Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"): (i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ as Trustee without recourse" with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans); (ii) The original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recording); (iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File; (iv) All original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage; (v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and (vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.] (b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Trustee, the Servicer's Home Loan Files. (c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party. (d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording. (e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Bcap LLC), Sale and Servicing Agreement (Bcap LLC), Sale and Servicing Agreement (Securitized Asset Backed Receivables LLC)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, on the Transferor and/or Closing Date the Seller, at the direction of the Depositor, as applicable, shall, on the Closing Date, deliver shall have delivered or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, showing a complete chain of endorsements or assignments from the named payee to the Trust and endorsed by the Transferor in blank or in the following formas follows: "Pay to the order of ____________________________ First Bank National Association, as Indenture Trustee and Co-Owner Trustee for Mego Mortgage Home Loan Owner Trust 1997-3, without recourse" with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans)";
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording indicated thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, except that a true copy of the Mortgage thereof certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyappropriate public official may be substituted); provided, if anyhowever, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, that if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if cannot be delivered concurrently with the original power execution and delivery of attorney has not been returned from this Agreement solely because of a delay caused by the applicable public recording office or is not otherwise availablewhere such Mortgage has been delivered for recordation, there shall be delivered to the Indenture Trustee a copy of such Mortgage certified as a true copy in an Officer's Certificate which shall certify that such Mortgage has been delivered to the power appropriate public recording office for recordation, and there shall be promptly delivered to the Indenture Trustee such Mortgage with evidence of attorney recording indicated thereon upon receipt thereof from the public recording official (or a true copy thereof certified by a Responsible Officer of an appropriate public official may be delivered to the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recordingIndenture Trustee);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." The Assignment of Mortgage form. Such assignments may be a blanket assignmentassignments, to the extent such assignment is assignments are effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, form an Assignment assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments of mortgage, with evidence of recording thereonthe Mortgage, showing a complete chain of assignment assignments from origination of the Home Loan named mortgagee to the Transferor assignor to the Indenture Trustee, with evidence of recording thereon (oror true copies thereof certified by appropriate public officials may be substituted); provided, however, that if any the intermediate assignments of mortgage with evidence of recording thereon cannot be delivered concurrently with the execution and delivery of this Agreement solely because of a delay caused by the public recording office where such assignments of Mortgage have been delivered for recordation, there shall be delivered to the Indenture Trustee a copy of each such assignment of mortgage Mortgage certified as a true copy in an Officer's Certificate of Mego, which shall certify that each such assignment of Mortgage has not been returned from delivered to the applicable appropriate public recording office for recordation, and there shall be promptly delivered to the Indenture Trustee such assignments of Mortgage with evidence of recording indicated thereon upon its receipt thereof from the public recording official (or is not otherwise available, a copy of such assignment of mortgage true copies thereof certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to appropriate public official may be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately delivered to the person who has executed the Assignment of MortgageIndenture Trustee);
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, An original of each assumption, modification, written assurance assumption or substitute modification agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companyrelating to such Home Loan.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver the Seller, at the direction of the Depositor, shall have delivered or caused to be delivered to the ServicerMego, as the designated agent of the Indenture TrusteeTrustee each of the following documents (collectively, the "Servicer's Home Loan Files"): (A) an original or copy of truth-in-lending disclosure, (B) an original or copy of the credit application, (C) an original or copy of the consumer credit report, (D) an original or copy of verification of employment and income, or verification of self-employment income, (E) an original or copy of contract of work or written description with cost estimates, if applicable, (F) an original or copy of report of inspection of improvements to the Property, if applicable, (G) to the extent not included in (B), an original or a copy of a written verification, or an underwriter's notation of obtaining a verbal verification from the holder of any senior mortgage or deed of trust that such Mortgagor at the time of origination was not more than 30 days delinquent on any senior mortgage or deed of trust on the Property, (H) (a) if the original principal balance is between $35,001 and $40,000, (1) evidence that the borrower has a FICO Score of at least 640, a debt to income ratio no greater than 45%, and disposable income of at least $1,500 per month, or (2) (I) a copy of the HUD-1 Closing Statement indicating the sale price, or (II) an Uniform Residential Appraisal Report, or (III) a Drive-By Appraisal documented on either FHLMC Form 704 or FNMA Form 2055, or (IV) a tax assessment, or (V) a broker's price opinion; (b) if the original principal balance is between $40,001 and $50,000, (1) a copy of the HUD-1 Closing Statement indicating the sale price, or (2) an Uniform Residential Appraisal Report, or (3) a Drive-By Appraisal documented on either FHLMC Form 704 or FNMA Form 2055, or (4) a tax assessment, or (5) a broker's price opinion; or (c) if the original principal balance exceeds $50,000, a full Uniform Residential Appraisal Report prepared by a national appraisal firm, and (I) an original or a copy of a title search as of the time of origination with respect to the Property.
(c) [Reserved]
(d) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ andMinnesota, and in connection therewith, shall act solely as agent for the Noteholders holders of the Securities in accordance with the terms hereof and not as agent for the Transferor Mego or any other party.
(de) Within 60 days after of the Closing Date, the TransferorMego, at its own expense, shall cause the Indenture Trustee to record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor Indenture Trustee need not record cause to be recorded any such Assignment of Mortgage which relates to a Home Mortgage Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor Mego (at the TransferorMego's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home LoanMortgage Loan against the claims of any subsequent transferee or any creditor of the Depositor or the Seller. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor Mego shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor Indenture Trustee shall be required to submit each such Assignment of Mortgage Loan for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Mego Financial Corp), Sale and Servicing Agreement (Mego Mortgage Corp)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Depositor and the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Indenture Grantor Trustee's Home Loan FilesFile"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ The Bank of New York, as Grantor Trustee under the Trust Agreement, dated as of May 1, 1998, Master Financial Grantor Trust 1998-2, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Grantor Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;and
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"):
(i) If such Home Loan is an FHA Loan, an original or copy of notice signed by the Obligor acknowledging HUD insurance, (ii) an original or copy of truth-in-lending disclosure, (iii) an original or copy of the credit application, (iv) an original or copy of the consumer credit report, (v) an original or copy of verification of employment and income, or verification of self-employment income, (vi) if such Home Loan is an FHA Loan, an original or copy of evidence of the Obligor's interest in the Property, (vii) if the Home Loan is a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (viii) if such Home Loan is an FHA Loan either (x) an original or copy of the completion certificate (or, if such certificate is not yet due, a notice to that effect) or an original or copy of notice of non-compliance, if applicable or (y) an original or copy of report of inspection of improvements to the Property or if such report is not yet due a notice to that effect or an original or copy of notice of non-compliance, if applicable, or (ix) if the Home Loan is a Combination Loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (x) to the extent not included in (clause (iii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (xi) if such Home Loan is an FHA Loan for which an appraisal is required pursuant to the applicable regulations, an original or a copy of an appraisal of the Property as of the time of origination of such FHA Loan or (xii) if such Home Loan is a Non-FHA Loan and secured by a Mortgage, a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's underwriting guidelines, and (xiii) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's underwriting guidelines, (xiv) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's guidelines, and (xv) if such Home Loan is an FHA Loan, any other documents required for the submission of a claim with respect to such FHA Loan to the FHA.
(c) The Transferor, at the direction of the Depositor, concurrently with the execution and delivery hereof, has delivered to the Indenture Trustee cash in an amount equal to the accrued annual FHA premium due on each FHA Loan to the applicable Cut-Off Date. The Indenture Trustee shall distribute such amounts referred to in the previous sentence into the FHA Premium Account.
(d) The Grantor Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Grantor Trustee's Home Loan Files held by it in the State of _____________ andCalifornia or such other location mutually acceptable to the Issuer, the Transferor and the Grantor Trustee, and in connection therewith, the Custodian shall act solely as agent for the Noteholders Grantor Trust Holder in accordance with the terms hereof and not as agent for the Transferor or any other party.
(de) Within 60 days after the Closing Date in the case of Initial Loan or, in the case of the Subsequent Loans, within 60 days of the related Subsequent Transfer Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Grantor Trustee, the Securities Insurer Indenture Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Grantor Trustee's and the NoteholderGrantor Trust Holder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date in the case of Initial Loans or, in the case of Subsequent Loans, within 60 days of the related Subsequent Transfer Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee Custodian, on behalf of the Grantor Trustee, upon receipt from the Transferor shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(ef) All recordings required pursuant to this Section 2.04 2.05 shall be accomplished by and at the expense of the Transferor.
Appears in 2 contracts
Samples: Grantor Trust Agreement (Master Financial Asset Securitization Trust 1998-2), Grantor Trust Agreement (Master Financial Asset Securitization Trust 1998-2)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Seller and the Depositor have delivered or caused to be delivered to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, showing a complete chain of endorsements or assignments from the named payee to the Trust and endorsed by the Transferor in blank or in the following formas follows: "Pay to the order of ____________________________ First Trust of New York, National Association, as Indenture Trustee and Co-Owner Trustee for Mego Mortgage Home Loan Owner Trust 1997-1, without recourse" with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans)";
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording indicated thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, except that a true copy of the Mortgage thereof certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyappropriate public official may be substituted); provided, if anyhowever, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, that if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if cannot be delivered concurrently with the original power execution and delivery of attorney has not been returned from this Agreement solely because of a delay caused by the applicable public recording office or is not otherwise availablewhere such Mortgage has been delivered for recordation, there shall be delivered to the Indenture Trustee a copy of such Mortgage certified as a true copy in an Officer's Certificate which shall certify that such Mortgage has been delivered to the power appropriate public recording office for recordation, and there shall be promptly delivered to the Indenture Trustee such Mortgage with evidence of attorney recording indicated thereon upon receipt thereof from the public recording official (or a true copy thereof certified by a Responsible Officer of an appropriate public official may be delivered to the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recordingIndenture Trustee);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." The Assignment of Mortgage form. Such assignments may be a blanket assignmentassignments, to the extent such assignment is assignments are effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, form an Assignment assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening intermediate assignments of mortgage, with evidence of recording thereonthe Mortgage, showing a complete chain of assignment assignments from origination of the Home Loan named mortgagee to the Transferor assignor to the Indenture Trustee, with evidence of recording thereon (oror true copies thereof certified by appropriate public officials may be substituted); provided, however, that if any the intermediate assignments of mortgage with evidence of recording thereon cannot be delivered concurrently with the execution and delivery of this Agreement solely because of a delay caused by the public recording office where such assignments of Mortgage have been delivered for recordation, there shall be delivered to the Indenture Trustee a copy of each such assignment of mortgage Mortgage certified as a true copy in an Officer's Certificate of Mego, which shall certify that each such assignment of Mortgage has not been returned from delivered to the applicable appropriate public recording office for recordation, and there shall be promptly delivered to the Indenture Trustee such assignments of Mortgage with evidence of recording indicated thereon upon its receipt thereof from the public recording official (or is not otherwise available, a copy of such assignment of mortgage true copies thereof certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to appropriate public official may be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately delivered to the person who has executed the Assignment of MortgageIndenture Trustee);
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, An original of each assumption, modification, written assurance assumption or substitute modification agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companyrelating to such Home Loan.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver the Seller and the Depositor have delivered or caused to be delivered to the ServicerMego, as the designated agent of the Indenture TrusteeTrustee each of the following documents (collectively, the "Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Mego Mortgage Corp), Sale and Servicing Agreement (Mego Financial Corp)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Depositor and the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Indenture Grantor Trustee's Home Loan FilesFile"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Grantor Trustee under the Grantor Trust Agreement, dated as of June 1, 1998, Empire Funding Grantor Trust 1998-2, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is secured by a Mortgage, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is secured by a Mortgage, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Grantor Trustee's Home Loan File;
(iv) All If such Home Loan is secured by a Mortgage, all original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;; and
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"): (i) an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan is a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a Combination Loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (viii) a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's underwriting guidelines, and (ix) an original or a copy of a title search as of the time of origination with respect to the Mortgaged Property in accordance with the Transferor's underwriting guidelines.
(c) The Indenture Grantor Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Grantor Trustee's Home Loan Files held by it in the State of _____________ andMinnesota, and in connection therewith, the Custodian shall act solely as agent for the Noteholders Grantor Trust Holder in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage with respect to which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home LoanMortgaged Property is located in a Non-Recordation State. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee Custodian on behalf of the Grantor Trustee, upon receipt from the Transferor shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 2.05 shall be accomplished by and at the expense of the ------------ Transferor.
Appears in 2 contracts
Samples: Grantor Trust Agreement (Painewebber Mortgage Acceptance Corporation Iv), Grantor Trust Agreement (Painewebber Mortgage Acceptance Corporation Iv)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, on the Closing Date the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver have delivered or caused to be delivered to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):): ---------------
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ First Bank National Association, as Indenture Trustee and Co-Owner Trustee under the Sale and Servicing Agreement, dated as of March 1, 1997, Empire Funding Home Loan Owner Trust 1997-1, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." The Assignment of Mortgage form. Such assignments may be a blanket assignmentassignments, to the extent such assignment is assignments are effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, form an Assignment assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments Assignments of mortgageMortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment Assignment of mortgage Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment Assignment of mortgage Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment Assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, on the Closing Date, the Transferor and the Depositor shall, on the Closing Date, deliver have delivered or caused to be delivered to the Servicer, as the designated agent of the Indenture TrusteeTrustee each of the following documents (collectively, the "Servicer's Home Loan Files"): (A) If such Home -------------------------- Loan is an FHA Loan, an original or copy of notice signed by the Obligor acknowledging HUD insurance, (B) an original or copy of truth-in-lending disclosure, (C) an original or copy of the credit application, (D) an original or copy of the consumer credit report, (E) an original or copy of verification of employment and income, or verification of self- employment income, (F) if such Home Loan is an FHA Loan, an original or copy of evidence of the Obligor's interest in the Property, (G) an original or copy of contract of work or written description with cost estimates, if any, (H)(i) if such Home Loan is an FHA Loan either (a) an original or copy of the completion certificate (or, if such certificate is not yet due, a notice to that effect) or an original or copy of notice of non-compliance, if applicable or (b) an original or copy of report of inspection of improvements to the Property or if such report is not yet due a notice to that effect or an original or copy of notice of non-compliance, if applicable, or (ii) if such Home Loan is a Non-FHA Loan in respect of a home improvement for which the Transferor prepares an inspection report, an original or copy of report of inspection of improvements to the Property, (I) to the extent not included in (C), an original or a copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Mortgagor at the time of origination was not more than 30 days delinquent on any senior mortgage or deed of trust on the Mortgaged Property, (J) (i) if such Home Loan is an FHA Loan for which an appraisal is required pursuant to the applicable regulations, an original or a copy of an appraisal of the Property as of the time of origination of such FHA Loan or (ii) if such Home Loan is a Non-FHA Loan and secured by a Mortgage, a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on Xxxxxxx Mac form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's guidelines, (K) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's guidelines, and (L) if such Home Loan is an FHA Loan, any other documents required for the submission of a claim with respect to such FHA Loan to the FHA.
(c) the Transferor, at the direction of the Depositor, concurrently with the execution and delivery hereof, has delivered to the Indenture Trustee cash in an amount equal to (i) the accrued annual FHA premium due on each FHA Loan to the applicable Cut-Off Date, and (ii) the amount of FHA premium collected in respect of the Invoiced Loans after the applicable Cut- Off Date. The Indenture Trustee shall distribute the amount referred to in clause (i) of the previous sentence into the FHA Premium Account and shall distribute the amount referred to in clause (ii) of the previous sentence into the Note Distribution Account.
(d) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ andMinnesota, and in connection therewith, shall act solely as agent for the Noteholders holders of the in accordance with the terms hereof and not as agent for the Transferor or any other party.
(de) Within 60 days after of the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Mortgage Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Mortgage Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage Loan for recording.
(ef) All Home Loan documents held by the Custodian on behalf of the Indenture Trustee are referred to herein as the "Indenture Trustee's Home ------------------------ Loan File." All recordings required pursuant to this Section 2.04 2.05 shall be --------- ------------ accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Financial Asset Securities Corp)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Depositor and each Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan FilesGRANTOR TRUSTEE'S HOME LOAN FILE"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Grantor Trustee under the Grantor Trust Agreement, dated as of April 1, 1999, Empire Funding Grantor Trust 1999-1, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the applicable Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is secured by a Mortgage, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the applicable Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the applicable Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is secured by a Mortgage, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an the Custodian shall keep a copy of such Assignment of Mortgage need not be included in the individual Indenture Grantor Trustee's Home Loan File;
(iv) All If such Home Loan is secured by a Mortgage, all original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the applicable Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the applicable Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;; and
(v) The original, or a copy certified by the applicable Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and.
(vi) [The With respect to each Manufactured Home Loan:
A. the original policy Manufactured Home Contract;
B. either (1) the original title document for the related Manufactured Home, a duplicate certified by the appropriate governmental authority that issued the original thereof or, if such original is not yet available, a copy of the application filed with the appropriate governmental authority pursuant to which the original title document will issue, or (2) if the laws of the jurisdiction in which the related Manufactured Home is located do not provide for the issuance of title insurancedocuments for manufactured housing units, including riders and endorsements theretoother evidence of ownership of the related Manufactured Home that is customarily relied upon in such jurisdiction as evidence of title to a manufactured housing unit;
C. evidence of one or more of the following types of perfection of the security interest of Empire Funding in the related Manufactured Home granted by such Manufactured Home Contract (or, if such evidence is not yet available, a copy of the application or other filing used to obtain such security interest, as appropriate in the applicable jurisdiction):
(1) notation of such security interest on the title document, (2) a financing statement meeting the requirements of the UCC, with evidence of recording indicated thereon, (3) a fixture filing in accordance with the UCC, with evidence of filing indicated thereon, or (4) such other evidence of perfection of a security interest in a manufactured housing unit as is customarily relied upon in the jurisdiction in which the related Manufactured Home is located;
D. an original assignment of the Manufactured Home Contract from the initial named payee thereunder to Empire Funding (unless Empire Funding is the initial named payee for such Manufactured Home Contract);
E. originals of any assumption agreements relating to such Manufactured Home Contract, together with originals of any surety or guaranty agreement relating to such Manufactured Home Contract or to any such assumption agreement, payable to the order of the Grantor Trustee, or, if not so payable, endorsed to the policy has not yet been issuedorder of, a written commitment or interim binder or preliminary report of title issued assigned to, the Grantor Trustee by the title insurance holder/payee thereunder without recourse;
F. originals of any extension, modification or escrow companywaiver agreement(s) relating to such Manufactured Home Contract; and
G. proof of maintenance of an Insurance Policy for the related Manufactured Home.]
(b) With respect to each Home Loan, the Transferor each Transferor, as applicable, and the Depositor shall, on the Closing Date, deliver or caused cause to be delivered to the Servicer or any Subservicer designated by the Servicer, as the designated agent of the Indenture Grantor Trustee, each of the Servicer's following documents (collectively, the "SERVICER'S HOME LOAN FILES"): (i) an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan Filesis a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a Combination Loan for which the applicable Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Property, (viii) a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the applicable Transferor's underwriting guidelines, (ix) an original or a copy of a title search as of the time of origination with respect to the Mortgaged Property in accordance with the applicable Transferor's underwriting guidelines and (x) a title document with respect to such Home Loan reflecting that the title to the related Property is vested at least 50% in the Obligor under such Home Loan.
(c) The Indenture Grantor Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Grantor Trustee's Home Loan Files held by it in the State of _____________ andMinnesota, and in connection therewith, the Custodian shall act solely as agent for the Noteholders Grantor Trust Holder in accordance with the terms hereof and, so long as the Indenture Trustee is the Grantor Trust Holder, the Custodian shall also act as agent for the benefit of the Indenture Trustee and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the TransferorServicer (and not any Subservicer), at its own expense, shall cause Empire Subservicer to record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 30 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 60 days after receipt of such information but in no event later than 360 270 days after the Closing Date. The Indenture Trustee Custodian on behalf of the Grantor Trustee, upon receipt, shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor Servicer, at its expense and not at the expense of any Subservicer, shall promptly prepare prepare, or if Empire Subservicer is acting as Subservicer, cause Empire Subservicer to prepare, a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required Servicer shall, at its expense and not at the expense of any Subservicer, submit, or if Empire Subservicer is acting as Subservicer, cause Empire Subservicer to submit submit, each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 SECTION 2.05 shall be accomplished by the Subservicer, on behalf of and at the expense of the TransferorServicer; provided, however, that if Empire Subservicer is no longer the Subservicer, then the Servicer shall accomplish all recordings required pursuant to SECTION 2.05.
Appears in 1 contract
Samples: Grantor Trust Agreement (Painewebber Mort Accept Corp Iv Empire Funding 1999-1)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ The Bank of New York, as Indenture Trustee under the Sale and Servicing Agreement, dated as of October 1, 1997, DiTech Home Loan Owner Trust 1997-1, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;and
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"): (i) an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan is a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a Combination Loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (viii) if the Home Loan is secured by a Mortgage, a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's guidelines, and (ix) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's guidelines.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ California and, in connection therewith, shall act solely as agent for the Noteholders Securityholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date in the case of Initial Loan or, in the case of the subsequent Loans, within 60 days of the related Subsequent Transfer Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the NoteholderCertificateholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date in the case of Initial Loans or, in the case of Subsequent Loans, within 60 days of the related Subsequent Transfer Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Ditech Funding Corp Home Loan Owner Trust 1997-1)
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Transferor and the Seller have delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Subsequent Transfer Dates, the Transferor and the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed "PAY TO THE ORDER OF FIRST BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE FOR THE FIRSTPLUS ASSET BACKED SECURITIES, SERIES 1996-4, WITHOUT RECOURSE" and signed, by the Transferor in blank facsimile or manual signature, in the following form: "Pay to name of the order of ____________________________ as Trustee without recourse" Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination of the Home Loan originator thereof to the Transferor, or a lost note affidavit acceptable ; provided that any of the foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument for a Secured Home Loan, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyattorney, if anythe original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or commitment therefor to be (C) a true and complete copy of the original Mortgage submitted for recording) and, if certified by the Mortgage was executed pursuant to a power of attorney, public recording office in those instances where the original power recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument for a Secured Home Loan, either (A) the original Assignment of attorney Mortgage assigned to "FIRST BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE FOR THE FIRSTPLUS ASSET BACKED SECURITIES, SERIES 1996-4" and signed in the name of the Transferor by a Responsible Officer with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of MortgageMortgage certified by the public recording office in those instances where the original recorded Assignment of Mortgage has been lost or has been retained by the public recording office (provided, in blank however, that where the original Assignment of Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or in recordable form to "____________________, as Trustee." The Assignment more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that any such Assignments of Mortgage may be a made by blanket assignment, to the extent such assignment is effective under applicable law, assignments for Mortgages covering Home Loans secured by Mortgaged Properties situated within located in the same county. If , if permitted by applicable law; provided, however, that the recordation of such Assignment of Mortgage is in blanket form, an Assignment of Mortgage need shall not be included required in the individual States (i) in which a legal opinion is delivered to the Indenture Trustee's Home Loan File;Trustee and the Securities Insurer in accordance with subsection (c) below and (ii) that are approved by the Rating Agencies.
(iv) All original With respect to each Debt Instrument for a Secured Home Loan, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee mortgage ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Transferor if the original has been transmitted for recording until such time as the original is returned by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companypublic recording office.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Subsequent Transfer Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Secured Home Loan, the Transferor and the Depositor shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Subsequent Transfer Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the Servicer, as Custodian: (i) the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files original recorded Mortgage in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be those instances where a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered copy thereof certified by the Transferor was delivered to the Custodian; (at ii) the Transferor's expense) original recorded Assignment of Mortgage, except in the States in which a legal opinion is delivered to the Indenture Trustee, the Trustee and Securities Insurer as provided below and that are approved by the Rating Agencies, that recordation of such Assignment ; (iii) any original recorded intervening assignments of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, those instances where copies thereof certified by the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as were delivered to the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.Custodian; and
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Depositor and the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Indenture Grantor Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, d/b/a First Bank National Association, as Grantor Trustee under the Trust Agreement, dated as of December 1, 1997, Empire Funding Grantor Trust 1997-5, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Grantor Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;and
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"): (i) an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan is a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a Combination Loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (viii) a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's underwriting guidelines, and (ix) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's underwriting guidelines.
(c) The Indenture Grantor Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Grantor Trustee's Home Loan Files in the State of _____________ Minnesota and, in connection therewith, shall act solely as agent for the Noteholders Grantor Trust Holder in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date in the case of Initial Loan or, in the case of the subsequent Loans, within 60 days of the related Subsequent Transfer Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Grantor Trustee, the Securities Insurer Indenture Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Grantor Trustee's and the NoteholderGrantor Trust Holder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date in the case of Initial Loans or, in the case of Subsequent Loans, within 60 days of the related Subsequent Transfer Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Grantor Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 2.05 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Grantor Trust Agreement (Empire Funding Home Loan Owner Trust 1997-5)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Indenture Trustee under the Sale and Servicing Agreement, dated as of October 1, 1997, Empire Funding Home Loan Owner Trust 1997-4, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;and
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"): (i) an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan is a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a Combination Loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (viii) if the Home Loan is secured by a Mortgage, a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's guidelines, and (ix) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's guidelines.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ Minnesota and, in connection therewith, shall act solely as agent for the Noteholders Securityholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date in the case of Initial Loan or, in the case of the subsequent Loans, within 60 days of the related Subsequent Transfer Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Mortgage Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the NoteholderCertificateholder's interest in the related Home Mortgage Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date in the case of Initial Loans or, in the case of Subsequent Loans, within 60 days of the related Subsequent Transfer Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Empire Funding Home Loan Owner Trust 1997-4)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, on the Transferor and/or Closing Date the Seller, at the direction of the Depositor, as applicable, shall, on the Closing Date, deliver shall have delivered or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, showing a complete chain of endorsements or assignments from the named payee to the Trust and endorsed by the Transferor in blank or in the following formas follows: "Pay to the order of ____________________________ U.S. Bank National Association, d/b/a First Bank National Association, as Indenture Trustee and Co-Owner Trustee for Mego Mortgage Home Loan Owner Trust 1997-4, without recourse" with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans)";
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording indicated thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, except that a true copy of the Mortgage thereof certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyappropriate public official may be substituted); provided, if anyhowever, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, that if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if cannot be delivered concurrently with the original power execution and delivery of attorney has not been returned from this Agreement solely because of a delay caused by the applicable public recording office or is not otherwise availablewhere such Mortgage has been delivered for recordation, there shall be delivered to the Indenture Trustee a copy of such Mortgage certified as a true copy in an Officer's Certificate which shall certify that such Mortgage has been delivered to the power appropriate public recording office for recordation, and there shall be promptly delivered to the Indenture Trustee such Mortgage with evidence of attorney recording indicated thereon upon receipt thereof from the public recording official (or a true copy thereof certified by a Responsible Officer of an appropriate public official may be delivered to the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recordingIndenture Trustee);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." The Assignment of Mortgage form. Such assignments may be a blanket assignmentassignments, to the extent such assignment is assignments are effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, form an Assignment assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments of mortgage, with evidence of recording thereonthe Mortgage, showing a complete chain of assignment assignments from origination of the Home Loan named mortgagee to the Transferor assignor to the Indenture Trustee, with evidence of recording thereon (oror true copies thereof certified by appropriate public officials may be substituted); provided, however, that if any the intermediate assignments of mortgage with evidence of recording thereon cannot be delivered concurrently with the execution and delivery of this Agreement solely because of a delay caused by the public recording office where such assignments of Mortgage have been delivered for recordation, there shall be delivered to the Indenture Trustee a copy of each such assignment of mortgage Mortgage certified as a true copy in an Officer's Certificate of Mego, which shall certify that each such assignment of Mortgage has not been returned from delivered to the applicable appropriate public recording office for recordation, and there shall be promptly delivered to the Indenture Trustee such assignments of Mortgage with evidence of recording indicated thereon upon its receipt thereof from the public recording official (or is not otherwise available, a copy of such assignment of mortgage true copies thereof certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to appropriate public official may be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately delivered to the person who has executed the Assignment of MortgageIndenture Trustee);
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, An original of each assumption, modification, written assurance assumption or substitute modification agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companyrelating to such Home Loan.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver the Seller, at the direction of the Depositor, shall have delivered or caused to be delivered to the ServicerMego, as the designated agent of the Indenture TrusteeTrustee each of the following documents (collectively, the "Servicer's Home Loan Files"): (A) an original or copy of truth-in-lending disclosure, (B) an original or copy of the credit application, (C) an original or copy of the consumer credit report, (D) an original or copy of verification of employment and income, or verification of self-employment income, (E) an original or copy of contract of work or written description with cost estimates, if applicable, (F) an original or copy of report of inspection of improvements to the Property, if applicable, (G) to the extent not included in (B), an original or a copy of a written verification, or an underwriter's notation of obtaining a verbal verification from the holder of any senior mortgage or deed of trust that such Mortgagor at the time of origination was not more than 30 days delinquent on any senior mortgage or deed of trust on the Property, (H) (a) if the original principal balance is between $35,001 and $40,000, (1) evidence that the borrower has a FICO Score of at least 640, a debt to income ratio no greater than 45%, and disposable income of at least $1,500 per month, or (2) (I) a copy of the HUD-1 Closing Statement indicating the sale price, or (II) an Uniform Residential Appraisal Report, or (III) a Drive-By Appraisal documented on either FHLMC Form 704 or FNMA Form 2055, or (IV) a tax assessment, or (V) a broker's price opinion; (b) if the original principal balance is between $40,001 and $50,000, (1) a copy of the HUD-1 Closing Statement indicating the sale price, or (2) an Uniform Residential Appraisal Report, or (3) a Drive-By Appraisal documented on either FHLMC Form 704 or FNMA Form 2055, or (4) a tax assessment, or (5) a broker's price opinion; or (c) if the original principal balance exceeds $50,000, a full Uniform Residential Appraisal Report prepared by a national appraisal firm, and (I) an original or a copy of a title search as of the time of origination with respect to the Property.
(c) [Reserved]
(d) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ andMinnesota, and in connection therewith, shall act solely as agent for the Noteholders holders of the Securities in accordance with the terms hereof and not as agent for the Transferor Mego or any other party.
(de) Within 60 days after of the Closing Date, the TransferorMego, at its own expense, shall cause the Indenture Trustee to record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor Indenture Trustee need not record cause to be recorded any such Assignment of Mortgage which relates to a Home Mortgage Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor Mego (at the TransferorMego's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home LoanMortgage Loan against the claims of any subsequent transferee or any creditor of the Depositor or the Seller. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor Mego shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor Indenture Trustee shall be required to submit each such Assignment of Mortgage Loan for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Transferor and the Seller have delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Subsequent Transfer Dates, the Transferor and the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1997-3, without recourse" and signed, by facsimile or manual signature, in the name of the Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination of the Home Loan originator thereof to the Transferor, or a lost note affidavit acceptable ; provided that any of the foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyattorney, if anythe original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or commitment therefor to be (C) a true and complete copy of the original Mortgage submitted for recording) and, if certified by the Mortgage was executed pursuant to a power of attorney, public recording office in those instances where the original power recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument, either (A) the original Assignment of attorney Mortgage assigned to "U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1997-3" and signed in the name of the Transferor by a Responsible Officer with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of MortgageMortgage certified by the public recording office in those instances where the original recorded Assignment of Mortgage has been lost or has been retained by the public recording office (provided, in blank however, that where the original Assignment of Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or in recordable form to "____________________, as Trustee." The Assignment more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that -------- any such Assignments of Mortgage may be a made by blanket assignment, to the extent such assignment is effective under applicable law, assignments for Mortgages covering Home Loans secured by Mortgaged Properties situated within located in the same county. If , if permitted by applicable law; provided, however, that the -------- recordation of such Assignment of Mortgage is in blanket form, an Assignment of Mortgage need shall not be included required in the individual Indenture Trustee's Home Loan FileNon-Recordation States;
(iv) All original With respect to each Debt Instrument, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Transferor if the original has been transmitted for recording until such time as the original is returned by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companypublic recording office.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Subsequent Transfer Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Home Loan, the Transferor and the Depositor shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Subsequent Transfer Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the Servicer, as Custodian: (i) the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files original recorded Mortgage in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be those instances where a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered copy thereof certified by the Transferor (at the Transferor's expense) was delivered to the Indenture Trustee, Custodian; (ii) the Securities Insurer and the Rating Agencies, that recordation of such original recorded Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With Mortgage, except with respect to Non-Recordation States; (iii) any Assignment original recorded intervening assignments of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, those instances where copies thereof certified by the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as were delivered to the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.Custodian; and
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Transferor and the Seller have delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Subsequent Transfer Dates, the Transferor and the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1998-4, without recourse" and signed, by facsimile or manual signature, in the name of the Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination of the Home Loan originator thereof to the Transferor, or a lost note affidavit acceptable ; provided that any of the foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyattorney, if anythe original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or commitment therefor to be (C) a true and complete copy of the original Mortgage submitted for recording) and, if certified by the Mortgage was executed pursuant to a power of attorney, public recording office in those instances where the original power recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument, either (A) the original Assignment of attorney Mortgage assigned to "U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1998-4" and signed in the name of the Transferor by a Responsible Officer with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of MortgageMortgage certified by the public recording office in those instances where the original recorded Assignment of Mortgage has been lost or has been retained by the public recording office (provided, in blank however, that where the original Assignment of Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or in recordable form to "____________________, as Trustee." The Assignment more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that any such Assignments of Mortgage may be a made by blanket assignment, to the extent such assignment is effective under applicable law, assignments for Mortgages covering Home Loans secured by Mortgaged Properties situated within located in the same county. If , if permitted by applicable law; provided, however, that the recordation of such Assignment of Mortgage is in blanket form, an Assignment of Mortgage need shall not be included required in the individual Indenture Trustee's Home Loan FileNon-Recordation States;
(iv) All original With respect to each Debt Instrument, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Transferor if the original has been transmitted for recording until such time as the original is returned by the public recording office. Notwithstanding the foregoing, if the original Debt Instrument with respect to a Home Loan cannot be located, the Seller and Transferor may deliver a lost note affidavit substantially in the form attached as Exhibit E hereto; provided, that the aggregate of Home Loans as to be a true and correct copy which lost note affidavits are delivered shall not exceed 1.0% (by aggregate principal balance) of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companyHome Loans.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Subsequent Transfer Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Home Loan, the Transferor and the Depositor shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Subsequent Transfer Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the Servicer, as Custodian: (i) the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files original recorded Mortgage in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be those instances where a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered copy thereof certified by the Transferor (at the Transferor's expense) was delivered to the Indenture Trustee, Custodian; (ii) the Securities Insurer and the Rating Agencies, that recordation of such original recorded Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With Mortgage, except with respect to Non-Recordation States; (iii) any Assignment original recorded intervening assignments of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, those instances where copies thereof certified by the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as were delivered to the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.Custodian; and
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Depositor and the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Indenture Grantor Trustee's Home Loan FilesFile"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Grantor Trustee under the Grantor Trust Agreement, dated as of November 1, 1998, Empire Funding Grantor Trust 1998-3, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is secured by a Mortgage, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is secured by a Mortgage, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Grantor Trustee's Home Loan File;
(iv) All If such Home Loan is secured by a Mortgage, all original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;; and
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused cause to be delivered to the Servicer, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"): (i) an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan is a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a Combination Loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (viii) a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's underwriting guidelines, (ix) an original or a copy of a title search as of the time of origination with respect to the Mortgaged Property in accordance with the Transferor's underwriting guidelines and (x) a title document with respect to such Home Loan reflecting that the title to the related Mortgaged Property is vested at least 50% in the Obligor under such Home Loan.
(c) The Indenture Grantor Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Grantor Trustee's Home Loan Files held by it in the State of _____________ andMinnesota, and in connection therewith, the Custodian shall act solely as agent for the Noteholders Grantor Trust Holder in accordance with the terms hereof and, so long as the Indenture Trustee is the Grantor Trust Holder, the Custodian shall also act as agent for the benefit of the Securities Insurer and the Indenture Trustee and not as agent for the Transferor or any other party.
(d) Within 60 30 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage with respect to which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home LoanMortgaged Property is located in a Non-Recordation State. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 30 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 180 days after the Closing Date. The Indenture Trustee Custodian on behalf of the Grantor Trustee, upon receipt from the Transferor shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant . If an Assignment Event occurs, the Servicer shall record all Assignments of Mortgage with respect to this Section 2.04 which the related Mortgaged Properties are located in Non-Recordation States. Any such assignment shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Grantor Trust Agreement (Empire Funding Home Loan Owner Trust 1998 3)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Seller shall have delivered or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, Custodian each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(A) With respect to any Home Loan which is not evidenced by a Contract:
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Indenture Trustee for the United National Home Loan Owner Trust 1999-1 Asset Backed Notes, Series 1999-1, without recourse" and signed, by facsimile or manual signature, in the name of the Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination the originator thereof to the Seller; provided that any of the Home Loan foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (orB) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Seller or by the closing attorney, if the original Mortgage has not been transmitted for recording but has not, at the time of delivery of this Agreement, been returned from the applicable public recording office or is not otherwise available, (C) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument, either (A) the original Assignment of Mortgage assigned to "U.S. Bank National Association, as Indenture Trustee for the United National Home Loan Owner Trust 1999-1 Asset Backed Notes, Series 1999-1" and signed in the name of the Seller by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor Seller where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of MortgageMortgage certified by the public recording office in those instances where the original recorded Assignment of Mortgage has been lost or has been retained by the public recording office (provided, in blank however, that where the original Assignment of Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or in recordable form to "____________________, as Trustee." The Assignment more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that any such Assignments of Mortgage may be a made by blanket assignment, to the extent such assignment is effective under applicable law, assignments for Mortgages covering Home Loans secured by Mortgaged Properties situated within located in the same county. If , if permitted by applicable law; provided, however, that the recordation of such Assignment of Mortgage is in blanket form, an Assignment of Mortgage need shall not be included required in the individual Indenture Trustee's Home Loan FileNon-Recordation States;
(iv) All original With respect to each Debt Instrument, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor Seller or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of MortgageMortgage referred to in clause (iii) above;
(v) The originalfor each Home Loan either an original title insurance policy or a title search or guaranty of title, provided that if any such original policy of title insurance has not yet been received by the Seller, the Seller shall have delivered, or cause to be delivered, a copy certified by of such policy or a title insurance binder or commitment for the Transferor issuance of such policy with respect to be a true and correct copy the related Mortgaged Property promptly upon any such document coming into the possession of the original, Seller;
(vi) the original of any guaranty executed in connection with the Mortgage Note;
(vii) the original of each assumption, modification, written assurance consolidation or substitute substitution agreement, if any, relating to the Home Loan;
(viii) any security agreement, chattel mortgage or equivalent instrument executed in connection with the Mortgage; and
(viix) [The original policy of title insurance, including riders and endorsements thereto, as if any insurance policies relating to the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companyHome Loan.]
(bB) With respect to each Home LoanLoan evidenced by a Contract:
(i) The original Contract stamped as follows: "This Contract has been assigned to U.S. Bank National Association, as Indenture Trustee for United National Home Loan Owner Trust 1999-1 Asset-Backed Notes, or to any successor Indenture Trustee thereunder";
(ii) The original title document for the Transferor and related Manufactured Home or a duplicate certified by the Depositor shallappropriate governmental authority which issued the original thereof or the application for such title document or, if the laws of the jurisdiction in which the related Manufactured Home is located do not provide for the issuance of title documents for manufactured housing, other evidence of ownership of the related Manufactured Home which is customarily relied upon in such jurisdiction as evidence of title to a manufactured housing unit;
(iii) Evidence of one or more of the following types of perfection of the security interest in the related Manufactured Home granted by such Contract, as appropriate: (a) notation of such security interest on the Closing Datetitle document, deliver or caused to be delivered to (b) a financing statement meeting the Servicer, as the designated agent requirements of the Indenture TrusteeUCC, the Servicer's Home Loan Files.
with evidence of recording indicated thereon, or (c) such other evidence of perfection of a security interest in a manufactured housing unit as is customarily relied upon in the jurisdiction in which the related Manufactured Home is located;
(iv) The assignment of the Contract to the Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be in a blanket assignment if permitted by applicable lawform that also covers other Contracts);
(v) in Any extension, modification or waiver agreements;
(vi) With respect to any Land-and-Home Contract, the appropriate real property or other recordsoriginal Mortgage with evidence of recording indicated thereon; provided, however, that if the Transferor Mortgage with evidence of recording thereon cannot be delivered concurrently with the execution and delivery of this Agreement solely because of a delay caused by the public recording office where such Mortgage has been delivered for recordation, there shall be delivered to the Grantor Trustee a copy of such Mortgage certified as a true copy in an Officer's Certificate, which Officer's Certificate shall certify that such Mortgage has been delivered to the appropriate public recording office for recordation, and there shall be promptly delivered to the Grantor Trustee such Mortgage with evidence of recording indicated thereon upon receipt thereof from the public recording official (or a true copy thereof certified by an appropriate public official may be delivered to the Grantor Trustee); and
(vii) With respect to any Land-and-Home Contract, the original assignment of Mortgage to the Grantor Trustee, in recordable form. Such assignments may be blanket assignments, to the extent such assignments are effective under applicable law, for Mortgage Loans covering Mortgaged Properties situated within the same county. If the assignment of Mortgage is in blanket form an assignment of Mortgage need not record any such Assignment of be included in the individual Mortgage which relates File. Notwithstanding the foregoing, if the original Debt Instrument with respect to a Home Loan cannot be located, the Seller may deliver a lost note affidavit substantially in any jurisdiction under the laws form attached as Exhibit E hereto; provided, that the aggregate of whichHome Loans as to which lost note affidavits are delivered shall not exceed 1.0% (by aggregate principal balance) of the Home Loans. Notwithstanding the foregoing, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) Seller shall not be required to deliver to the Indenture Trustee, as Custodian, on or before the Securities Insurer and Closing Date with respect to a Home Loan (a) the Rating Agencies, that recordation of such original Assignment of Mortgage is not necessary pursuant to protect clause (A)(iii) above or (b) an intervening assignment of the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost from Keystone or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defectKMC, as the case may be, to the Seller pursuant to clause (A)(iv) above if, in either case, the Indenture Trustee has agreed to prepare such Assignment of Mortgage or intervening assignment of the Mortgage, as the case may be. The Indenture Trustee shall endeavor to prepare and thereafter deliver to the Transferor shall be required to submit Seller, Keystone or KMC, as applicable, for execution each such Assignment of Mortgage and intervening assignment of the Mortgage within 30 days following the Closing Date and in any event shall prepare and deliver each such Assignment of Mortgage and intervening assignment of the Mortgage no later than 90 days following the Closing Date with respect to each Home Loan for recording.
(e) All recordings required which the related Home Loan File contains, as of date of the review conducted by the Custodian pursuant to Section 2.06(a) hereof, the information necessary for the Indenture Trustee to prepare the Assignment of Mortgage and the intervening assignment of the Mortgage to the Seller. The Seller shall, and shall use its best efforts to cause Keystone and KMC to, cooperate with Indenture Trustee in the prompt execution and return to the Indenture Trustee of each such Assignment of Mortgage or intervening assignment of the Mortgage, as applicable, properly prepared by the Indenture Trustee; provided, that all such executed Assignments of Mortgage and intervening assignments of the Mortgage described in this paragraph shall be returned to the Indenture Trustee within 10 Business Days of receipt of the same from the Indenture Trustee. With respect to any Home Loan, the Seller shall be deemed to have satisfied its obligations under clause (A)(iii) or clause (A)(iv) of this Section 2.04 2.05(a) in regard to the Assignment of Mortgage from the Seller to the Indenture Trustee or the intervening assignment of the Mortgage from Keystone or KMC, as the case may be, to the Seller, upon return to the Indenture Trustee of a properly executed Assignment of Mortgage or intervening assignment of the Mortgage, as applicable, in accordance with the terms of this paragraph or the following paragraph. All Assignments of Mortgage (other than those with respect to the Non-Recordation States) and all intervening assignments of the Mortgage to the Seller described in this paragraph shall be accomplished submitted for recordation by and at the expense Indenture Trustee to the applicable public recording office promptly following receipt of such documents properly executed by the Seller, Keystone or KMC, as the case may be, but in no event later than 10 days following the date of receipt thereof by the Indenture Trustee. If, as of the Transferordate of the review conducted by the Custodian pursuant to Section 2.06(a) hereof, the Mortgage or other documentation necessary for the Indenture Trustee to prepare the Assignment of Mortgage and the intervening assignment of the Mortgage to the Seller is not contained in the Home Loan File because the Mortgage or other document has not been returned from the applicable public filing office, the Indenture Trustee shall, within 30 days following the receipt of such Mortgage or other documentation from the applicable public filing office, prepare and deliver such Assignment of Mortgage and intervening assignment of the Mortgage, as the case may be, to the Seller, and to Keystone or KMC, as applicable, for execution. The Seller shall, and shall use its best efforts to cause Keystone and KMC to, cooperate with Indenture Trustee in the prompt execution and return to the Indenture Trustee of each such Assignment of Mortgage or intervening assignment of the Mortgage, as applicable, properly prepared by the Indenture Trustee; provided, that all such executed Assignments of Mortgage and intervening assignments of the Mortgage to the Seller described in this paragraph shall be returned to the Indenture Trustee within 10 Business Days of receipt from the Indenture Trustee. All such Assignments of Mortgage (other than those with respect to the Non-Recordation States) and all such intervening assignments of the Mortgage to the Seller described in this paragraph shall be submitted for recordation by the Indenture Trustee to the applicable public recording office promptly following receipt of such documents properly executed by the Seller, Keystone or KMC, as the case may be, but in no event later than 10 days following the date of receipt thereof by the Indenture Trustee.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "“Indenture Trustee's ’s Home Loan Files"”):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "“Pay to the order of ____________________________ as Trustee without recourse" ” with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________“ , as Trustee." ” The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's ’s Home Loan File;
(iv) All original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Trustee, the Servicer's ’s Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's ’s Home Loan Files in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's ’s expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's ’s and the Noteholder's ’s interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor Depositor, the Originator and/or the Depositor, as applicable, Transferor shall, on the Closing Date, or the applicable Subsequent Transfer Date in the case of Subsequent Loans, deliver or caused cause to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor Originator in blank or in the following form: "Pay to the order of ____________________________ as Trustee without recourse" blank, with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans)Originator;
(ii) The original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor Originator or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor Originator or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor Originator (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor Originator or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;and
(v) The original, or a copy certified by the Transferor Originator to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor Transferor, the Originator and the Depositor shall, on the Closing Date, or the applicable Subsequent Transfer Date in the case of Subsequent Loans, deliver or caused cause to be delivered to the Servicer, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"): (i) an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan is a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a Combination Loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (viii) a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with Life's guidelines, and (ix) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with Life's guidelines.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ Minnesota and, in connection therewith, shall act solely as agent for the Noteholders Securityholders in accordance with the terms hereof and not as agent for the Originator, the Transferor or any other party.
(d) Within 60 35 days after the Closing Date in the case of Initial Loans or, in the case of the Subsequent Loans, within 35 days of the related Subsequent Transfer Date, the Originator or the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Originator or the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Originator or Transferor (at the Originator's or Transferor's expense) to the Indenture Trustee, the Securities Insurer Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's Securityholders' interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 5 days following the Closing Date in the case of Initial Loans or, in the case of Subsequent Loans, within 5 days of the related Subsequent Transfer Date, such Assignment of Mortgage shall be submitted for recording within 30 5 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Originator or the Transferor shall request in writing from the Custodian the Assignments of Mortgage to be recorded pursuant to this subsection (d) and shall return to the Custodian the recorded Assignments of Mortgage as promptly as practicable upon receipt thereof. The Indenture Trustee shall be required to retain a copy copy, provided to the Indenture Trustee by the Originator or the Transferor, of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Originator or the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Originator or the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Originator or the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Life Financial Home Loan Owner Trust 1997-3)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ as Trustee without recourse" with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee[, the Securities Insurer Insurer] and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Hsi Asset Securitization Corp)
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Transferor and the Seller have delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Subsequent Transfer Dates, the Transferor and the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1997-4, without recourse" and signed, by facsimile or manual signature, in the name of the Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination of the Home Loan originator thereof to the Transferor, or a lost note affidavit acceptable ; provided that any of the foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyattorney, if anythe original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or commitment therefor to be (C) a true and complete copy of the original Mortgage submitted for recording) and, if certified by the Mortgage was executed pursuant to a power of attorney, public recording office in those instances where the original power recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument, either (A) the original Assignment of attorney Mortgage assigned to "U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1997-4" and signed in the name of the Transferor by a Responsible Officer with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of MortgageMortgage certified by the public recording office in those instances where the original recorded Assignment of Mortgage has been lost or has been retained by the public recording office (provided, in blank however, that where the original Assignment of Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or in recordable form to "____________________, as Trustee." The Assignment more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that -------- any such Assignments of Mortgage may be a made by blanket assignment, to the extent such assignment is effective under applicable law, assignments for Mortgages covering Home Loans secured by Mortgaged Properties situated within located in the same county. If , if permitted by applicable law; provided, however, that the recordation of such -------- Assignment of Mortgage is in blanket form, an Assignment of Mortgage need shall not be included required in the individual Indenture Trustee's Home Loan FileNon-Recordation States;
(iv) All original With respect to each Debt Instrument, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Transferor if the original has been transmitted for recording until such time as the original is returned by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companypublic recording office.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Subsequent Transfer Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Home Loan, the Transferor and the Depositor shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Subsequent Transfer Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the Servicer, as Custodian: (i) the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files original recorded Mortgage in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be those instances where a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered copy thereof certified by the Transferor (at the Transferor's expense) was delivered to the Indenture Trustee, Custodian; (ii) the Securities Insurer and the Rating Agencies, that recordation of such original recorded Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With Mortgage, except with respect to Non-Recordation States; (iii) any Assignment original recorded intervening assignments of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, those instances where copies thereof certified by the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as were delivered to the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.Custodian; and
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ First Union National Bank as Trustee without recourse" with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ 15 Home Loans);
(ii) The original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________First Union National Bank, as Trustee." The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ Maryland and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's Noteholders' interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Sale and Master Servicing Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-1)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):): ---------------
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ First Bank National Association, as Indenture Trustee and Co-Owner Trustee under the Sale and Servicing Agreement, dated as of May 1, 1997, Empire Funding Home Loan Owner Trust 1997-2, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments Assignments of mortgageMortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment Assignment of mortgage Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment Assignment of mortgage Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment Assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;and
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"): (i) -------------------------- an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan is a home improvement loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a home improvement loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.05(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (viii) if the Home Loan is secured by a Mortgage, a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's guidelines, and (ix) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's guidelines.
(c) (Reserved).
(d) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ Minnesota and, in connection therewith, shall act solely as agent for the Noteholders Securityholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(de) Within 60 days after the Closing Date in the case of the Initial Loans or, in the case of the Subsequent Loans, within 60 days after the related Subsequent Transfer Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Mortgage Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Mortgage Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date in the case of the Initial Loans or, in the case of the Subsequent Loans, within 60 days after the related Subsequent Transfer Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage Loan for recording.
(ef) All Home Loan documents held by the Custodian on behalf of the Indenture Trustee are referred to herein as the "Indenture Trustee's Home ------------------------ Loan File." All recordings required pursuant to this Section 2.04 2.05 shall be --------- ------------ accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Financial Asset Securities Corp)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Depositor and the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the applicable Custodian, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Indenture Grantor Trustee's Home Loan FilesFile"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Grantor Trustee under the Trust Agreement, dated as of February 1, 1998, Empire Funding Grantor Trust 1998-1, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." form. The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Grantor Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;and
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Grantor Trustee, each of the following documents (collectively, the "Servicer's Home Loan Files"): (i) an original or copy of truth-in-lending disclosure, (ii) an original or copy of the credit application, (iii) an original or copy of the consumer credit report, (iv) an original or copy of verification of employment and income, or verification of self-employment income, (v) if the Home Loan is a Combination Loan, an original or copy of contract of work or written description with cost estimates, if any, (vi) if the Home Loan is a Combination Loan for which the Transferor prepares an inspection report, an original or copy of the report of inspection of improvements to the Property, (vii) to the extent not included in (clause (ii) of this Section 2.04(b), an original or copy of a written verification (or a notice of telephonic verification, with written verification to follow) that the Obligor at the time of origination was not more than 30 days delinquent on any Superior Lien on the Mortgaged Property, (viii) a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on FHLMC Form 704, or a tax assessment, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm in accordance with the Transferor's underwriting guidelines, and (ix) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's underwriting guidelines.
(c) The Indenture Grantor Trustee shall cause the (i) U.S. Bank Custodian to take and maintain continuous physical possession of the Indenture Grantor Trustee's Home Loan Files held by it in the State of _____________ andMinnesota and (ii) Bankers Custodian to take and maintain continuous physical possession of the Grantor Trustee's Home Loan Files held by it in the State of California, and in connection therewith, each such Custodian shall act solely as agent for the Noteholders Grantor Trust Holder in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date in the case of Initial Loan or, in the case of the Subsequent Loans, within 60 days of the related Subsequent Transfer Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Grantor Trustee, the Securities Insurer Indenture Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Grantor Trustee's and the NoteholderGrantor Trust Holder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date in the case of Initial Loans or, in the case of Subsequent Loans, within 60 days of the related Subsequent Transfer Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Grantor Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 2.05 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Grantor Trust Agreement (Empire Funding Home Loan Owner Trust 1998-1)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver or caused to be delivered to the Custodian, as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ First Union National Bank as Trustee without recourse" with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ 15 Home Loans);
(ii) The original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording; provided, however, that the original Mortgage with evidence of recording, or a certified copy from the applicable recording office, shall be delivered to the Indenture Trustee within 180 days of the Closing Date) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________First Union National Bank, as Trustee." The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All original intervening assignments of mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as and, in addition, if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, the Transferor and the Depositor shall, on the Closing Date, deliver or caused to be delivered to the Servicer, as the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ Maryland (or, with the consent of the Securities Insurer and the Master Servicer, any other state) and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's Noteholders' interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.
Appears in 1 contract
Samples: Sale and Master Servicing Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-2)
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Transferor and the Seller have delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Subsequent Transfer Dates, the Transferor and the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1998-1, without recourse" and signed, by facsimile or manual signature, in the name of the Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination of the Home Loan originator thereof to the Transferor, or a lost note affidavit acceptable ; provided that any of the foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyattorney, if anythe original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or commitment therefor to be (C) a true and complete copy of the original Mortgage submitted for recording) and, if certified by the Mortgage was executed pursuant to a power of attorney, public recording office in those instances where the original power recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument, either (A) the original Assignment of attorney Mortgage assigned to "U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1998-1" and signed in the name of the Transferor by a Responsible Officer with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." The Assignment of Mortgage may be a blanket assignment, to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is certified by the public recording office in blanket form, an those instances where the original recorded Assignment of Mortgage need has been lost or has been retained by the public recording office (provided, however, that where the original Assignment of Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that any such Assignments of Mortgage may -------- be made by blanket assignments for Home Loans secured by Mortgaged Properties located in the same county, if permitted by applicable law; provided, -------- however, that the recordation of such Assignment of Mortgage shall not be included required in the individual Indenture Trustee's Home Loan FileNon-Recordation States;
(iv) All original With respect to each Debt Instrument, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Transferor if the original has been transmitted for recording until such time as the original is returned by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companypublic recording office.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Subsequent Transfer Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Home Loan, the Transferor and the Depositor shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Subsequent Transfer Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the Servicer, as Custodian: (i) the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files original recorded Mortgage in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be those instances where a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered copy thereof certified by the Transferor (at the Transferor's expense) was delivered to the Indenture Trustee, Custodian; (ii) the Securities Insurer and the Rating Agencies, that recordation of such original recorded Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With Mortgage, except with respect to Non-Recordation States; (iii) any Assignment original recorded intervening assignments of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, those instances where copies thereof certified by the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as were delivered to the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.Custodian; and
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Transferor and the Seller have delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Subsequent Transfer Dates, the Transferor and the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed "PAY TO THE ORDER OF FIRST BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE FOR THE FIRSTPLUS ASSET BACKED SECURITIES, SERIES 1997-1, WITHOUT RECOURSE" and signed, by the Transferor in blank facsimile or manual signature, in the following form: "Pay to name of the order of ____________________________ as Trustee without recourse" Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination of the Home Loan originator thereof to the Transferor, or a lost note affidavit acceptable ; provided that any of the foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyattorney, if anythe original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or commitment therefor to be (C) a true and complete copy of the original Mortgage submitted for recording) and, if certified by the Mortgage was executed pursuant to a power of attorney, public recording office in those instances where the original power recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument, either (A) the original Assignment of attorney Mortgage assigned to "FIRST BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE FOR THE FIRSTPLUS ASSET BACKED SECURITIES, SERIES 1997-1" and signed in the name of the Transferor by a Responsible Officer with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of MortgageMortgage certified by the public recording office in those instances where the original recorded Assignment of Mortgage has been lost or has been retained by the public recording office (provided, in blank however, that where the original Assignment of 42 Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or in recordable form to "____________________, as Trustee." The Assignment more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that any such Assignments of Mortgage may be a made by blanket assignment, to the extent such assignment is effective under applicable law, assignments for Mortgages covering Home Loans secured by Mortgaged Properties situated within located in the same county. If , if permitted by applicable law; provided, however, that the recordation of such Assignment of Mortgage is in blanket form, an Assignment of Mortgage need shall not be included required in the individual States (i) in which a legal opinion is delivered to the Indenture Trustee's Home Loan File;Trustee and the Securities Insurer in accordance with subsection (c) below and (ii) that are approved by the Rating Agencies.
(iv) All original With respect to each Debt Instrument, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee mortgage ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Transferor if the original has been transmitted for recording until such time as the original is returned by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companypublic recording office.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Subsequent Transfer Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Home Loan, the Transferor and the Depositor shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Subsequent Transfer Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the Servicer, as Custodian: (i) the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files original recorded Mortgage in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be those instances where a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered copy thereof certified by the Transferor was delivered to the Custodian; (at ii) the Transferor's expense) original recorded Assignment of Mortgage, except in the States in which a legal opinion is delivered to the Indenture Trustee, the Trustee and Securities Insurer as provided below and that are approved by the Rating Agencies, that recordation of such Assignment ; (iii) any original recorded intervening assignments of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, those instances where copies thereof certified by the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as were delivered to the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.Custodian; and
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Seller has delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Advance Date, the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of PAY TO THE ORDER OF ____________________________ as Trustee without recourse" with all prior and intervening endorsements showing a complete chain or endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee.WITHOUT RECOURSE" The Assignment and signed, by facsimile or manual signature, in the name of Mortgage the Seller by a Responsible Officer thereof, together with all intervening endorsements that evidence a complete chain of title from the originator thereof to the Seller; provided that any of the foregoing endorsements may be a blanket assignment, contained on an allonge which shall be firmly affixed to the extent such assignment is effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, an Assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan FileDebt Instrument;
(ivii) All With respect to each Debt Instrument, either: (A) the original intervening assignments of mortgageMortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment of mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of such assignment of mortgage the Mortgage certified as a true copy by a Responsible Officer of the Transferor Seller or by the closing attorney attorney, if the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by an officer (C) a copy of the title insurer Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or agent has been retained by the public recording office;
(iii) With respect to each Debt Instrument, an original Assignment of Mortgage assigned in blank and signed in the name of the title insurer which issued Seller by a Responsible Officer;
(iv) With respect to each Debt Instrument, either: (A) originals of all intervening assignments of the related title insurance policyMortgage, with evidence of recording thereon, (B) if anythe original intervening assignments have not yet been returned from the recording office, a copy of the originals of such intervening assignments together with a certificate of a Responsible Officer of the Seller or commitment therefor to be the closing attorney certifying that the copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Seller if the original has been transmitted for recording until such time as the original is returned by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companypublic recording office.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Advance Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Home Loan, the Transferor and the Depositor Seller shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Advance Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the ServicerCustodian:
(i) the original recorded Mortgage in those instances where a copy thereof certified by the Seller was delivered to the Custodian; (ii) any original recorded intervening assignments of Mortgage in those instances where copies thereof certified by the Seller were delivered to the Custodian; and (iii) the original recorded assumption and modification agreement in those instances in which a copy was delivered. Notwithstanding anything to the contrary contained in this Section 2.05, in those instances where the public recording office retains the original Mortgage, or, if applicable, the intervening assignments of the Mortgage or the original recorded assumption and modification agreement after it has been recorded, or where any such original has been lost or destroyed, the Seller shall be deemed to have satisfied its obligation hereunder with respect to the delivery of any such document upon delivery to the Custodian of a copy, as certified by the designated agent public recording office to be a true copy of the Indenture Trusteerecorded original of such Mortgage, or, if applicable, the Servicer's intervening assignments of Mortgage or assumption and modification agreement, respectively. Notwithstanding the foregoing, the Seller shall not be required to deliver any document as provided in this paragraph with respect to a Home Loan Files.
(c) The Indenture Trustee shall cause if, at the Custodian time such document would otherwise be required to take and maintain continuous physical possession of the Indenture Trustee's be so delivered, such Home Loan Files is no longer included in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other partyHome Loan Pool.
(d) Within 60 days after Notwithstanding any of the Closing Dateforegoing, upon the occurrence of an Assignment Event with respect to each Home Loan or with respect to a particular Home Loan, the TransferorSeller, at its own expense, shall record each shall, within 10 days of such Assignment Event, send the original Assignment of Mortgage (which may be a blanket assignment if permitted by delivered pursuant to this Section 2.05 of each applicable law) Home Loan or the particular Home Loan to the appropriate recording office for recordation in the appropriate real property or other records; providedname of the Indenture Trustee. Notwithstanding the foregoing, however, that the Transferor need Seller shall not be required to record any the Assignment of Mortgage as provided in this paragraph with respect to a Home Loan if at the time such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer and the Rating Agencies, that recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall would otherwise be required to retain a copy of each Assignment of Mortgage submitted be sent to the appropriate recording office for recording. In recordation, such Home Loan is no longer included in the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recordingHome Loan Pool.
(e) All Home Loan documents held by the Custodian on behalf of the Indenture Trustee are referred to herein as the "Indenture Trustee's Home Loan File." All recordings required pursuant to this Section 2.04 2.05 shall be accomplished by and at the expense of the TransferorSeller.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Financial Group Inc)
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Transferor and the Seller have delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Subsequent Transfer Dates, the Transferor and the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed "PAY TO THE ORDER OF FIRST BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE FOR THE FIRSTPLUS ASSET BACKED SECURITIES, SERIES 1996-3, WITHOUT RECOURSE" and signed, by the Transferor in blank facsimile or manual signature, in the following form: "Pay to name of the order of ____________________________ as Trustee without recourse" Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination of the Home Loan originator thereof to the Transferor, or a lost note affidavit acceptable ; provided that any of the foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument for a Secured Home Loan, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyattorney, if anythe original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or commitment therefor to be (C) a true and complete copy of the original Mortgage submitted for recording) and, if certified by the Mortgage was executed pursuant to a power of attorney, public recording office in those instances where the original power recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument for a Secured Home Loan, either (A) the original Assignment of attorney Mortgage assigned to "FIRST BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE FOR THE FIRSTPLUS ASSET BACKED SECURITIES, SERIES 1996-3" and signed in the name of the Transferor by a Responsible Officer with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of MortgageMortgage certified by the public recording office in those instances where the original recorded Assignment of Mortgage has been lost or has been retained by the public recording office (provided, in blank however, that where the original Assignment of Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or in recordable form to "____________________, as Trustee." The Assignment more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that any such Assignments of Mortgage may be a made by blanket assignment, to the extent such assignment is effective under applicable law, assignments for Mortgages covering Home Loans secured by Mortgaged Properties situated within located in the same county. If , if permitted by applicable law; provided, however, that the recordation of such Assignment of Mortgage is in blanket form, an Assignment of Mortgage need shall not be included required in the individual States (i) in which a legal opinion is delivered to the Indenture Trustee's Home Loan File;Trustee and the Securities Insurer in accordance with subsection (c) below and (ii) that are approved by the Rating Agencies.
(iv) All original With respect to each Debt Instrument for a Secured Home Loan, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee mortgage ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Transferor if the original has been transmitted for recording until such time as the original is returned by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companypublic recording office.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Subsequent Transfer Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Secured Home Loan, the Transferor and the Depositor shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Subsequent Transfer Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the Servicer, as Custodian: (i) the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files original recorded Mortgage in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be those instances where a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered copy thereof certified by the Transferor was delivered to the Custodian; (at ii) the Transferor's expense) original recorded Assignment of Mortgage, except in the States in which a legal opinion is delivered to the Indenture Trustee, the Trustee and Securities Insurer as provided below and that are approved by the Rating Agencies, that recordation of such Assignment ; (iii) any original recorded intervening assignments of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, those instances where copies thereof certified by the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as were delivered to the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.Custodian; and
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
Delivery of Home Loan Documents. (a) With respect to each Home Loan, on the Closing Date the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver have delivered or caused to be delivered to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):): ---------------
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ First Bank National Association, as Trustee under the Pooling and Servicing Agreement, dated as of March 1, 1997, Empire Funding Home Loan REMIC Trust 1997-A, without recourse" ", with all prior and intervening endorsements showing a complete chain or of endorsement from origination of the Home Loan to the Transferor, or a lost note affidavit acceptable to the Indenture Trustee (not to exceed ___ Home Loans);
(ii) The If such Home Loan is a Mortgage Loan, the original Mortgage with evidence of recording thereon (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of the Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original Mortgage submitted for recording) and, if the Mortgage was executed pursuant to a power of attorney, the original power of attorney with evidence of recording thereon (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, a copy of the power of attorney certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereofcommitment therefor, to be a true and complete copy of the original power of attorney submitted for recording);
(iii) The If such Home Loan is a Mortgage Loan, the original executed Assignment of Mortgage, in blank or in recordable form to "____________________, as Trustee." The Assignment of Mortgage form. Such assignments may be a blanket assignmentassignments, to the extent such assignment is assignments are effective under applicable law, for Mortgages covering Mortgaged Properties situated within the same county. If the Assignment of Mortgage is in blanket form, form an Assignment assignment of Mortgage need not be included in the individual Indenture Trustee's Home Loan File;
(iv) All If such Home Loan is a Mortgage Loan, all original intervening assignments Assignments of mortgageMortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of the Home Loan to the Transferor (or, if any such assignment Assignment of mortgage Mortgage has not been returned from the applicable public recording office or is not otherwise available, a copy of such assignment Assignment of mortgage Mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be a true and complete copy of the original assignment Assignment submitted for recording); provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;
(v) The original, or a copy certified by the Transferor to be a true and correct copy of the original, of each assumption, modification, written assurance or substitute substitution agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.]
(b) With respect to each Home Loan, on the Closing Date, the Transferor and the Depositor shall, on the Closing Date, deliver have delivered or caused to be delivered to the Servicer, as the designated agent of the Indenture TrusteeTrustee each of the following documents (collectively, the "Servicer's Home Loan Files"): (A) If such Home Loan is -------------------------- an FHA Loan, an original or copy of notice signed by the Obligor acknowledging HUD insurance, (B) an original or copy of truth-in-lending disclosure, (C) an original or copy of the credit application, (D) an original or copy of the consumer credit report, (E) an original or copy of verification of employment and income, or verification of self-employment income, (F) if such Home Loan is an FHA Loan, an original or copy of evidence of the Obligor's interest in the Property, (G) an original or copy of contract of work or written description with cost estimates, if any, (H)(i) if such Home Loan is an FHA Loan either (a) an original or copy of the completion certificate (or, if such certificate is not yet due, a notice to that effect) or an original or copy of notice of non-compliance, if applicable or (b) an original or copy of report of inspection of improvements to the Property (or if such report is not yet due, a notice to that effect) or an original or copy of notice of non-compliance, if applicable, or (ii) if such Home Loan is a Non-FHA Loan in respect of a home improvement for which the Transferor prepares an inspection report, an original or copy of report of inspection of improvements to the Property, (I) to the extent not included in (C), an original or a copy of a written verification (or a notice of telephonic verification, written verification to follow) that the Mortgagor at the time of origination was not more than 30 days delinquent on any senior mortgage or deed of trust on the Mortgaged Property, (J) (i) if such Home Loan is an FHA Loan for which an appraisal is required pursuant to the applicable regulations, an original or a copy of an appraisal of the Property as of the time of origination of such FHA Loan or (ii) if such Home Loan is a Non-FHA Loan and secured by a Mortgage, a copy of the HUD-1 or HUD 1-A Closing Statement indicating the sale price, or an existing Uniform Residential Appraisal Report, or a Drive-by Appraisal documented on Xxxxxxx Mac form 704, or a tax assessment in accordance with the Transferor's guidelines, or a full Uniform Residential Appraisal Report prepared by a national appraisal firm, (K) an original or a copy of a title search as of the time of origination with respect to the Property in accordance with the Transferor's guidelines, and (L) if such Home Loan is an FHA Loan, any other documents required for the submission of a claim with respect to such FHA Loan to the FHA.
(c) the Transferor, at the direction of the Depositor, concurrently with the execution and delivery hereof, has delivered to the Trustee cash in an amount equal to (i) the accrued annual FHA premium due on each FHA Loan to the applicable Cut-Off Date, and (ii) the amount of FHA premium collected in respect of the Invoiced Loans after the applicable Cut-Off Date. The Indenture Trustee shall distribute the amount referred to in clause (i) of the previous sentence into the FHA Premium Account and shall distribute the amount referred to in clause (ii) of the previous sentence into the Certificate Distribution Account.
(d) The Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files in the State of _____________ andMinnesota, and in connection therewith, shall act solely as agent for the Noteholders holders of the in accordance with the terms hereof and not as agent for the Transferor or any other party.
(de) Within 60 days after of the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Mortgage Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Transferor (at the Transferor's expense) to the Indenture Trustee, the Securities Insurer Trustee and the Rating Agencies, that the recordation of such Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Mortgage Loan. With respect to any Assignment of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days one year after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage Loan for recording.
(ef) All Home Loan documents held by the Custodian on behalf of the Trustee are referred to herein as the "Trustee's Home Loan File." All ------------------------ recordings required pursuant to this Section 2.04 2.05 shall be accomplished by ------------ and at the expense of the Transferor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Securities Corp)
Delivery of Home Loan Documents. (a) With respect to each Initial Home Loan, the Transferor and/or the Depositor, as applicable, shall, on the Closing Date, deliver Date the Transferor and the Seller have delivered or caused to be delivered delivered, and with respect to each Subsequent Home Loan, on the related Subsequent Transfer Dates, the Transferor and the Seller will deliver or will cause to be delivered, to the Custodian, Custodian as the designated agent of the Indenture Trustee, Trustee each of the following documents (collectively, the "Indenture Trustee's Home Loan Files"):
(i) The original Debt Instrument, endorsed by the Transferor in blank or in the following form: "Pay to the order of ____________________________ U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1998-5, without recourse" and signed, by facsimile or manual signature, in the name of the Seller by a Responsible Officer thereof, together with all prior and intervening endorsements showing that evidence a complete chain or endorsement of title from origination of the Home Loan originator thereof to the Transferor, or a lost note affidavit acceptable ; provided that any of the foregoing endorsements may be contained on an allonge which shall be firmly affixed to the Indenture Trustee (not to exceed ___ Home Loans)such Debt Instrument;
(ii) The With respect to each Debt Instrument, either: (A) the original Mortgage Mortgage, with evidence of recording thereon thereon, (or, if the original Mortgage has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Transferor or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policyattorney, if anythe original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or commitment therefor to be (C) a true and complete copy of the original Mortgage submitted for recording) and, if certified by the Mortgage was executed pursuant to a power of attorney, public recording office in those instances where the original power recorded Mortgage has been lost or has been retained by the public recording office;
(iii) With respect to each Debt Instrument, either (A) the original Assignment of attorney Mortgage assigned to "U.S. Bank National Association, as Indenture Trustee for the FIRSTPLUS Asset Backed Securities, Series 1998-5" and signed in the name of the Transferor by a Responsible Officer with evidence of recording thereon thereon, (or, if the original power of attorney has not been returned from the applicable public recording office or is not otherwise available, B) a copy of the power Assignment of attorney Mortgage, certified as a true copy by a Responsible Officer of the Transferor where the original has been transmitted for recording but has not, at the time of delivery of this Agreement, been returned or by the closing attorney or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment, thereof, to be (C) a true and complete copy of the original power of attorney submitted for recording);
(iii) The original executed Assignment of MortgageMortgage certified by the public recording office in those instances where the original recorded Assignment of Mortgage has been lost or has been retained by the public recording office (provided, in blank however, that where the original Assignment of Mortgage is not being delivered to the Custodian, such Responsible Officer may complete one or in recordable form to "____________________, as Trustee." The Assignment more blanket certificates attaching copies of one or more Assignments of Mortgage relating thereto); provided that any such Assignments of Mortgage may be a made by blanket assignment, to the extent such assignment is effective under applicable law, assignments for Mortgages covering Home Loans secured by Mortgaged Properties situated within located in the same county. If , if permitted by applicable law; provided, however, that the recordation of such Assignment of Mortgage is in blanket form, an Assignment of Mortgage need shall not be included required in the individual Indenture Trustee's Home Loan FileNon-Recordation States;
(iv) All original With respect to each Debt Instrument, either: (A) originals of all intervening assignments of mortgagethe Mortgage, with evidence of recording thereon, showing a complete chain of assignment from origination of (B) if the Home Loan to the Transferor (or, if any such assignment of mortgage has original intervening assignments have not yet been returned from the applicable public recording office or is not otherwise availableoffice, a copy of the originals of such assignment intervening assignments together with a certificate of mortgage certified by a Responsible Officer of the Transferor or by the closing attorney or by an officer of certifying that the title insurer or agent of the title insurer which issued the related title insurance policy, if any, or commitment therefor to be copy is a true and complete copy of the original of such intervening assignments or (C) a copy of the intervening assignment submitted for recording)certified by the public recording office in those instances where the original recorded intervening assignment has been lost or has been retained by the public recording office; provided that the chain of intervening recorded assignments shall not be required to match the chain of intervening endorsements of the Debt Instrument Instrument, so long as the chain of intervening recorded assignments, if applicable, evidences one or more assignments of the Mortgage from the original mortgagee ultimately to the person who has executed the Assignment of Mortgage;Mortgage referred to in clause (iii) above; and
(v) The originalOriginals of all assumption and modification agreements, if any, or a copy certified as a true copy by a Responsible Officer of the Transferor if the original has been transmitted for recording until such time as the original is returned by the public recording office. Notwithstanding the foregoing, if the original Debt Instrument with respect to a Home Loan cannot be located, the Seller and Transferor may deliver a lost note affidavit substantially in the form attached as Exhibit E hereto; provided, that the aggregate of Home Loans as to be a true and correct copy which lost note affidavits are delivered shall not exceed 1.0% (by aggregate principal balance) of the original, of each assumption, modification, written assurance or substitute agreement, if any; and
(vi) [The original policy of title insurance, including riders and endorsements thereto, as if the policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow companyHome Loans.]
(b) The Seller agrees to deliver or cause to be delivered on or before the applicable Subsequent Transfer Date to the Custodian each of the documents identified in paragraphs (i) through (v) of subsection (a) above with respect to any Subsequent Home Loans.
(c) With respect to each Home Loan, the Transferor and the Depositor shall, on within five Business Days after the receipt thereof, and in any event, within nine (9) months of the Closing DateDate (in the case of the Initial Home Loans) or the related Subsequent Transfer Date (in the case of the Subsequent Home Loans), deliver or caused cause to be delivered to the Servicer, as Custodian: (i) the designated agent of the Indenture Trustee, the Servicer's Home Loan Files.
(c) The Indenture Trustee shall cause the Custodian to take and maintain continuous physical possession of the Indenture Trustee's Home Loan Files original recorded Mortgage in the State of _____________ and, in connection therewith, shall act solely as agent for the Noteholders in accordance with the terms hereof and not as agent for the Transferor or any other party.
(d) Within 60 days after the Closing Date, the Transferor, at its own expense, shall record each Assignment of Mortgage (which may be those instances where a blanket assignment if permitted by applicable law) in the appropriate real property or other records; provided, however, that the Transferor need not record any such Assignment of Mortgage which relates to a Home Loan in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered copy thereof certified by the Transferor (at the Transferor's expense) was delivered to the Indenture Trustee, Custodian; (ii) the Securities Insurer and the Rating Agencies, that recordation of such original recorded Assignment of Mortgage is not necessary to protect the Indenture Trustee's and the Noteholder's interest in the related Home Loan. With Mortgage, except with respect to Non-Recordation States; (iii) any Assignment original recorded intervening assignments of Mortgage as to which the related recording information is unavailable within 60 days following the Closing Date, such Assignment of Mortgage shall be submitted for recording within 30 days after receipt of such information but in no event later than 360 days after the Closing Date. The Indenture Trustee shall be required to retain a copy of each Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, those instances where copies thereof certified by the Transferor shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as were delivered to the case may be, and thereafter the Transferor shall be required to submit each such Assignment of Mortgage for recording.
(e) All recordings required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.Custodian; and
Appears in 1 contract
Samples: Sale and Servicing Agreement (Firstplus Investment Corp)
