Common use of Delivery of Loan Documents Clause in Contracts

Delivery of Loan Documents. The Seller shall from time to time in connection with each Closing Date, at least five(5) Business Days prior to such Closing Date, deliver and release to the Custodian the Loan Documents with respect to each Loan to be purchased and sold on the related Closing Date and set forth on the related Loan Schedule. The Custodian shall certify its receipt of all such Loan Documents for the related Closing Date, as evidenced by a trust receipt and initial certification of the Custodian delivered to the Initial Purchaser. The fees and expenses of the Custodian shall be paid by the Purchaser. The Seller shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Loan entered into in accordance with this Agreement within two weeks of their execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution. The Seller shall provide the original of any document submitted for recordation promptly upon return of such document from the applicable recording office and in no event later than 180 days following the related Closing Date, or in the case of an assumption, modification, consolidation or extension pursuant to the preceding paragraph, 180 days following the date of submission of such document to the applicable recording office for recordation. The Seller shall provide an original mortgagee title insurance policy meeting the requirements of this Agreement promptly upon the issuance thereof and in no event later than 180 days following the related Closing Date. To the extent that the Seller fails to provide any such original document within the time period set forth herein, and such failure materially and adversely affects the value of the Loan or the Purchaser’s interest in the Loan, the Purchaser may demand, and shall have the right to, a remedy as for a breach pursuant to Subsection 7.03 hereof (it being understood that any cure period set forth in Subsection 7.03 shall be deemed to have expired). In the event that new, replacement, substitute or additional Stock Certificates are issued with respect to existing Cooperative Shares, the Seller shall within ten (10) Business Days deliver to the Custodian the new Stock Certificates, together with the related Stock Powers in blank. Such new Stock Certificates shall be subject to the related Pledge Instruments and shall be subject to all of the terms, covenants and conditions of this Agreement.

Delivery of Loan Documents. The With respect to each Loan, the Seller shall from time to time in connection with each Closing Date, at least five(5) Business Days prior to such Closing Date, deliver and release to the Custodian the Loan Documents with respect Custodian, (a) on or prior to each Loan to be purchased and sold on the related Closing Date (or such later date as the Initial Purchaser may reasonably request), the original Mortgage, original Note endorsed in blank, the original Assignment of Mortgage assigned in blank, and an entry on the related data tape setting forth the title insurance information (including title insurance coverage amount, title insurance provider and tile insurance policy number) for such Loan and (b) the other Loan Documents within a reasonable time following the related Closing Date; provided, however, that all original documents or, in the case of Loan Documents delivered for recording, either the original recorded documentation or clerk-certified copies thereof shall be delivered to the Purchaser, or its designee, no later than one year following the related Closing Date, subject to the following paragraph. In the event that such original or copy of any Loan Document (except for the applicable Note or related lost note affidavit, to the extent not set forth on the related bailee or custodial certification described in Section 8(D), which Mortgage and Note or lost note affidavit must be delivered on or prior to the Closing Date) is not so delivered to the Custodian within one year following the related Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Mortgage Loan Scheduleshall, upon the request of the Purchaser, be repurchased by the Seller at a price and in the manner specified in Subsection 7.04. The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver, or cause to be delivered, such original or clerk-certified copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall deliver, or cause to be delivered a recording receipt of such recording office or, if such recording receipt is not available, an Officer’s Certificate of a servicing officer of the Seller, confirming that such document has been accepted for recording and that the Seller shall immediately deliver such document upon receipt by the Seller; and, provided further, that if the Seller cannot deliver, or cause to be delivered, such original or clerk-certified copy of any document submitted for recordation to the appropriate public recording office within the specified time for any reason within twelve (12) months after receipt of written notification of such failure from the Purchaser, the Seller shall repurchase the related Loan at the price and in the manner specified in Subsection 7.04. The Custodian shall certify its receipt of all such Loan Documents for the related Closing Date, as evidenced by a trust receipt and initial certification of the Custodian delivered to the Initial Purchaser. The fees and expenses of the Custodian shall be paid by the Purchaser. The Seller or Servicer shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Loan entered into in accordance with this Agreement within two weeks of their execution, provided, however, that the Seller or Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution. The Seller shall provide the original of any document submitted for recordation promptly upon return of such document from the applicable recording office and in no event later than 180 days following the related Closing Date, or in the case of an assumption, modification, consolidation or extension pursuant to the preceding paragraph, 180 days following the date of submission of such document to the applicable recording office for recordation. The Seller shall provide an original mortgagee title insurance policy meeting the requirements of this Agreement promptly upon the issuance thereof and in no event later than 180 days following the related Closing Date. To the extent that the Seller fails to provide any such original document within the time period set forth herein, and such failure materially and adversely affects the value of the Loan or the Purchaser’s interest in the Loan, the Purchaser may demand, and shall have the right to, a remedy as for a breach pursuant to Subsection 7.03 hereof (it being understood that any cure period set forth in Subsection 7.03 shall be deemed to have expired). In the event that new, replacement, substitute or additional Stock Certificates are issued with respect to existing Cooperative Shares, the Seller shall within ten (10) Business Days deliver to the Custodian the new Stock Certificates, together with the related Stock Powers in blank. Such new Stock Certificates shall be subject to the related Pledge Instruments and shall be subject to all of the terms, covenants and conditions of this Agreement.

Delivery of Loan Documents. The Seller shall from time to time in connection with each the Closing Date, at least five(5five (5) Business Days prior to such the Closing Date, deliver and release to the Custodian the Loan Documents with respect to each Loan to be purchased and sold on the related Closing Date and set forth on the related Loan Schedule. The Custodian shall certify its receipt of all such Loan Documents for the related Closing Date, as evidenced by a trust receipt and initial certification of the Custodian delivered to the Initial Purchaser. The fees and expenses of the Custodian shall be paid by the PurchaserSeller. The Seller shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Loan entered into in accordance with this Agreement within two weeks of their execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution. The Seller shall provide the original of any document submitted for recordation promptly upon return of such document from the applicable recording office and in no event later than 180 days following the related Closing Date, or in the case of an assumption, modification, consolidation or extension pursuant to the preceding paragraph, 180 days following the date of submission of such document to the applicable recording office for recordation. The Seller shall provide an original mortgagee title insurance policy meeting the requirements of this Agreement promptly upon the issuance thereof and in no event later than 180 days following the related Closing Date. To the extent that the Seller fails to provide any such original document within the time period set forth herein, and such failure materially shall be deemed a material breach of a representation and adversely affects the value of the Loan or the Purchaser’s interest warranty in the Loan, Subsection 7.02 hereof and the Purchaser may demand, and shall have the right to, a remedy as for a such breach pursuant to Subsection 7.03 hereof (it being understood that any cure period set forth in Subsection 7.03 shall be deemed to have expired). Notwithstanding the foregoing, in the event the Seller is unable to deliver by such date each original document and by reason of the fact that any such documents have not been returned by the appropriate recording office, the Seller shall deliver such documents to the Custodian as promptly as possible upon receipt thereof and, in any event, within 720 days following the Closing Date. The Seller shall forward or cause to be forwarded to the Custodian (a) from time to time additional original documents evidencing an assumption or modification of a Loan and (b) any other documents required to be delivered by the Seller to the Custodian. In the event that newthe original document is not delivered and in connection with the payment in full of the related Loan and the public recording office requires the presentation of a “lost instruments affidavit and indemnity” or any equivalent document, replacementbecause only a copy of the document can be delivered with the instrument of satisfaction or reconveyance, substitute the Custodian shall execute and deliver or additional Stock Certificates are issued with respect cause to existing Cooperative Sharesbe executed and delivered such a document to the public recording office. In the case where a public recording office retains the original recorded document or in the case where a document is lost after recordation in a public recording office, the Seller shall within ten (10) Business Days deliver to the Custodian the new Stock Certificates, together with the related Stock Powers in blank. Such new Stock Certificates shall a copy of such document certified by such public recording office to be subject to the related Pledge Instruments a true and shall be subject to all complete copy of the terms, covenants and conditions of this Agreementoriginal recorded document.

Delivery of Loan Documents. The Seller shall from time to time in connection with each the Closing Date, at least five(5five (5) Business Days prior to such the Closing Date, deliver and release to the Custodian the Loan Documents with respect to each Loan to be purchased and sold on the related Closing Date and set forth on the related Loan Schedule. The Custodian shall certify its receipt of all such Loan Documents for the related Closing Date, as evidenced by a trust receipt and initial certification of the Custodian delivered to the Initial Purchaser. The fees and expenses of the Custodian shall be paid by the PurchaserSeller. The Seller shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Loan entered into in accordance with this Agreement within two weeks of their execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution. The Seller shall provide the original of any document submitted for recordation promptly upon return of such document from the applicable recording office and in no event later than 180 days following the related Closing Date, or in the case of an assumption, modification, consolidation or extension pursuant to the preceding paragraph, 180 days following the date of submission of such document to the applicable recording office for recordation. The Seller shall provide an original mortgagee title insurance policy meeting the requirements of this Agreement promptly upon the issuance thereof and in no event later than 180 days following the related Closing Date. To the extent that the Seller fails to provide any such original document within the time period set forth herein, and such failure materially shall be deemed a material breach of a representation and adversely affects the value of the Loan or the Purchaser’s interest warranty in the Loan, Subsection 7.02 hereof and the Purchaser may demand, and shall have the right to, a remedy as for a such breach pursuant to Subsection 7.03 hereof (it being understood that any cure period set forth in Subsection 7.03 shall be deemed to have expired). Notwithstanding the foregoing, in the event the Seller is unable to deliver by such date each original document and by reason of the fact that any such documents have not been returned by the appropriate recording office, the Seller shall deliver such documents to the Custodian as promptly as possible upon receipt thereof and, in any event, within 720 days following the Closing Date. The Seller shall forward or cause to be forwarded to the Custodian (a) from time to time additional original documents evidencing an assumption or modification of a Loan and (b) any other documents required to be delivered by the Seller to the Custodian. In the event that newthe original document is not delivered and in connection with the payment in full of the related Loan and the public recording office requires the presentation of a "lost instruments affidavit and indemnity" or any equivalent document, replacementbecause only a copy of the document can be delivered with the instrument of satisfaction or reconveyance, substitute the Custodian shall execute and deliver or additional Stock Certificates are issued with respect cause to existing Cooperative Sharesbe executed and delivered such a document to the public recording office. In the case where a public recording office retains the original recorded document or in the case where a document is lost after recordation in a public recording office, the Seller shall within ten (10) Business Days deliver to the Custodian the new Stock Certificates, together with the related Stock Powers in blank. Such new Stock Certificates shall a copy of such document certified by such public recording office to be subject to the related Pledge Instruments a true and shall be subject to all complete copy of the terms, covenants and conditions of this Agreementoriginal recorded document.

Delivery of Loan Documents. The Seller shall from time to time in connection with each Closing Date, at least five(5five (5) Business Days prior to such Closing Date, deliver and release to the Custodian the Loan Documents with respect to each Loan to be purchased and sold on the related Closing Date and set forth on the related Loan Schedule. The Custodian shall certify its receipt of all such Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by a trust receipt the Trust Receipt and initial certification Initial Certification of the Custodian delivered in the form annexed to the Initial PurchaserCustodial Agreement. The fees and expenses of the Custodian shall be paid by the Purchaser. The Seller shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Loan entered into in accordance with this Agreement within two weeks of their execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within 180 days of its submission for recordation. The Seller shall use its best efforts to provide within 180 days following the related Closing Date the original of any document submitted for recordation promptly upon return of such document from the applicable recording office and in no event later than 180 270 days following the related Closing Date, or in the case of an assumption, modification, consolidation or extension pursuant to the preceding paragraph, 180 270 days following the date of submission of such document to the applicable recording office for recordation. The Seller shall use its best efforts to provide within 180 days following the related Closing Date an original mortgagee title insurance policy meeting the requirements of this Agreement promptly upon the issuance thereof and in no event later than 180 270 days following the related Closing Date. To the extent that the Seller fails to provide any such original document within the time period set forth herein, and such failure materially shall be deemed a material breach of a representation and adversely affects the value of the Loan or the Purchaser’s interest warranty in the Loan, Subsection 7.02 hereof and the Purchaser may demand, and shall have the right to, a remedy as for a such breach pursuant to Subsection 7.03 hereof (it being understood that any cure period set forth in Subsection 7.03 shall be deemed to have expired). In the event that new, replacement, substitute or additional Stock Certificates are issued with respect to existing Cooperative Shares, the Seller shall within ten (10) Business Days deliver to the Custodian the new Stock Certificates, together with the related Stock Powers in blank. Such new Stock Certificates shall be subject to the related Pledge Instruments and shall be subject to all of the terms, covenants and conditions of this Agreement.