business in
the jurisdiction where the related Mortgaged Property is located and  
acceptable to Fannie Mae or Freddie Mac and is in a form acceptable to
  Fannie Mae or Freddie Mac, which policy insures the Seller and successor
   owners of indebtedness secured by the related insured Mortgage, as to the
  first priority lien of the related Mortgage; to the best of the Seller's
 knowledge, no claims have been made under such mortgage title insurance
   policy and no prior holder of the related Mortgage, including the Seller,
  has done, by act or omission, anything that would impair the coverage of
such mortgage title insurance policy.                                 

      (xi) With respect to each second lien Mortgage Loan, either (a) no
    consent for the second lien Mortgage Loan is required by the holder of the
   related first lien or (b) such consent has been obtained and is contained
in the Mortgage File.                                                 

(xii) Intentionally omitted.                                

   (xiii) To the best of the Seller's knowledge, as of the date of
   origination all of the improvements that were included for the purpose of
     determining the appraisal value of the Mortgaged Property lie wholly within
the boundaries and building restriction lines of such property, and no
    improvements on adjoining properties encroach upon the Mortgaged Property.

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  (xiv) To the best of the Seller's knowledge, as of the date of
origination no improvement located on or being part of the Mortgaged  
Property is in violation of any applicable zoning law or regulation.  

 (xv) To the best of the Seller's knowledge, as of the date of
    origination all inspections, licenses and certificates required to be made
   or issued with respect to all occupied portions of the Mortgaged Property
   and, with respect to the use and occupancy of the same, including but not
   limited to certificates of occupancy, have been made or obtained from the
  appropriate authorities, and the Mortgaged Property is lawfully occupied
under applicable law.                                                 

          (xvi) The Mortgage Note and the related Mortgage are genuine, and each
is the legal, valid and binding obligation of the maker thereof,      
   enforceable in accordance with its terms and under applicable law, except
   that the enforceability thereof may be limited by bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to creditors'
     rights generally. To the best of the Seller's knowledge, all parties to the
   Mortgage Note and the Mortgage had legal capacity to execute the Mortgage
  Note and the Mortgage and each Mortgage Note and Mortgage have been duly
and properly executed by such parties.                                

       (xvii) The proceeds of the Mortgage Loan have been fully disbursed,
  there is no requirement for future advances thereunder and completion of
    any on-site or off-site improvements and as to disbursements of any escrow
funds therefor have been complied with. All costs, fees and expenses  
   incurred in making, or closing or recording the Mortgage Loans were paid.

   (xviii) The related Mortgage contains customary and enforceable
provisions that render the rights and remedies of the holder thereof  
     adequate for the realization against the Mortgaged Property of the benefits
   of the security, including, (i) in the case of a Mortgage designated as a
deed of trust, by trustee's sale, and (ii) otherwise by judicial      
foreclosure.                                                          

       (xix) With respect to each Mortgage constituting a deed of trust, a
 trustee, duly qualified under applicable law to serve as such, has been
    properly designated and currently so serves and is named in such Mortgage,
and no fees or expenses are or will become payable by the Certificate 
     Holders to the trustee under the deed of trust, except in connection with a
trustee's sale after default by the Mortgagor.                        

        (xx) There exist no deficiencies with respect to escrow deposits and
payments, if such are required, for which customary arrangements for  
     repayment thereof have not been made, and no escrow deposits or payments of
     other charges or payments due to the Seller have been capitalized under the
Mortgage or the related Mortgage Note.                                

      (xxi) The origination practices used by the Seller with respect to
each Mortgage Loan have been in compliance with any and all applicable
    "doing business" and licensing requirements of the laws of the state where
the Mortgaged Property is located.                                    

     (xxii) The Mortgage Note is not, and has not been, secured by any
   collateral except the lien of the corresponding Mortgage on the Mortgaged
Property.                                                             

   (xxiii) With respect to Mortgage Loans at the Cut-off Date, all
 buildings on the Mortgaged Property are covered by a valid and existing
   hazard insurance policy with a generally acceptable carrier that provides
   for fire and extended coverage and coverage for such other hazards as are
 customary in the area where the Mortgaged Property is located. All such

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  individual insurance policies contain a standard mortgagee clause naming
 the Seller or the original mortgagee, or its successors in interest, as
    mortgagee, and the Seller has received no notice that any premiums due and
  payable thereon have not been paid; the Mortgage obligates the Mortgagor
  thereunder to maintain all such insurance, including flood insurance, at
  the Mortgagor's cost and expense, and upon the Mortgagor's failure to do
so, authorizes the holder of the Mortgage to obtain and maintain such 
 insurance at the Mortgagor's cost and expense and to seek reimbursement
therefor from the Mortgagor.                                          

          (xxiv) With respect to Mortgage Loans, if the Mortgaged Property is in
     an area identified on a Flood Hazard Map or Flood Insurance Rate Map issued
     by the Federal Emergency Management Agency as having special flood hazards,
    a flood insurance policy in a form meeting the requirements of the current
    guidelines of the Flood Insurance Administration is in effect with respect
to such Mortgaged Property.                                           

       (xxv) To the best of the Seller's knowledge, there is no proceeding
  pending for the total or partial condemnation of the Mortgaged Property.

   (xxvi) There is no material monetary default existing under any
Mortgage or the related Mortgage Note and, to the best of the Seller's
 knowledge, there is no material event that, with the passage of time or
with notice and the expiration of any grace or cure period, would     
    constitute a default, breach, violation or event of acceleration under the
  Mortgage or the related Mortgage Note; and the Seller has not waived any
default, breach, violation or event of acceleration.                  

 (xxvii) Each Mortgaged Property is of a type described in the
Prospectus Supplement.                                                

  (xxviii) Each Mortgage Loan is being serviced by the Servicer.

     (xxix) Prior to the approval of the Mortgage Loan application, an
     appraisal of the related Mortgaged Property that satisfies the standards of
  the Program Documents and the standards under the Financial Institutions
   Reform, Recovery, and Enforcement Act of 1989 was obtained. The appraisal
     was signed by a qualified appraiser, and whose compensation is not affected
by the approval or disapproval of the Mortgage Loan.                  

          (xxx) The Mortgage Loans were selected from among the outstanding one-
     to four-family mortgage loans in the Seller's portfolio at the Closing Date
as to which the representations and warranties made as to the Mortgage
Loans set forth in this Section 1.04(b) can be made.                  

         (xxxi) The Mortgage Loans, individually and in the aggregate, conform
in all material respects to the descriptions thereof in the Prospectus
Supplement.                                                           

      (xxxii) As of the Closing Date, each Mortgage Loan is a "qualified
 mortgage" within the meaning of Section 860G of the Code (as determined
   without regard to Treasury Regulations Section 1.860G-2(a)(3)(iii) or any
similar rule that provides that a defective obligation is a qualified 
mortgage for a temporary period).                                     

      (xxxiii) Each prepayment penalty is permissible and enforceable in
     accordance with its terms upon the Mortgagor's full and voluntary Principal
   Prepayment (except to the extent that: (1) the enforceability thereof may
  be limited by bankruptcy, insolvency, moratorium, receivership and other
similar laws relating to creditors' rights generally; (2) the         
 collectability thereof may be limited due to acceleration in connection
with a foreclosure or other involuntary prepayment; or                

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(3) subsequent changes in applicable law may limit or prohibit        
enforceability thereof) under applicable law.                         

        (xxxiv) No Mortgage Loan is covered by the Home Ownership and Equity
  Protection Act of 1994 ("HOEPA") and no Mortgage Loan is in violation of
any comparable state law.                                             

       (xxxv) The Seller has caused the servicer for each Mortgage Loan to
 fully furnish, in accordance with the Fair Credit Reporting Act and its
     implementing regulations, accurate and complete information on its borrower
credit files to Equifax, Experian, and Trans Union Credit Information 
Company, on a monthly basis.                                          

    (xxxvi) No proceeds from any Mortgage Loan to be used to finance
single-premium credit insurance policies.                             

         (xxxvii) No Mortgage Loan originated on or after October 1, 2002 will
impose a prepayment premium for a term in excess of three years. Any  
 Mortgage Loans originated prior to such date will not impose prepayment
penalties in excess of five years.                                    

         (xxxviii) As of the Closing Date, no Mortgage Loan is in foreclosure.

       (xxxix) No Mortgage Loan provides for interest other than at either
    (i) a single fixed rate in effect throughout the term of the Mortgage Loan
or (ii) a "variable rate" (within the meaning of Treasury Regulation  
     Section 1.860G-1(a)(3)) in effect throughout the term of the Mortgage Loan.

(xl) As of the Closing Date, the Seller would not institute 
    foreclosure proceedings with respect to any of the Mortgage Loans prior to
the next scheduled payment date for such Mortgage Loan based on such  
Mortgage Loan's delinquency status.                                   

   (xli) There is no Mortgage Loan that was originated on or after
October 1, 2002 and before March 7, 2003, which is secured by property
located in the state of Georgia.                                      

          (xlii) There is no Mortgage Loan that was originated on or after March
    7, 2003 which is a "high cost home loan" as defined under the Georgia Fair
Lending Act.                                                          

       (xliii) None of the Mortgage Loans (a) is a "High Cost Mortgage" as
defined in Regulation Z, Section 226.32 or otherwise subject to the   
  provisions of the Homeownership and Equity Protection Act of 1994 or any
    similar state or local law or (b) was made or serviced in violation of the
provisions of any applicable predatory lending laws or regulations.   

      (xliv) No Mortgage Loan is classified as a high cost mortgage loan
   under HOEPA, and no Mortgage Loan is a "high cost home," "covered," "high
     risk home" or "predatory" loan under any other applicable state, federal or
     local law (or a similarly classified loan using different terminology under
     a law imposing heightened regulatory scrutiny or additional legal liability
  for residential mortgage loans having high interest rates, points and/or
fees).                                                                

         (xlv) No Mortgage Loan is a "high cost," "covered" or other similarly
     designated loan as defined under any state, local or federal law, which law
contains provisions that may result in liability to the purchaser or  
assignee of such loan.                                                

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     (xlvi) Each Mortgage Loan at the time it was made complied in all
     material respects with applicable local, state and federal laws, including,
but not limited to, all applicable predatory or abusive lending laws. 

     (xlvii) All Mortgage Loans were originated in compliance with all
applicable laws, including, but not limited to, all applicable        
anti-predatory lending laws.                                          

     (xlviii) No Mortgage Loan is a High Cost Loan or Covered Loan, as
     applicable (as such terms are defined in the then current Standard & Poor's
  LEVELS(R) Glossary which is now Version 5.6b Revised, Appendix E) and no
    Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
is governed by the Georgia Fair Lending Act.                          

          (xlix) None of the Mortgage Loans that are secured by property located
     in the State of Illinois are in violation of the provisions of the Illinois
Interest Act.                                                         

       (l) No Mortgage Loan originated on or after August 1, 2004 requires
     the borrower to submit to arbitration to resolve any dispute arising out of
or relating in any way to the mortgage loan transaction.              

         (li) No Mortgage Loan was made in connection with the construction or
rehabilitation of a Mortgaged Property.                               

         (lii) The Mortgage contains an enforceable provision for acceleration
    of the payment of the unpaid principle in the event the Mortgaged Property
   is sold or transferred without the prior written consent of the Mortgagee
thereunder.                                                           

        (liii) No fraud has taken place on the part of the originator or any
person in connection with the origination of the Mortgage Loan.       

 It is understood and agreed that the representations and warranties set
forth in Sections 1.04(a) and (b) herein shall survive delivery of the Mortgage 
Files and the Assignment of Mortgage of each Mortgage Loan to the Depositor.    
Upon discovery by any of the Seller, the Depositor, the Servicer or the Trustee 
of a breach of any of the foregoing representations and warranties that         
adversely and materially affects the value of the related Mortgage Loan, payment
charges or the interest of the Certificate Holders, the party discovering such  
breach shall give prompt written notice to the other parties. Within 90 days of 
the discovery of any such breach, the Seller shall either (a) cure such breach  
in all material respects, (b) repurchase such Mortgage Loan or any property     
acquired in respect thereof from the Depositor at the applicable Purchase Price 
or (c) within the two year period following the Closing Date, substitute a      
Replacement Mortgage Loan for the affected Mortgage Loan. The Seller indemnifies
and holds the Trust Fund, the Trustee, the Depositor, the Servicer, the NIMs    
Insurer and each Certificateholder harmless against any and all taxes, claims,  
losses, penalties, fines, forfeitures, reasonable legal fees and related costs, 
judgments, and any other costs, fees and expenses that the Trust Fund, the      
Trustee, the Depositor, the Servicer, the NIMs Insurer and any Certificateholder
may sustain in connection with any actions of the Seller relating to a          
repurchase of a Mortgage Loan other than in compliance with the terms of Section
2.03 of the Pooling Agreement and this Agreement, to the extent that any such   
action causes (i) any federal or state tax to be imposed on the Trust Fund or   
any REMIC provided for in the Pooling Agreement, including without limitation,  
any federal tax imposed on "prohibited transactions" under Section 860F(a)(1) of
the Code or on "contributions after the startup date" under Section 860(d)(1) of
the Code, or (ii) any REMIC created in the Pooling Agreement to fail to qualify 
as a REMIC at any time that any Certificate is outstanding.                     

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Section 1.05. Grant Clause. It is intended that the conveyance of the 
Seller's right, title and interest in and to Mortgage Loans and other property  
conveyed pursuant to this Agreement shall constitute, and shall be construed as,
a sale of such property and not a grant of a security interest to secure a loan.
However, if such conveyance is deemed to be in respect of a loan, it is intended
that: (1) the rights and obligations of the parties shall be established        
pursuant to the terms of this Agreement; (2) the Seller hereby grants to the    
Depositor a first priority security interest in all of the Seller's right, title
and interest in, to and under, whether now owned or hereafter acquired, such    
Mortgage Loans and other property; and (3) this Agreement shall constitute a    
security agreement under applicable law.                                        

    Section 1.06. Assignment by Depositor. The Depositor shall have the right,
upon notice to but without the consent of the Seller, to assign, in whole or in 
part, its interest under this Agreement with respect to the Mortgage Loans to   
the Trustee, and the Trustee then shall succeed to all rights of the Depositor  
under this Agreement. All references to the Depositor in this Agreement shall be
deemed to include its assignee or designee, specifically including the Trustee. 

ARTICLE II

MISCELLANEOUS PROVISIONS

     Section 2.01. Binding Nature of Agreement; Assignment. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their        
respective successors and permitted assigns.                                    

Section 2.02. Entire Agreement. This Agreement contains the entire    
agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements,         
understandings, inducements and conditions, express or implied, oral or written,
of any nature whatsoever with respect to the subject matter hereof. The express 
terms hereof control and supersede any course of performance and/or usage of the
trade inconsistent with any of the terms hereof.                                

     Section 2.03. Amendment. This Agreement may be amended from time to time by
the Seller and the Depositor, without notice to or the consent of any of the    
Certificate Holders, (i) to cure any ambiguity or correct any mistake, (ii) to  
cause the provisions herein to conform to or be consistent with or in           
furtherance of the statements made with respect to the Certificates, the Trust  
Fund, the Pooling Agreement or this Agreement in any Offering Document; or to   
correct or supplement any provision herein which may be inconsistent with any   
other provisions herein, (iii) to add any other provisions with respect to      
matters or questions arising under this Agreement or (iv) to modify, alter, and 
rescind or add any provisions to the extent necessary or desirable to comply    
with any requirements imposed by the Code and the REMIC Provisions. No such     
amendment effected pursuant to clauses (iii) and (iv) of the preceding sentence 
shall adversely affect in any material respect the interests of any Holder. Any 
such amendment shall be deemed not to adversely effect in any material respect  
the interests of any Holder, if the Person requesting such amendment obtains (i)
an opinion of counsel addressed to the Trustee to such effect or (ii) a letter  
from each Rating Agency that such amendment will not result in a reduction or   
withdrawal of its rating of any Class of the Certificates.                      

    (a) This Agreement may also be amended from time to time by the Seller and
the Depositor with the consent of the Certificate Holders of not less than      
66-2/3% of the Class Certificate Principal Amount (or Percentage Interest) of   
each Class of Certificates affected thereby for the purpose of adding any       
provisions to or changing in any manner or eliminating any of the provisions of 
this Agreement or of modifying in any manner the rights of the Certificate      
Holders; provided, however, that no such amendment may (i) reduce in any manner 
the amount of, or delay the timing of, payments received on Mortgage Loans which
are required to be distributed on any Certificate without the consent of the    
Holder                                                                          

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of such Certificate or (ii) reduce the aforesaid percentages of Class Principal 
Amount (or Percentage Interest) of Certificates of each Class, the Certificate  
Holders of which are required to consent to any such amendment without the      
consent of the Certificate Holders of 100% of the Class Principal Amount (or    
Percentage Interest) of each Class of Certificates affected thereby. For        
purposes of this paragraph, references to "Holder" or "Certificate Holders"     
shall be deemed to include, in the case of any Class of Book-Entry Certificates,
the related Certificate Owners.                                                 

    (b) It shall not be necessary for the consent of Certificate Holders under
this Section 2.03 to approve the particular form of any proposed amendment, but 
it shall be sufficient if such consent shall approve the substance thereof. The 
manner of obtaining such consents and of evidencing the authorization of the    
execution thereof by Certificate Holders shall be subject to such reasonable    
regulations as the Trustee may prescribe.                                       

Section 2.04. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN     
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS  
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH    
SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.    

Section 2.05. Severability of Provisions. If any one or more of the   
covenants, agreements, provisions or terms of this Agreement shall be for any   
reason whatsoever held invalid, then such covenants, agreements, provisions or  
terms shall be deemed severable from the remaining covenants, agreements,       
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.                       

     Section 2.06. Indulgences; No Waivers. Neither the failure nor any delay on
the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial    
exercise of any right, remedy, power or privilege preclude any other or further 
exercise of the same or of any other right, remedy, power or privilege, nor     
shall any waiver of any right, remedy, power or privilege with respect to any   
occurrence be construed as a waiver of such right, remedy, power or privilege   
with respect to any other occurrence. No waiver shall be effective unless it is 
in writing and is signed by the party asserted to have granted such waiver.     

     Section 2.07. Headings Not to Affect Interpretation. The headings contained
in this Agreement are for convenience of reference only, and they shall not be  
used in the interpretation hereof.                                              

    Section 2.08. Benefits of Agreement. Nothing in this Agreement, express or
implied, shall give to any Person, other than the parties to this Agreement and 
their successors hereunder, any benefit or any legal or equitable right, power, 
remedy or claim under this Agreement.                                           

   Section 2.09. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, and all of which 
together shall constitute one and the same instrument.                          

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     IN WITNESS WHEREOF, the Seller and the Depositor have caused their names to
be signed hereto by their respective duly authorized officers as of the date    
first above written.                                                            

                               MERRILL LYNCH MORTGAGE LENDING,
    INC.

   By:
                                            ------------------------------------
                               Name: Catherine Damberg
                             Title: Vice President

                                 MERRILL LYNCH MORTGAGE INVESTORS,
    INC.

   By:
                                            ------------------------------------
                            Name: Matthew Whalen
                        Title: President

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SCHEDULE A

MORTGAGE LOAN SCHEDULE

 [Intentionally Omitted]

 Sch.A-1

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		3/22/05
For Period End:		3/7/05							424B5
		3/1/05		1		3
		8/1/04		10
		3/7/03		9
		3/6/03		10
		10/1/02		9		10
									List all Filings