Convertible Mortgage Loans. (a) On or before the Certificate Account Deposit Date in the month following the month in which a Convertible Mortgage Loan becomes a Converted Mortgage Loan, Residential Funding shall repurchase such Converted Mortgage Loan for an amount equal to the Purchase Price therefor. Residential Funding shall cause such Purchase Price to be delivered to the Master Servicer for deposit in the Certificate Account. (b) Upon payment of the Purchase Price, the Trustee shall reconvey the applicable Converted Mortgage Loan, without recourse, to Residential Funding or its designee and release or cause the Custodian to release the related Mortgage File to the order of Residential Funding. (c) Notwithstanding that a Convertible Mortgage Loan becomes a Converted Mortgage Loan in any month, such Converted Mortgage Loan shall remain in the Trust Fund and all payments of principal and interest in respect thereof shall remain in the Trust unless and until such Converted Mortgage Loan is repurchased by Residential Funding. (d) The obligation of Residential Funding provided in Section 2.06(a) shall terminate without further action upon the bankruptcy or insolvency of Residential Funding.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Residential Asset Securities Corp), Pooling and Servicing Agreement (Residential Asset Securities Corp), Pooling and Servicing Agreement (Residential Asset Securities Corp)
Convertible Mortgage Loans. (a) On or before the Certificate Account Deposit Date in the month following the month in which a Convertible Mortgage Loan becomes a Converted Mortgage Loan, Residential Funding shall may repurchase such Converted Mortgage Loan for an amount equal to the Purchase Price therefor. Residential Funding shall cause such Purchase Price to be delivered to the Master Servicer for deposit in the Certificate Account.
(b) Upon payment of the Purchase Price, the Trustee shall reconvey the applicable Converted Mortgage Loan, without recourse, to Residential Funding or its designee and release or cause the Custodian to release the related Mortgage File to the order of Residential Funding.
(c) Notwithstanding that a Convertible Mortgage Loan becomes a Converted Mortgage Loan in any month, such Converted Mortgage Loan shall remain in the Trust Fund and all payments of principal and interest in respect thereof shall remain in the Trust unless and until such Converted Mortgage Loan is repurchased by Residential Funding.
(d) The obligation of Residential Funding provided in Section 2.06(a) shall terminate without further action upon the bankruptcy or insolvency of Residential Funding.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Residential Asset Securities Corp), Pooling and Servicing Agreement (Residential Asset Securities Corp)
