Common use of Assignments of Mortgage Clause in Contracts

Assignments of Mortgage. (a) Each Seller shall, or shall cause the applicable Interim Servicer to, at such Seller’s expense, register with MERS an assignment to the Purchaser or its designee of each related MERS Mortgage Loan promptly following the Closing Date. (b) Within 180 days of the Closing Date, the Purchaser or its designee, at the Purchaser's expense, shall prepare and deliver for recording in the appropriate recording office an Assignment of Mortgage, for each Mortgage Loan currently recorded in the name of a Seller that is not a MERS Mortgage Loan, which Assignment of Mortgage shall be in the name of the applicable Seller as assignor and the Purchaser or its designee as assignee; provided, that Purchaser shall not be required to record any such Assignment of Mortgage until after all intervening assignments related to such Mortgage Loan have been delivered, and the Purchaser shall have 90 days from the date of its receipt of such missing intervening assignments in which to deliver for recording in the appropriate recording office the related Assignment of Mortgage. The Purchaser shall execute the Assignment of Mortgage of behalf of the applicable Seller by and through the power of attorney that will be provided by the Seller Representative on behalf of the Sellers in the form of Exhibit H. Upon the request of the Seller Representative, the Purchaser shall provide or shall cause to be provided documentation evidencing any such executed and recorded Assignment of Mortgage. If within 180 days of the Closing Date (or within 90 days of receipt by Purchaser of any missing intervening assignments), the Purchaser or its designee has not delivered for recording in the appropriate recording office an Assignment of Mortgage for each Mortgage Loan that is not a MERS Mortgage Loan, as described above, the Purchaser agrees that the Seller Representative, on behalf of the Purchaser, may record any Assignment of Mortgage in the name of the Purchaser or its designee, at the Purchaser's sole expense; provided, that the Seller Representative shall not record any such Assignment of Mortgage if Purchaser is required to delay recording due to outstanding intervening assignments related to such Mortgage Loan remaining undelivered.

Assignments of Mortgage. (a) Each Seller shall, or shall cause the applicable Interim Servicer to, at such Seller’s expense, register with MERS an assignment to the Purchaser or its designee of each related MERS Mortgage Loan (excluding any Zero Balance Mortgage Loans) promptly following the Closing Date. (b) Within 180 days one (1) year of the Closing Date, the Purchaser or its designee, at the Purchaser's expense, shall prepare and deliver for recording in the appropriate recording office record an Assignment of Mortgage, for each Mortgage Loan currently recorded in the name of a Seller that is not a MERS Mortgage Loan or a Zero Balance Mortgage Loan, which Assignment of Mortgage shall be in the name of the applicable Seller as assignor and the Purchaser or its designee as assignee; provided, that Purchaser shall not be required to record any such Assignment of Mortgage until after all intervening assignments related to such Mortgage Loan have been delivered, and the Purchaser shall have 90 days from the date of its receipt of such missing intervening assignments in which to deliver for recording in the appropriate recording office the related Assignment of Mortgage. The Purchaser shall execute the Assignment of Mortgage of behalf of the applicable Seller by and through the power of attorney that will be provided by the Seller Representative on behalf of the Sellers in the form of Exhibit H. Upon the request of the Seller Representative, the Purchaser shall provide or shall cause to be provided documentation evidencing any such executed and recorded Assignment of Mortgage. If within 180 days one (1) year of the Closing Date (or within 90 days of receipt by Purchaser of any missing intervening assignments)Date, the Purchaser or its designee has not delivered for recording in the appropriate recording office recorded an Assignment of Mortgage for each Mortgage Loan that is not a MERS Mortgage Loan or a Zero Balance Mortgage Loan, as described above, the Purchaser agrees that the Seller Representative, on behalf of the Purchaser, may record any Assignment of Mortgage in the name of the Purchaser or its designee, at the Purchaser's sole expense; provided, that the Seller Representative shall not record any such Assignment of Mortgage if Purchaser is required to delay recording due to outstanding intervening assignments related to such Mortgage Loan remaining undelivered.

Assignments of Mortgage. (a) Each Seller shallWith respect to the Purchased PHL Loans that are not registered on the MERS System and for which MERS is not listed as the record mortgagee or beneficiary on the related Mortgage or assignment thereof, or Purchaser shall cause be responsible for preparing any Assignments of Mortgage from the applicable Interim Servicer toSeller to Purchaser or to Purchaser’s designee, and for the recording and/or filing of the originals of any such Assignments of Mortgage and any power of attorney as Purchaser deems necessary, proper or appropriate and shall pay all costs, fees and expenses for such recording and/or filing. At the Closing, each Seller shall execute and deliver to Purchaser an original copy of a temporary limited power of attorney in substantially the form set forth in Exhibit I (the “Limited Power of Attorney”) to authorize the recording and/or filing of the Assignments of Mortgage from such Seller to Purchaser, which shall be at Purchaser’s sole cost and expense. Before executing on behalf of a Seller any Assignment of Mortgage or other document (any such document, a “Filing Document”) pursuant to the Limited Power of Attorney, and prior to recording or filing such Filing Document and such Limited Power of Attorney, Purchaser shall confirm that such Filing Document, such Limited Power of Attorney, if any, and any provisions and information attached to or included in such Filing Document and Limited Power of Attorney are true, correct and complete, and are in proper and customary form and substance (including procedurally proper and appropriate for the jurisdiction in which the applicable Collateral is located or the filing is being made) and shall comply with all Laws of the jurisdiction in which the Collateral is located or the filings are being made, and any such Filing Document attached to the Limited Power of Attorney shall be the original of such document or a true, correct and complete copy of the original of such document; provided, that if the Laws of the jurisdiction in which the Collateral is located require that an original or certified copy of a document be attached to the Filing Document and an original or certified copy of such document is not delivered by a Seller to Purchaser (or its permitted designee in accordance with Section 7.09), then Purchaser shall not be obligated to file such Filing Document and Limited Power of Attorney. When preparing any Assignment of Mortgage or other document pursuant to the Limited Power of Attorney for execution, Purchaser shall add language to indicate that, in executing such document, it is acting under a power of attorney, as attorney-in-fact for the applicable Seller, which language Purchaser represents and warrants to be customary, necessary and sufficient for the jurisdiction in which the related Collateral is located. Notwithstanding the foregoing, at any time after the Closing Date, any Seller may, at such Seller’s sole cost and expense, register with MERS an assignment prepare, record and file any Assignments of Mortgage from such Seller to Purchaser or to Purchaser’s designee (which designee Seller shall ascertain from Purchaser prior to the Purchaser or its designee submission of each related MERS Mortgage Loan promptly following the Closing Date. (b) Within 180 days of the Closing Date, the Purchaser or its designee, at the Purchaser's expense, shall prepare and deliver for recording in the appropriate recording office an Assignment of Mortgage, for each Mortgage Loan currently recorded in the name of a Seller that is not a MERS Mortgage Loan, which Assignment of Mortgage shall be in the name of the applicable Seller as assignor and the Purchaser or its designee as assignee; provided, that Purchaser shall not be required to record any such Assignment of Mortgage until after all intervening assignments related for filing or recording) for any Mortgages that have not previously been assigned to such Mortgage Loan have been deliveredPurchaser pursuant to this Section 7.18. With respect to the Purchased PHL Loans that are registered on the MERS System, and the Purchaser shall have 90 days from the date of its receipt of such missing intervening assignments in which to deliver for recording in the appropriate recording office the related Assignment of Mortgage. The Purchaser shall execute the Assignment of Mortgage of behalf of the applicable Seller by and through shall register on the power MERS System an assignment of attorney that will be provided by the Seller Representative on behalf of the Sellers in the form of Exhibit H. Upon the request of the Seller Representative, the Purchaser shall provide or shall cause each such Mortgage to be provided documentation evidencing any such executed and recorded Assignment of Mortgage. If within 180 days of the Closing Date (or within 90 days of receipt by Purchaser of any missing intervening assignments), the Purchaser or its designee has not delivered for recording in the appropriate recording office an Assignment of Mortgage for each Mortgage Loan that is not a MERS Mortgage Loan, as described above, the Purchaser agrees that the Seller Representative, on behalf of the Purchaser, may record any Assignment of Mortgage time period set forth in the name Conversion Plan. Any related fees payable to MERS shall be the responsibility of the Purchaser or its designee, at the Purchaser's sole expense; provided, that the Seller Representative shall not record any such Assignment of Mortgage if Purchaser is required to delay recording due to outstanding intervening assignments related to such Mortgage Loan remaining undelivered.

Assignments of Mortgage. (a) Each Seller shall, or shall cause the applicable Interim Servicer to, at such Seller’s expense, register with MERS an assignment to the Purchaser or its designee of each related MERS Mortgage Loan promptly following the Closing Date. (b) Within 180 days one (1) year of the Closing Date, the Purchaser or its designee, at the Purchaser's expense, shall prepare and deliver for recording in the appropriate recording office record an Assignment of Mortgage, for each Mortgage Loan currently recorded in the name of a Seller that is not a MERS Mortgage Loan, which Assignment of Mortgage shall be in the name of the applicable Seller as assignor and the Purchaser or its designee as assignee; provided, that Purchaser shall not be required to record any such Assignment of Mortgage until after all intervening assignments related to such Mortgage Loan have been delivered, and the Purchaser shall have 90 days from the date of its receipt of such missing intervening assignments in which to deliver for recording in the appropriate recording office the related Assignment of Mortgage. The Purchaser shall execute the Assignment of Mortgage of behalf of the applicable Seller by and through the power of attorney that will be provided by the Seller Representative on behalf of the Sellers in the form of Exhibit H. Upon the request of the Seller Representative, the Purchaser shall provide or shall cause to be provided documentation evidencing any such executed and recorded Assignment of Mortgage. If within 180 days one (1) year of the Closing Date (or within 90 days of receipt by Purchaser of any missing intervening assignments)Date, the Purchaser or its designee has not delivered for recording in the appropriate recording office recorded an Assignment of Mortgage for each Mortgage Loan that is not a MERS Mortgage Loan, as described above, the Purchaser agrees that the Seller Representative, on behalf of the Purchaser, may record any Assignment of Mortgage in the name of the Purchaser or its designee, at the Purchaser's sole expense; provided, that the Seller Representative shall not record any such Assignment of Mortgage if Purchaser is required to delay recording due to outstanding intervening assignments related to such Mortgage Loan remaining undelivered.