Common use of Cure or Repurchase Clause in Contracts

Cure or Repurchase. (a) Seller shall repurchase the Mortgage Servicing Rights with respect to any Mortgage Loan from Purchaser if Seller or an Affiliate of Seller is obligated to repurchase the related Mortgage Loan from the applicable Investor. Seller shall repurchase such Mortgage Servicing Rights from the Purchaser at the Repurchase Price, and reimburse Purchaser for the related outstanding Advances that were previously reimbursed to Seller by Purchaser in accordance with Article III of this Agreement and not recovered by Purchaser, or advances of the same type as the Advances that were properly made by Purchaser after each Servicing Transfer Date that are fully reimbursable pursuant to the related Servicing Agreement and as to which Purchaser is entitled to recovery. (b) The Purchase Price recapture under this Section 11.03 and Section 11.04 (the “Repurchase Price”) shall be subject to the following provisions: from the Sale Date or any Subsequent Sale Date, as applicable, until the first anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser one hundred (100%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the first anniversary of the Sale Date or any Subsequent Sale Date and until the second anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser seventy-five (75%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the second anniversary of the Sale Date or any Subsequent Sale Date and until the third anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser fifty (50%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the third anniversary of the Sale Date or any Subsequent Sale Date and until the fourth anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser twenty-five (25%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; and after the fourth anniversary of the Sale Date or any Subsequent Sale Date, the Seller shall not pay any amount for the related Mortgage Servicing Rights. (c) Notwithstanding anything to the contrary in this Agreement, but subject to Purchaser’s right to appeal any demands by any Investor and subject to Purchaser’s right to indemnification under this Article XI, Purchaser acknowledges and agrees that Purchaser shall be obligated to cure and/or repurchase any Mortgage Loan, if requested by the applicable Investor, if the repurchase required by such Investor results from or arises out of (i) Purchaser’s having breached any representation, warranty, covenant, or other provision of this Agreement in any respect, (ii) Purchaser’s having failed to service any Mortgage Loan in accordance with Applicable Requirements and generally accepted servicing practices, or (iii) any act or omission of Purchaser (or any of its agents or representatives) which caused the Seller to breach any Servicing Agreement in any respect.

Cure or Repurchase. (a) If, as a result of a breach of a representation or warranty of Seller shall repurchase contained in the Mortgage Servicing Rights with respect to Agreements, any Mortgage Loan from Purchaser if Seller or an Affiliate of Seller is obligated to repurchase the related Mortgage Loan from found defective by the applicable Investor. , then Seller will, upon notification by Purchaser and/or upon notification by such Investor, contest, correct or cure such defect, at Seller’s sole expense, within the time prescribed by the Investor to the satisfaction of the Investor or Seller shall repurchase such Mortgage Servicing Rights Loan (a) if prior to the Transfer Date, from the Purchaser Investor, at the Repurchase Priceprice required by the Investor, and reimburse Purchaser for or (b) if after the related outstanding Advances that were previously reimbursed to Seller by Purchaser in accordance with Article III of this Agreement and not recovered by Transfer Date, from Purchaser, or advances at the price required by the Investor plus the Purchase Price paid for such Mortgage Loan recalculated on the unpaid principal balance of such Mortgage Loan at the same type as the Advances that were properly time of repurchase and any unreimbursed advances, including interest and escrow advances, made by Purchaser after each Servicing Transfer Date that are fully reimbursable pursuant with respect to the related Servicing Agreement and as to which Purchaser is entitled to recovery. (b) The Purchase Price recapture under this Section 11.03 and Section 11.04 such Mortgage Loan (the “Repurchase Buyout Price”) shall be subject ). Purchaser agrees that it will not prevent Seller from consulting with any Investor with respect to the following provisions: from circumstances described in the Sale Date or any Subsequent Sale Date, as applicable, until the first anniversary of the Sale Date or such Subsequent Sale Date, respectively, the preceding sentence. Seller shall pay Purchaser one hundred the Buyout Price with respect to a repurchased Mortgage Loan no later than fifteen (100%15) percent of calendar days following the applicable Purchase Price Percentage multiplied by the unpaid principal mailing of the related Mortgagor notice. Upon completion of the repurchase by Seller the Servicing to such Mortgage Loan as shall revert to Seller, and Purchaser shall forward to Seller all Mortgage Loan documents, Servicing records, Related Escrow Accounts and any other records and documents relating to such Mortgage Loan within five (5) Business Days after receipt of the date Buyout Price, subject to applicable state and federal laws governing transfers of repurchase; after the first anniversary of the Sale Date or any Subsequent Sale Date and until the second anniversary of the Sale Date or such Subsequent Sale Date, respectively, the servicing rights. Seller shall pay identify to Purchaser seventy-five (75%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the second anniversary of the Sale Date or any Subsequent Sale Date and until the third anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser fifty (50%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the third anniversary of the Sale Date or any Subsequent Sale Date and until the fourth anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser twenty-five (25%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; and after the fourth anniversary of the Sale Date or any Subsequent Sale Date, the Seller shall not pay any amount for the related Mortgage Servicing Rights. (c) Notwithstanding anything prior to the contrary in this Agreement, but subject to Purchaser’s right to appeal any demands by any Investor and subject to Purchaser’s right to indemnification under this Article XI, Purchaser acknowledges and agrees that Purchaser shall be obligated to cure and/or repurchase any Mortgage Loan, if requested by the applicable Investor, if the repurchase required by such Investor results from or arises out of (i) Purchaser’s having breached any representation, warranty, covenant, or other provision of this Agreement in any respect, (ii) Purchaser’s having failed to service Transfer Date any Mortgage Loan in accordance with Applicable Requirements and generally accepted servicing practices, or (iii) that any act or omission of Purchaser (or any of its agents or representatives) which caused the Agency has notified Seller to breach any Servicing Agreement in any respectrepurchase and shall use its best efforts to complete the cure or repurchase of such Mortgage Loan prior to the Transfer Date.

Cure or Repurchase. Purchaser shall notify Seller if, after the Servicing Transfer Date, Purchaser reasonably determines that any Mortgage Loan is not insured or guaranteed in accordance with the Investor’s requirements. Subject to its obligations under the Servicing Agreement to seek such insurance or guaranty and the Investor’s prior approval, if Purchaser makes such a determination with respect to a Mortgage Loan, Purchaser may elect to repurchase such Mortgage Loan from the GNMA Mortgage Pool and, in such event, Purchaser shall have the option to (i) cause Seller to repurchase such Mortgage Loan and the related Mortgage Servicing Rights from Purchaser at the Repurchase Price, or (ii) cause Seller to cure the insurance or guaranty defect, in each case within thirty (30) days. Further, to the extent that Purchaser determines in good faith that any Mortgage Loan is incapable of being cured of any collateral defects to permit inclusion in a Certified Pool, Purchaser, at Purchaser’s option but subject to Applicable Requirements, shall either (a) (i) repurchase out of the GNMA Mortgage Pool the Mortgage Loan(s) preventing such certification or recertification, and (ii) Seller shall repurchase the related Mortgage Servicing Rights from the Purchaser at the Repurchase Price, or (b) require Seller to repurchase from Purchaser at the MSR Reimbursement Price all of the Mortgage Servicing Rights relating to all of the Mortgage Loans in such GNMA Mortgage Pool. (cx) Seller shall repurchase the Mortgage Servicing Rights with respect to any Mortgage Loan from Purchaser if (i) Seller or an Affiliate of Seller or Purchaser or an Affiliate of Purchaser is obligated to repurchase the related Mortgage Loan from the applicable Investor. Seller shall repurchase such Mortgage Servicing Rights from the Purchaser at the Repurchase Price, and reimburse Purchaser for the related outstanding Advances that were previously reimbursed Investor due to Seller by Purchaser in accordance with Article III a breach of this Agreement and not recovered by Purchaser, or advances any of the same type as Applicable Requirements prior to the Advances that were properly made by Purchaser after each Servicing Transfer Date that are fully reimbursable pursuant to the related Servicing Agreement and as to which Purchaser is entitled to recovery. (b) The Purchase Price recapture under this Section 11.03 and Section 11.04 (the “Repurchase Price”) shall be subject to the following provisions: from the Sale Date or any Subsequent Sale Date, as applicable, until the first anniversary of the Sale Date or for such Subsequent Sale Date, respectively, the Seller shall pay Purchaser one hundred (100%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the first anniversary of the Sale Date or any Subsequent Sale Date and until the second anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser seventy-five (75%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the second anniversary of the Sale Date or any Subsequent Sale Date and until the third anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser fifty (50%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the third anniversary of the Sale Date or any Subsequent Sale Date and until the fourth anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser twenty-five (25%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; and after the fourth anniversary of the Sale Date or any Subsequent Sale Date, the Seller shall not pay any amount for the related Mortgage Servicing Rights. (c) Notwithstanding anything to the contrary in this Agreement, but subject to Purchaser’s right to appeal any demands by any Investor and subject to Purchaser’s right to indemnification under this Article XI, Purchaser acknowledges and agrees that Purchaser shall be obligated to cure and/or repurchase any Mortgage Loan, if requested by the applicable Investor, if the repurchase required by such Investor results from or arises out of (i) Purchaser’s having breached any representation, warranty, covenant, or other provision of this Agreement in any respect, (ii) Purchaser’s having failed Purchaser or an Affiliate of Purchaser is required to service any repurchase or is otherwise permitted to repurchase such Mortgage Loan in accordance with from the Investor due to a breach of any of the Applicable Requirements and generally accepted servicing practicesprior to the Servicing Transfer Date for such Mortgage Loan, or (iii) Seller breaches any act or omission Fundamental Rep. Any such repurchase shall be (i) at the Repurchase Price if the Mortgage Loan was repurchased from the Investor by Purchaser, and (ii) at the MSR Reimbursement Price if the Mortgage Loan was repurchased from the Investor by Seller. For the avoidance of doubt, Seller shall have no obligation to pay Purchaser the MSR Reimbursement Price for any repurchase occurring more than five (or any of its agents or representatives5) which caused years after the Seller to breach any Servicing Agreement in any respectSale Date.

Cure or Repurchase. (a) Seller shall repurchase the Mortgage Servicing Rights with respect to any Mortgage Loan from Purchaser if Seller or an Affiliate of Seller is obligated to repurchase the related Mortgage Loan from the applicable Investor. Seller shall repurchase such Mortgage Servicing Rights from the Purchaser at the Repurchase Price, and reimburse Purchaser for the related outstanding Advances that were previously reimbursed to Seller by Purchaser in accordance with Article III of this Agreement and not recovered by Purchaser, or advances of the same type as the Advances that were properly made by Purchaser after each Servicing Transfer Date that are fully reimbursable pursuant to the related Servicing Agreement and as to which Purchaser is entitled to recovery. (b) The Purchase Price recapture under this Section 11.03 and Section 11.04 (the “Repurchase Price”) shall be subject to the following provisions: from the Sale Date or any Subsequent Sale Date, as applicable, until the first anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser one hundred (100%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the first anniversary of the Sale Date or any Subsequent Sale Date and until the second anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser seventy-five (75%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the second anniversary of the Sale Date or any Subsequent Sale Date and until the third anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser fifty (50%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; after the third anniversary of the Sale Date or any Subsequent Sale Date and until the fourth anniversary of the Sale Date or such Subsequent Sale Date, respectively, the Seller shall pay Purchaser twenty-five (25%) percent of the applicable Purchase Price Percentage multiplied by the unpaid principal of the related Mortgage Loan as of the date of repurchase; and after the fourth anniversary of the Sale Date or any Subsequent Sale Date, the Seller shall not pay any amount for the related Mortgage Servicing Rights. (c) Notwithstanding anything to the contrary in this Agreement, but subject to Purchaser’s right to appeal any demands by any Investor and subject to Purchaser’s right to indemnification under this Article XI, Purchaser acknowledges and agrees that Purchaser shall be obligated to cure and/or repurchase any Mortgage Loan, if requested by the applicable Investor, if the repurchase required by such Investor results from or arises out of (i) Purchaser’s having breached any representation, warranty, covenant, or other provision of this Agreement in any respect, (ii) Purchaser’s having failed to service any Mortgage Loan in accordance with Applicable Requirements and generally accepted servicing practices, or (iii) any act or omission of Purchaser (or any of its agents or representatives) which caused the Seller to breach any the Servicing Agreement in any respect.