Common use of Correction of Mortgage Notes Clause in Contracts

Correction of Mortgage Notes. Borrower may from time to time request that the Bank transfer a Mortgage Note (the "CORRECTION NOTE") that constitutes Mortgage Collateral so that such Mortgage Note may be corrected by the maker of such Mortgage Note. Upon receipt by the Bank of such a request from Borrower, and so long as no Default or Event of Default shall be in existence, the Bank shall deliver to the Borrower in trust, with Borrower acting as the agent and bailee of Bank, pursuant to the Borrower's "TRUST RECEIPT AND BAILEE LETTER" in the form attached hereto as EXHIBIT "F", the Correction Note with the temporary transfer of the Note being conditioned upon the prompt return (but in no event later than FOURTEEN (14) DAYS from the date of delivery from Bank to Borrower) to the Bank of the Correction Note in form and content acceptable to Bank; PROVIDED, that (i) at no time shall there be more than $200,000.00 of Correction Notes (such value being determined by the Collateral Value assigned to such Mortgage Notes when they were delivered to the Bank by Borrower hereunder) in the possession of Borrower and (ii) in the event any Correction Note is not returned to Bank within FOURTEEN (14) DAYS, Borrower shall pay to Bank no later than the FOURTEENTH (14th) DAY the Collateral Value attributed to such Correction Note.

Correction of Mortgage Notes. Borrower may from time to time request ---------------------------- that Agent release a Mortgage Note (the Bank transfer "RELEASED NOTE") that constitutes Collateral so that such Mortgage Note may be replaced by a corrected Mortgage Note (the "CORRECTION NOTE") that constitutes by delivering to Agent a Mortgage Collateral so that such Mortgage Note may be corrected by Document Delivery Request (Servicing) which identifies the maker of such Mortgage Released Note. Upon receipt by the Bank Agent of such a request from Borrowerrequest, and so long as no Default or Event of Default shall be in existence, the Bank Agent shall deliver to Borrower, under a Bailee Letter and Trust Receipt (Servicing) the Borrower in trustReleased Note to be corrected, with Borrower acting as the agent and bailee of Bank, pursuant to the Borrower's "TRUST RECEIPT AND BAILEE LETTER" in the form attached hereto as EXHIBIT "F", the Correction Note with the temporary transfer release of the Note Lien in favor of Agent for the benefit of Lenders being conditioned upon the prompt return (but in no event later than FOURTEEN (14) DAYS from the date receipt by Agent of delivery from Bank to Borrower) to the Bank of the a Correction Note in form and content acceptable to Bankit; PROVIDEDprovided, that (i) at no time shall there be more than $200,000.00 the outstanding principal balance of all Released Notes which have not been replaced with Correction Notes (such value being determined by exceed the Collateral Value assigned to such Mortgage Notes when they were delivered to the Bank by Borrower hereunder) in the possession of Borrower Maximum Correction Amount and (ii) in unless the event any Correction Note is not returned delivered to Bank Agent indorsed in blank within FOURTEEN fifteen (1415) DAYSdays of the release by Agent of the Released Note, Borrower shall pay to Bank no later than the FOURTEENTH (14th) DAY the Collateral Value attributed to such both the Released Note and the Correction NoteNote shall be zero.

Correction of Mortgage Notes. Subject to the terms of the ---------------------------- Custody Agreement, Borrower may from time to time request that the Bank transfer Agent release a Mortgage Note (the "CORRECTION NOTEReleased Note") that constitutes Mortgage Collateral so that such ------------- Mortgage Note may be replaced by a corrected Mortgage Note (the "Correction ---------- Note") by delivery to the maker Agent of such a Mortgage Document Delivery Request ---- (Correction) which identifies the Released Note. Upon receipt by the Bank Agent of such a request from Borrowerrequest, and so long as no Default or Event of Default shall be in existence, and subject to the Bank terms of the Custody Agreement, the Agent shall deliver to Borrower, under a Bailee Letter and Trust Receipt (Correction) the Borrower in trustReleased Note to be corrected, with Borrower acting as the agent and bailee of Bank, pursuant to the Borrower's "TRUST RECEIPT AND BAILEE LETTER" in the form attached hereto as EXHIBIT "F", the Correction Note with the temporary transfer release of the Note Lien in favor of BOIA being conditioned upon the prompt return (but in no event later than FOURTEEN (14) DAYS from receipt by the date Agent of delivery from Bank to Borrower) to the Bank of the a Correction Note in form and content acceptable to Bankit; PROVIDEDprovided, that (i) at no time shall there be more than $200,000.00 the outstanding principal balance of all Released Notes which have not been replaced with Correction Notes exceed $2,000,000 (such value being determined by the Collateral Value assigned to such Mortgage Notes when they were delivered to the Bank by Borrower hereunder"Maximum Correction Amount") in the possession of Borrower and (ii) in unless the event any Correction Note ------------------------- is not returned delivered to Bank the Agent indorsed in blank within FOURTEEN fifteen (1415) DAYSdays of the release by the Agent of the Released Note, Borrower shall pay to Bank no later than the FOURTEENTH (14th) DAY the Collateral Value attributed to such both the Released Note and the Correction NoteNote shall be zero.

Correction of Mortgage Notes. Borrower may from time to time ---------------------------- request that the Bank transfer a Mortgage Note (the "CORRECTION NOTECorrection Note") that --------------- constitutes Mortgage Collateral so that such Mortgage Note may be corrected by the maker of such Mortgage Note. Upon receipt by the Bank of such a request from Borrower, and so long as no Default or Event of Default shall be in existence, the Bank shall deliver to the Borrower in trust, with Borrower acting as the agent and bailee of Bank, pursuant to the Borrower's "TRUST RECEIPT AND BAILEE LETTERTrust Receipt and Bailee Letter" in the form attached hereto as EXHIBIT Exhibit "F", ------------------------------- ----------- the Correction Note with the temporary transfer of the Note being conditioned upon the prompt return (but in no event later than FOURTEEN fourteen (14) DAYS days from the date of delivery from Bank to Borrower) to the Bank of the Correction Note in form and content acceptable to Bank; PROVIDEDprovided, that (i) at no time shall there -------- be more than $200,000.00 of Correction Notes (such value being determined by the Collateral Value assigned to such Mortgage Notes when they were delivered to the Bank by Borrower hereunder) in the possession of Borrower and (ii) in the event any Correction Note is not returned to Bank within FOURTEEN fourteen (14) DAYSdays, Borrower shall pay to Bank no later than the FOURTEENTH fourteenth (14th) DAY day the Collateral Value attributed to such Correction Note.