Common use of Defective Documents and Non-Qualifying Mortgage Loans Clause in Contracts

Defective Documents and Non-Qualifying Mortgage Loans. The applicable Program Guides, this Origination Agreement, and any agreement entered into between the Servicer (not applicable for MCC) and the Participant shall provide the rules governing the duties of the Participant in connection with defective Loan documentation and Non-Qualifying Mortgage Loans. If the Participant has (a) delivered an improperly documented or Non-Qualifying Mortgage Loan; (b) failed to remain in compliance with any of the representations set forth in this Origination Agreement; or (c) breached any of the warranties or covenants set forth in the applicable Program Guide the Participant shall repurchase such Loan (not applicable to MCC). Notwithstanding Section 2.02(z) hereof, the Repurchase Price shall be determined by the Master Servicer (not applicable to MCC). The Authority may, in its sole discretion cancel the applicable Mortgage Credit Certificate.

Defective Documents and Non-Qualifying Mortgage Loans. The applicable Program Guides, this Origination Agreement, and any agreement entered into between the Servicer (not applicable for MCC) and the Participant shall provide the rules governing the duties of the Participant in connection with defective Loan documentation and Non-Qualifying Mortgage Loans. If the Participant has (a) delivered an improperly documented or Non-Qualifying Mortgage Loan; (b) failed to remain in compliance with any of the representations set forth in this Origination Agreement; or (c) breached any of the warranties or covenants set forth in the applicable Program Guide the Participant shall repurchase such Loan (not applicable to MCC). Notwithstanding Section 2.02(z) hereof, the Repurchase Price shall be determined by the Master Servicer (not applicable to MCC). The Authority may, in its sole discretion cancel the applicable Mortgage Credit Certificate.Certificate.‌

Defective Documents and Non-Qualifying Mortgage Loans. The applicable Program Guides, this Origination Agreement, and any agreement entered into between the Servicer (not applicable for MCC) and the Participant shall provide the rules governing the duties of the Participant in connection with defective Loan documentation and Non-Qualifying Mortgage Loans. If the Participant has (a) delivered an improperly documented or Non-Qualifying Mortgage Loan; (b) failed to remain in compliance with any of the representations set forth in this Origination Agreement; or (c) breached any of the warranties or covenants set forth in the applicable Program Guide the Participant shall repurchase such Loan (not applicable to MCC). Notwithstanding Section 2.02(z2.02(f) hereof, the Repurchase Price shall be determined by the Master Servicer (not applicable to MCC). The Authority may, in its sole discretion cancel the applicable Mortgage Credit Certificate.