Common use of CURE OF BREACHES; REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS Clause in Contracts

CURE OF BREACHES; REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS. (a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the lack of which materially and adversely affects the value of such Mortgage Loan, or of the breach by the Mortgage Loan Seller of any representation, warranty or covenant under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which materially and adversely affects the value of such Mortgage Loan or the interest therein of the Certificateholders, the party discovering such fact shall promptly give written notice thereof to the other parties hereto. The Servicer shall promptly notify the Mortgage Loan Seller of such defective or missing document or breach and request that the Mortgage Loan Seller deliver such missing document or cure such defect or breach within 60 days from the date the Mortgage Loan Seller was notified of such defective or missing document. If the Mortgage Loan Seller does not deliver such missing document or cure such defect or breach in all material respects during such period, the Servicer (or, in accordance with Section 3.02(b), the Trustee or Trust Administrator) shall enforce the Mortgage Loan Seller's obligation under the Mortgage Loan Purchase Agreement (i) with respect to any such breach that could not reasonably have been cured within such 60 day period, if the Mortgage Loan Seller shall have commenced to cure such breach within such 60 day period, to proceed thereafter diligently and expeditiously to cure the same within the additional period provided under the Mortgage Loan Purchase Agreement and (ii) with respect to any such breach (subject to clause (i) above) or any such defective or missing document, to repurchase such Mortgage Loan from the Trust Fund at the Purchase Price within 120 days after the date on which the Mortgage Loan Seller was notified (subject to Section 2.03(e)) of such defective or missing document or breach, if and to the extent that the Mortgage Loan Seller is obligated to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account and the Trustee or a Custodian on its behalf, upon receipt of written certification from the Servicer of such deposit, shall release to the Mortgage Loan Seller the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Mortgage Loan Seller shall furnish to it and as shall be necessary to vest in the Mortgage Loan Seller any Mortgage Loan released pursuant hereto, and neither the Trustee nor the Trust Administrator shall have any further responsibility with regard to the related Mortgage File. In lieu of repurchasing any such Mortgage Loan as set forth above, as provided in the Mortgage Loan Purchase Agreement, the Mortgage Loan Seller may cause such Mortgage Loan to be removed from the Trust Fund (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner and subject to the limitations set forth in Section 2.03(d). It is understood and agreed that the obligation of the Mortgage Loan Seller to cure or to repurchase (or to substitute for) any Mortgage Loan as to which a document is missing, a material defect in a constituent document exists or as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such omission, defect or breach available to the Trustee on behalf of the Certificateholders.

CURE OF BREACHES; REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS. (a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the lack of which materially and adversely affects the value of such Mortgage Loan, or of the breach by the Mortgage Loan Seller of any representation, representation or warranty or covenant under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which materially and adversely affects the value of such Mortgage Loan or the interest therein of the Certificateholders, the party discovering such fact shall promptly give written notice thereof to the other parties hereto. The Master Servicer shall promptly notify the Mortgage Loan Seller of such defective or missing document or breach and request that the Mortgage Loan Seller deliver such missing document or cure such defect or breach within 60 days from the date the Mortgage Loan Seller was notified of such defective or missing document. If the Mortgage Loan Seller does not deliver such missing document or cure such defect or breach in all material respects during such period, the Master Servicer (or, in accordance with Section 3.02(b), the Trustee or Trust AdministratorTrustee) shall enforce the Mortgage Loan Seller's obligation under the Mortgage Loan Purchase Agreement (i) with respect to any such breach that could not reasonably have been cured within such 60 day period, if the Mortgage Loan Seller shall have commenced to cure such breach within such 60 day period, to proceed thereafter diligently and expeditiously to cure the same within the additional period provided under the Mortgage Loan Purchase Agreement and (ii) with respect to any such breach (subject to clause (i) above) or any such defective or missing document, to repurchase such Mortgage Loan from the Trust Fund at the Purchase Price within 120 days after the date on which the Mortgage Loan Seller was notified (subject to Section 2.03(e)) of such defective or missing document or breach, if and to the extent that the Mortgage Loan Seller is obligated to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account and the Trustee or a Custodian on its behalf, upon receipt of written certification from the Master Servicer of such deposit, shall release to the Mortgage Loan Seller the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Mortgage Loan Seller shall furnish to it and as shall be necessary to vest in the Mortgage Loan Seller any Mortgage Loan released pursuant hereto, and neither the Trustee nor the Trust Administrator shall have any no further responsibility with regard to the related Mortgage File. In lieu of repurchasing any such Mortgage Loan as set forth above, as provided in the Mortgage Loan Purchase Agreement, the Mortgage Loan Seller may cause such Mortgage Loan to be removed from the Trust Fund (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner and subject to the limitations set forth in Section 2.03(d). It is understood and agreed that the obligation of the Mortgage Loan Seller to cure or to repurchase (or to substitute for) any Mortgage Loan as to which a document is missing, a material defect in a constituent document exists or as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such omission, defect or breach available to the Trustee on behalf of the Certificateholders.

CURE OF BREACHES; REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS. (a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the lack of which materially and adversely affects the value of such Mortgage Loan, or of the breach by the Mortgage Loan Seller of any representation, warranty or covenant under the Mortgage Loan Purchase this Agreement in respect of any related Mortgage Loan which materially and adversely affects the value of such Mortgage Loan or the interest therein of the CertificateholdersPurchaser or any assignee or designee of the Purchaser, the party discovering such fact shall promptly give or cause to be given written notice thereof to the other parties party hereto. The Purchaser shall cause the Master Servicer shall promptly notify the Mortgage Loan Seller of such defective or missing document or breach and to request that the Mortgage Loan Seller deliver such missing document or cure such defect or breach within 60 days from the date the Mortgage Loan Seller was notified of such defective or missing document. If , defect or breach, and if the Mortgage Loan Seller does not deliver such missing document or cure such defect or breach in all material respects during such period, the Servicer (or, in accordance with Section 3.02(b), the Trustee or Trust Administrator) shall enforce the Mortgage Loan Seller's obligation under the Mortgage Loan Purchase Agreement then (i) in connection with respect to any such breach that could not reasonably have been cured within such 60 day period, if the Mortgage Loan Seller shall have commenced to cure such breach within such 60 day period, to proceed thereafter diligently and expeditiously to cure the same within the an additional 60 day period provided under the Mortgage Loan Purchase Agreement and (ii) in connection with respect to any such breach (subject to clause (i) above) or in connection with any such defective missing document or missing documentdefect, to repurchase such Mortgage Loan from the Trust Fund at the Purchase Price within 120 days after the date on which the Mortgage Loan Seller was notified (subject to Section 2.03(e)) of such defective or missing document or breach, if the Pooling and to the extent that the Mortgage Loan Seller is obligated to do so under the Mortgage Loan Purchase Servicing Agreement. The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account and the Trustee or a Custodian on its behalf, upon receipt of written certification from the Servicer of such deposit, shall release to the Mortgage Loan Seller the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Mortgage Loan Seller shall furnish to it and as shall be necessary to vest in the Mortgage Loan Seller any Mortgage Loan released pursuant hereto, and neither the Trustee nor the Trust Administrator shall have any further responsibility with regard to the related Mortgage File). In lieu of repurchasing any such Mortgage Loan as set forth above, as provided in the Mortgage Loan Purchase Agreement, the Mortgage Loan Seller may cause substitute for such Mortgage Loan to be removed from the Trust Fund (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner and subject to the limitations set forth in Section 2.03(d)3(b) hereof. It is understood and agreed that the obligation of the Mortgage Loan Seller to cure or to repurchase (or to substitute for) any Mortgage Loan as to which a document is missing, a material defect in a constituent document exists or as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such omission, defect or breach available to the Trustee on behalf Purchaser or any assignee or designee of the CertificateholdersPurchaser.

CURE OF BREACHES; REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS. (a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the lack of which materially and adversely affects the value of such Mortgage Loan, or of the breach by the Mortgage Loan Seller of any representation, warranty or covenant under the Mortgage Loan Purchase this Agreement in respect of any related Mortgage Loan which materially and adversely affects the value of such Mortgage Loan or the interest therein of the CertificateholdersPurchaser or any assignee or designee of the Purchaser, the party discovering such fact shall promptly give or cause to be given written notice thereof to the other parties party hereto. The Servicer Purchaser shall promptly notify cause the Mortgage Loan Seller of such defective or missing document or breach and Trustee to request that the Mortgage Loan Seller deliver such missing document or cure such defect or breach within 60 days from the date the Mortgage Loan Seller was notified of such defective or missing document. If , defect or breach, and if the Mortgage Loan Seller does not deliver such missing document or cure such defect or breach in all material respects during such period, the Servicer (or, in accordance with Section 3.02(b), the Trustee or Trust Administrator) shall enforce the Mortgage Loan Seller's obligation under the Mortgage Loan Purchase Agreement then (i) in connection with respect to any such breach that could not reasonably have been cured within such 60 day period, if the Mortgage Loan Seller shall have commenced to cure such breach within such 60 day period, to proceed thereafter diligently and expeditiously to cure the same within the an additional 60 day period provided under the Mortgage Loan Purchase Agreement and (ii) in connection with respect to any such breach (subject to clause (i) above) or in connection with any such defective missing document or missing documentdefect, to repurchase such Mortgage Loan from the Trust Fund at the Purchase Price within 120 days after the date on which the Mortgage Loan Seller was notified (subject to Section 2.03(e)) of such defective or missing document or breach, if the Pooling and to the extent that the Mortgage Loan Seller is obligated to do so under the Mortgage Loan Purchase Servicing Agreement. The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account and the Trustee or a Custodian on its behalf, upon receipt of written certification from the Servicer of such deposit, shall release to the Mortgage Loan Seller the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Mortgage Loan Seller shall furnish to it and as shall be necessary to vest in the Mortgage Loan Seller any Mortgage Loan released pursuant hereto, and neither the Trustee nor the Trust Administrator shall have any further responsibility with regard to the related Mortgage File). In lieu of repurchasing any such Mortgage Loan as set forth above, as provided in the Mortgage Loan Purchase Agreement, the Mortgage Loan Seller may cause substitute for such Mortgage Loan to be removed from the Trust Fund (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner and subject to the limitations set forth in Section 2.03(d)3(b) hereof. It is understood and agreed that the obligation of the Mortgage Loan Seller to cure or to repurchase (or to substitute for) any Mortgage Loan as to which a document is missing, a material defect in a constituent document exists or as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such omission, defect or breach available to the Trustee on behalf Purchaser or any assignee or designee of the CertificateholdersPurchaser.

CURE OF BREACHES; REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS. (a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the lack of which materially and adversely affects the value of such Mortgage LoanLoan or the interest therein of the Purchaser or any assignee or designee of the Purchaser, or of the breach by the Mortgage Loan Seller of any representation, warranty or covenant under the Mortgage Loan Purchase this Agreement in respect of any related Mortgage Loan which materially and adversely affects the value of such Mortgage Loan or the interest therein of the CertificateholdersPurchaser or any assignee or designee of the Purchaser, the party discovering such fact shall promptly give or cause to be given written notice thereof to the other parties party hereto. The Purchaser shall cause the Servicer shall promptly notify the Mortgage Loan Seller of such defective or missing document or breach and to request that the Mortgage Loan Seller deliver such missing document or cure such defect or breach within 60 days from the date the Mortgage Loan Seller was notified of such defective or missing document. If , defect or breach, and if the Mortgage Loan Seller does not deliver such missing document or cure such defect or breach in all material respects during such period, the Servicer (or, in accordance with Section 3.02(b), the Trustee or Trust Administrator) shall enforce the Mortgage Loan Seller's obligation under the Mortgage Loan Purchase Agreement then (i) in connection with respect to any such breach that could not reasonably have been cured within such 60 day period, if the Mortgage Loan Seller shall have commenced to cure such breach within such 60 day period, to proceed thereafter diligently and expeditiously to cure the same within the an additional 60 day period provided under the Mortgage Loan Purchase Agreement and (ii) in connection with respect to any such breach (subject to clause (i) above) or in connection with any such defective missing document or missing documentdefect, to repurchase such Mortgage Loan from the Trust Fund at the Purchase Price within 120 days after the date on which the Mortgage Loan Seller was notified (subject to Section 2.03(e)) of such defective or missing document or breach, if the Pooling and to the extent that the Mortgage Loan Seller is obligated to do so under the Mortgage Loan Purchase Servicing Agreement. The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account and the Trustee or a Custodian on its behalf, upon receipt of written certification from the Servicer of such deposit, shall release to the Mortgage Loan Seller the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Mortgage Loan Seller shall furnish to it and as shall be necessary to vest in the Mortgage Loan Seller any Mortgage Loan released pursuant hereto, and neither the Trustee nor the Trust Administrator shall have any further responsibility with regard to the related Mortgage File). In lieu of repurchasing any such Mortgage Loan as set forth above, as provided in the Mortgage Loan Purchase Agreement, the Mortgage Loan Seller may cause substitute for such Mortgage Loan to be removed from the Trust Fund (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner and subject to the limitations set forth in Section 2.03(d)3(b) hereof. It is understood and agreed that the obligation of the Mortgage Loan Seller to cure or to repurchase (or to substitute for) any Mortgage Loan as to which a document is missing, a material defect in a constituent document exists or as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such omission, defect or breach available to the Trustee on behalf Purchaser or any assignee or designee of the CertificateholdersPurchaser.

CURE OF BREACHES; REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS. (a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the lack of which materially and adversely affects the value of such Mortgage Loan, or of the breach by the Mortgage Loan Seller of any representation, warranty or covenant under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which materially and adversely affects the value of such Mortgage Loan or the interest therein of the Certificateholders, the party discovering such fact shall promptly give written notice thereof to the other parties hereto. The Master Servicer shall promptly notify the Mortgage Loan Seller of such defective or missing document or breach and request that the Mortgage Loan Seller deliver such missing document or cure such defect or breach within 60 days from the date the Mortgage Loan Seller was notified of such defective or missing document. If the Mortgage Loan Seller does not deliver such missing document or cure such defect or breach in all material respects during such period, the Master Servicer (or, in accordance with Section 3.02(b), the Trustee or Trust AdministratorTrustee) shall enforce the Mortgage Loan Seller's obligation under the Mortgage Loan Purchase Agreement (i) with respect to any such breach that could not reasonably have been cured within such 60 day period, if the Mortgage Loan Seller shall have commenced to cure such breach within such 60 day period, to proceed thereafter diligently and expeditiously to cure the same within the additional period provided under the Mortgage Loan Purchase Agreement and (ii) with respect to any such breach (subject to clause (i) above) or any such defective or missing document, to repurchase such Mortgage Loan from the Trust Fund at the Purchase Price within 120 days after the date on which the Mortgage Loan Seller was notified (subject to Section 2.03(e)) of such defective or missing document or breach, if and to the extent that the Mortgage Loan Seller is obligated to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account and the Trustee or a Custodian on its behalf, upon receipt of written certification from the Master Servicer of such deposit, shall release to the Mortgage Loan Seller the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Mortgage Loan Seller shall furnish to it and as shall be necessary to vest in the Mortgage Loan Seller any Mortgage Loan released pursuant hereto, and neither the Trustee nor the Trust Administrator shall have any no further responsibility with regard to the related Mortgage File. In lieu of repurchasing any such Mortgage Loan as set forth above, as provided in the Mortgage Loan Purchase Agreement, the Mortgage Loan Seller may cause such Mortgage Loan to be removed from the Trust Fund (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner and subject to the limitations set forth in Section 2.03(d). It is understood and agreed that the obligation of the Mortgage Loan Seller to cure or to repurchase (or to substitute for) any Mortgage Loan as to which a document is missing, a material defect in a constituent document exists or as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such omission, defect or breach available to the Trustee on behalf of the Certificateholders.

CURE OF BREACHES; REPURCHASE OR SUBSTITUTION OF MORTGAGE LOANS. (a) Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the lack of which materially and adversely affects the value of such Mortgage Loan, or of the breach by the Mortgage Loan Seller of any representation, warranty or covenant under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan which materially and adversely affects the value of such Mortgage Loan or the interest therein of the Certificateholders, the party discovering such fact shall promptly give written notice thereof to the other parties hereto. The Servicer Trustee shall promptly notify the Mortgage Loan Seller of such defective or defect, missing document or breach and request that the Mortgage Loan Seller deliver such missing document or cure such defect or breach within 60 days from the date the Mortgage Loan Seller was notified of such defective or missing document. If , defect or breach, and if the Mortgage Loan Seller does not deliver such missing document or cure such defect or breach in all material respects during such period, the Master Servicer (or, in accordance with Section 3.02(b), the Trustee or Trust AdministratorTrustee) shall enforce the Mortgage Loan Seller's obligation under the Mortgage Loan Purchase Agreement (i) in connection with respect to any such breach that could not reasonably have been cured within such 60 day period, if the Mortgage Loan Seller shall have commenced to cure such breach within such 60 day period, to proceed thereafter diligently and expeditiously to cure the same within the additional period provided under the Mortgage Loan Purchase Agreement and (ii) in connection with respect to any such breach (subject to clause (i) above) or in connection with any such defective missing document or missing documentdefect, to repurchase such Mortgage Loan from the Trust Fund at the Purchase Price within 120 days after the date on which the Mortgage Loan Seller was notified (subject to Section 2.03(e)) of such defective or missing document document, defect or breach, if and to the extent that the Mortgage Loan Seller is obligated to do so under the Mortgage Loan Purchase Agreement. The Purchase Price for the repurchased Mortgage Loan shall be deposited in the Collection Account and the Trustee or a Custodian on its behalf, upon receipt of written certification from the Master Servicer of such deposit, shall release to the Mortgage Loan Seller the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as the Mortgage Loan Seller shall furnish to it and as shall be necessary to vest in the Mortgage Loan Seller any Mortgage Loan released pursuant hereto, hereto and neither the Trustee nor the Trust Administrator shall have any no further responsibility with regard to the related Mortgage File. In lieu of repurchasing any such Mortgage Loan as set forth above, as provided in the Mortgage Loan Purchase Agreement, the Mortgage Loan Seller may cause such Mortgage Loan to be removed from the Trust Fund (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner and subject to the limitations set forth in Section 2.03(d). It is understood and agreed that the obligation of the Mortgage Loan Seller to cure or to repurchase (or to substitute for) any Mortgage Loan as to which a document is missing, a material defect in a constituent document exists or as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such omission, defect or breach available to the Trustee on behalf of the Certificateholders.