Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 29 contracts
Samples: Purchase and Sale Agreement, Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-4)
Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within 180 days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 270th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed Purchaser, or its designee. Company shall be responsible for recording the assignments of mortgage. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.
Appears in 18 contracts
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2007-2), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 11 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-4), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least two (42) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), upon the request of deliver and release to the Purchaser, earlieror its designee, if necessary or desirable the Mortgage Loan Documents with respect to facilitate each Mortgage Loan pursuant to a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly 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 five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 11 contracts
Samples: Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar), Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-9ar), Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-17xs)
Delivery of Mortgage Loan Documents. The Seller Sellers shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or Custodial Agreement. The Sellers shall comply with the appointed custodian (unless the Seller is delayed in making such delivery by reason terms of the fact that such documents Custodial Agreement and the Purchaser shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days pay all fees and expenses of the related Closing Date solely because such Mortgage Loan Documents Custodian. The Sellers shall not have been returned by forward to the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to PurchaserCustodian, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of after the related Closing Date. If delivery of all Mortgage Loan Documents with respect , to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by other Person as the Purchaser or its designee of the Mortgage Files shall designate in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designeewriting, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Sellers shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office or title closing agent to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the applicable Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by such Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that such Seller cannot deliver an original 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 such Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer's certificate of a servicing officer of such Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, such Seller shall reissue and deliver to the Purchaser or its designee said officer's certificate. The Sellers shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Sellers for the costs associated therewith pursuant to the preceding sentence.
Appears in 10 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust Series 2005-3), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2006-1), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2006-3)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least two (42) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), upon the request of deliver and release to the Purchaser, earlieror its designee, if necessary or desirable the Mortgage Loan Documents with respect to facilitate each Mortgage Loan pursuant to a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in an officer’s certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly 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 five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 8 contracts
Samples: Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Seller’s Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four five (45) Business Days prior to after the related Closing Date or, upon the reasonable request of the Purchaser, the Seller will attempt to deliver the Mortgage Loan Documents earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 7 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-3), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-1), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-6)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review, pursuant to a bailee letter agreement, in form and substance acceptable to Seller’s applicable warehouse lender, providing for the release of the Mortgage Loan Documents to Purchaser on confirmation of receipt of payment of the purchase price. If the Seller cannot deliver the original recorded Mortgage Loan Documents or original title insurance policy on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original recorded Mortgage Loan Documents or original title insurance policy, as applicable, to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery of any original recorded Mortgage Loan Documents by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best commercially reasonable efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days Business Days of its return from the appropriate public recording office.
Appears in 6 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-3), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-6)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days fees and expenses of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Custodian. The Seller shall forward to the PurchaserCustodian, or its designeeafter the related Closing Date, to such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office or title closing agent to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by such Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that such Seller cannot deliver an original 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 such Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer's certificate of a servicing officer of such Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, such Seller shall reissue and deliver to the Purchaser or its designee said officer's certificate. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 6 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-6xs), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-3xs), Pooling and Servicing Agreement (Morgan Stanley Ixis Real Estate Capital Trust 2006-2)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 6 contracts
Samples: Purchase Agreement, Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-3), Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-1)
Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, 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 Purchaser or Custodian the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Trust Receipt and Initial Certification of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Initial Purchaser shall be responsible for maintaining the Custodial Agreement during the Interim Servicing Period. The fees and expenses of the Custodian shall be paid by the Purchaser. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution 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 also 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 five two hundred seventy (5270) days of its return submission for recordation. In the event the Seller cannot deliver the original recorded Mortgage or an original policy of title insurance on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 180 days from the appropriate public recording officerelated Closing Date, deliver such original recorded Mortgage or original policy of title insurance, as applicable, to the Custodian. Notwithstanding the foregoing, in the event an original Mortgage is not available or a Mortgage Loan for which the original Mortgage and/or the original policy of title insurance has not been delivered, becomes subject to a Whole Loan Transfer or a Securitization Transaction and any such transfer requires delivery of such original documents, the Seller shall provide a copy of such Mortgage certified by the applicable Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and/or a marked insurance commitment, as applicable, within thirty (30) days of such request.
Appears in 5 contracts
Samples: Reconstitution Agreement (Dsla 2006-Ar2), Reconstitution Agreement (HarborView 2006-13), Reconstitution Agreement (Dsla 2007-Ar1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days fees and expenses of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Custodian. The Seller shall forward to the PurchaserCustodian, or its designeeafter the related Closing Date, to such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office or title closing agent to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by such Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that such Seller cannot deliver an original 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 such Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of such Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, such Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 5 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 5 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-4), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-3)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon certification and trust receipt thereof and of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or 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 (i) the Seller shall deliver 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 documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording, registration or transfer fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-S6), Pooling and Servicing Agreement (GSAMP Trust 2006-Fm2)
Delivery of Mortgage Loan Documents. The Seller Mortgage Loan Documents shall deliver be held by the Seller’s Custodian, JPM Chase Bank, and release released to the Purchaser or the custodian appointed by the Purchaser its designee, JPMorgan Chase Bank, upon completion of all closing provisions, in accordance with section 12.07. . All other documents in Exhibit A hereto, together with all other documents executed in connection with the Mortgage Loan Documents no later than four (4) Business Days prior to that Seller may have in its possession, shall be retained by the related Closing Date or, upon the request of Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3’s for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3’s for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3’s for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the Xxxxxx Xxx Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also 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 sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) days of its return from Business Days prior to the appropriate public recording officerelated Closing Date shall be delivered to the Custodian at the following addressee: JPMorgan Chase Bank, 0000 Xxxxxx Xxxx, Monroe, LA 71201.
Appears in 4 contracts
Samples: Mortgage Loan Purchase Agreement (J.P. Morgan Alternative Loan Trust 2007-S1), Mortgage Loan Purchase Agreement (J.P. Morgan Mortgage Trust 2006-S4), Mortgage Loan Purchase Agreement (J.P. Morgan Alternative Loan Trust 2006-S1)
Delivery of Mortgage Loan Documents. The Seller Pursuant to the Custodial Agreement, the Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents on as required by the Custodial Agreement with respect to each Mortgage Loan, a list of which is set forth in the Custodial Agreement. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or Custodial Agreement. The Company shall comply with the appointed custodian (unless the Seller is delayed in making such delivery by reason terms of the fact that such documents Custodial Agreement and the Purchaser shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days pay all fees and expenses of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording officeCustodian, the Seller shall deliver such Mortgage Loan Documents to Purchaserprovided that, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in Purchaser utilizes the same review criteria as the applicable Seller under the applicable Seller’s Officer’s Certificate's existing warehouse financing arrangement with the Custodian, a subsequent Seller’s Officer’s Certificate then the Company shall be delivered by such date specified in pay the prior Seller’s Officer’s Certificate, stating a revised date for receipt costs of documentationInitial Certification. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Company shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution; provided, however, that the Company shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days (or such other time period as may be required by any Rating Agency rating a securitization of the Mortgage Loans) following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Company does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Company at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Company cannot deliver an original 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 Company shall instead deliver 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 documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Company of a schedule of the Mortgage Loans, the Company shall reissue and deliver to the Purchaser or its designee said officer's certificate. The Company shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Company for the costs associated therewith pursuant to the preceding sentence.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-He2), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon certification and trust receipt thereof and of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or 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 (i) the Seller shall deliver 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 documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-He4), Pooling and Servicing Agreement (GSAMP Trust 2005-He6), Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2005-He1)
Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7) and (8) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four one (41) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller Company shall continue to use its best efforts to effect delivery of all delayed recorded documents within 180 210 days of the related Closing Date. If delivery The Company shall pay all initial recording fees, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee, including any fees, costs or expenses related to the registration of the Mortgage Loan Documents Loans with respect MERS, if applicable. The Company shall prepare, in recordable form, all assignments of mortgage necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also 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 five (5) 120 days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, in the form of Exhibit G attached hereto, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-1), Purchase, Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian, prior to each Closing Date, those Mortgage Loan Documents no later than four (4) Business Days prior as required by this Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule, a list of which is set forth on Exhibit 6 attached hereto. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to this Agreement. The Purchaser shall be responsible for maintaining the Custodial Agreement and shall pay all fees and expenses of the Custodian. The Seller shall forward to the related Closing Date orCustodian original documents evidencing an assumption, upon modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within two weeks of their execution; provided, however, that the request 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 Purchaser, earlier, if necessary or desirable to facilitate a revieworiginal within ninety days of its submission for recordation. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents documents to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section Subsection 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 3 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3), Mortgage Loan Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2), Mortgage Loan Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2007-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Originator to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original 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 instead deliver 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 documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for paying for and recording the Assignments of Mortgage.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Nc5), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-Nc1), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He7)
Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, 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 Purchaser or Custodian the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Trust Receipt and Initial Certification of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Seller Servicer shall be responsible for maintaining the Custodial Agreement during the Preliminary Servicing Period. The fees and expenses of the Custodian during such period shall be paid by the Seller. The Servicer shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also 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 five one hundred and eighty (5180) days of its return from submission for recordation. With respect to any original document not provided to the Custodian within one hundred and eighty (180) days of its submission for recordation as a result of a delay caused by the public recording office, the Seller shall have an additional one-hundred and eighty (180) days upon a submission of an Officer's Certificate of the Seller, stating that such original document has been delivered to the appropriate public recording officeoffice for recordation and that such original document or a copy thereof certified by the appropriate public recording office to be a true and complete copy of the original document will be promptly delivered to the Custodian upon receipt thereof by the Seller.
Appears in 3 contracts
Samples: Reconstituted Servicing Agreement (HarborView 2007-5), Reconstituted Servicing Agreement (HarborView 2007-2), Reconstituted Servicing Agreement (Harborview 2006-7)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original 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 instead deliver 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 documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. In connection with any recordings required under applicable law, the Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 3 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs)
Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that the Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 150 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 150 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within 270 days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 330th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof unless the Company provides evidence that such non-delivery is solely due to delays by the appropriate recording office. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. The Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed the Purchaser, or its designee. The Company shall be responsible for recording the assignments of mortgage as directed by the Purchaser. The Company shall provide an original or duplicate original of the title insurance policy to the Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report attached as an exhibit to the related Term Sheet or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week thirty (30) days of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within thirty (30) days of its execution, and shall also 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 five (5) 120 days of its return submission for recordation. From time to time, the Company may have a need (other than in connection with a payment in full, which is described more fully in Section 6.02 herein) for Mortgage Loan Documents to be released from the appropriate public recording officePurchaser, or its designee. The Purchaser shall, or shall cause its designee, upon the written request of the Company in the form attached hereto as Exhibit G, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to the Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to the Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of the Purchaser.
Appears in 3 contracts
Samples: Purchase, Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)
Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within 180 days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 360th day from the date of the related Closing Date, upon the Purchaser’s request, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed Purchaser, or its designee. Company shall be responsible for recording the assignments of mortgage. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac3), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac4)
Delivery of Mortgage Loan Documents. The On or before the date which is agreed upon by the Purchaser and the Seller in the related Purchase Price and Terms Letter, the Seller shall deliver and release to the Purchaser or the custodian appointed Custodian, as directed by the Purchaser Purchaser, the Mortgage Loan Documents no later than four (4) Business Days as required by Exhibit H hereto for each Mortgage Loan in the Mortgage Loan Package. On or prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon Custodian shall certify its receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because all such Mortgage Loan Documents shall not have been returned required to be delivered pursuant to the Custodial Agreement, as evidenced by the appropriate recording office, Initial Certification of the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified Custodian in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate form annexed to the Custodial Agreement. Purchaser shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of pay all delayed recorded documents. The procedure shall be repeated until the documents have been received fees and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days expenses of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Custodian Seller shall forward to the Purchaser, Purchaser or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution; provided, however, that Seller shall provide Purchaser or its designee, with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also 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 five (5) 180 days of its return submission for recordation. In the event Seller cannot deliver the original of such documents submitted for recording due to a delay by the recording office in the applicable jurisdiction, Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to Purchaser or its designee promptly upon receipt thereof from the appropriate public related recording office. From time to time Purchaser shall deliver or cause to be delivered to Seller, as soon as practicable following receipt of a written request from Seller and at no expense to Seller, any Mortgage Loan Document needed by Seller in connection with the servicing of a Mortgage Loan. Seller's request for the release of a Mortgage Loan Document shall specify in reasonable detail the reason for Seller's request. During the time that any such Mortgage Loan Document is in the possession of Seller, such possession shall be deemed to be in trust for the benefit of Purchaser and Seller shall promptly return to Purchaser or its designee any Mortgage Loan Document so released when Seller's need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify and hold Seller harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that Seller may sustain in connection with any third party claim in any way related to Purchaser's or its designee's failure to release, in a timely manner, the Mortgage Loan Documents requested by Seller. Purchaser shall pay all costs, fees and expenses in connection with the possession of the Mortgage Loan Documents. Purchaser shall provide Seller with written notice at least fifteen (15) days prior to any transfer of the Mortgage Loan Documents.
Appears in 3 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-15), Mortgage Loan Purchase and Servicing Agreement (Lehman Sarm 2005-5), Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Originator to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original 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 instead deliver 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 documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He7), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Nc3)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original 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 instead deliver 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 documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence. Notwithstanding the foregoing, the Seller agrees that all Mortgage Loans will be MERS Designated Mortgage Loans as of the related Closing Date.
Appears in 3 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-13), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release from time to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four time in connection with each Closing Date, at least five (45) Business Days prior to such Closing Date, or such other period as agreed to by the related Closing Date or, upon the request of Seller and the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents escrow to the Purchaser or Custodian the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Preliminary Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan in accordance with Section 7.03Documents for the related Closing Date, pursuant to an initial custody receipt and initial certification of the Custodian. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution 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 also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office Seller to be a true and complete copy of the original within five one hundred and eighty (5180) days of its return submission for recordation. To the extent that the Seller cannot deliver any original documents within the time specified due to a delay in the recording office, Seller may deliver an Officer's Certificate describing the additional time expected to receive such documents from the appropriate public recording office. Notwithstanding the foregoing, the Seller shall not be deemed to be in breach of this Agreement if its failure to deliver to the Purchaser any missing Mortgage Loan Document within the time specified above is due solely to (i) the failure of the applicable recorder's office to return a missing Mortgage Loan Document that was sent for recording or (ii) the failure of the title insurer to issue and deliver the original mortgagee title policy, except where such refusal to issue the policy is based on a claim that the title insurer is under no obligation to issue such policy.
Appears in 3 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar2), Master Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar5)
Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) (including those listed in (B) relating to Co-op Loans) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents continue to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 360th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed within 360 days Purchaser, or its designee. Company shall be responsible for recording the assignments of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03mortgage. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph. In addition, in connection with the assignment of any MERS Mortgage Loan, the Company agrees that it will cause, at its own expense, the MERS® System to indicate that such Mortgage Loans have been assigned by the Company to the Purchaser in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the Purchaser of such Mortgage Loans. The Company further agrees that it will not alter the information referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) five Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 90 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 90 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents or cause to Purchaser, be delivered to the Purchaser or the appointed custodian, within such time period as specified in its designee a Seller’s Officer’s CertificateCertificate that shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Purchaser or its designee due solely to a delay caused by the public recording office and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 120 days of the Closing Date. Pursuant to Section 12.11, the Seller shall be responsible for recording the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans). The Seller shall pay all initial recording fees for the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans) and any other fees in connection with the transfer of the Mortgage Loan Documents to the Purchaser or its designee. No later than five days prior to the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office3.03.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (TBW 2006-2), Mortgage Loan Purchase Agreement (TBW 2006-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related such Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 90 days from the such Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 90 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents or cause to Purchaserbe delivered to the Purchaser or its designee, or the appointed custodian, within such time period as specified in a Seller’s Officer’s CertificateCertificate which shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Purchaser or its designee due solely to a delay caused by the public recording office, and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 120 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect Pursuant to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionSection 11.11, the Seller shall repurchase such be responsible for recording the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans). The Seller shall pay all initial recording fees for the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans) and any other fees in connection with the transfer of the Mortgage Loan in such manner set forth in Section 7.03Documents to the Purchaser or its designee. No later than five (5) days prior to the related Closing Date, the Seller shall provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage FileFile that materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser therein (including, without limitation, the ability of the Purchaser to sell such Mortgage Loan in connection with a Whole Loan Transfer or Pass-Through Transfer), the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 2 contracts
Samples: Seller’s Purchase, Warranties and Servicing Agreement (CSMC Trust 2007-4), Seller’s Purchase, Warranties and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-8), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7)
Delivery of Mortgage Loan Documents. The Seller Sellers shall deliver and release to the Purchaser Custodian those documents and instruments in the Mortgage File for each Mortgage Loan that are required to be delivered to the Custodian pursuant to the Custodial Agreement in 5 or 6 approximately equal shipments, to be delivered to the custodian appointed Custodian on November 11, 2002, November 14, 2002, November 18, 2002, November 21, 2002, November 25, 2002 and, if necessary, November 27, 2002. The Sellers shall use their best efforts to deliver the legal documents by November 25, 2002, but in no event shall the Purchaser Sellers deliver any legal documents later than November 27, 2002. The Sellers shall not deliver the legal documents for more than 4500 Mortgage Loans on November 27, 2002. The Custodian shall certify its receipt of all such Mortgage Loan Documents no later than four (4) Business Days prior required to be delivered pursuant to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from Custodial Agreement for the Closing Date, deliver such original recorded Mortgage Loan Documents as evidenced by the certification and trust receipt of the Custodian in the form annexed to the Purchaser or Custodial Agreement. The Sellers shall comply with the appointed custodian (unless the Seller is delayed in making such delivery by reason terms of the fact that such documents Custodial Agreement and the Purchaser shall not have been returned pay all fees and expenses charged by the appropriate recording office). If delivery is not completed within 120 days of Custodian associated with the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received initial inventory and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller Sellers shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Sellers shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) 180 days of its return from the Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Sellers do not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Sellers at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Sellers cannot deliver such original or 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 (i) the Seller shall deliver 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 Sellers, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Sellers of a schedule of the related Mortgage Loans, the Sellers shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the Closing Date. The Sellers shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Sellers for the costs associated therewith pursuant to the preceding sentence.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2002-He2), Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2002-He2)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewDate. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 2 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-1), Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-4)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 270 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office, or the appointed custodianor, within if such time period as specified in recording receipt is not available, an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect No later than three (3) days prior to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionDate, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If To the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileextent received by it, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly 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 five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 2 contracts
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-14), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-16)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four ten (410) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five two (52) weeks following receipt of the original document by the Interim Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 180 days following the related Closing Date, unless there has been a delay at the applicable recording office. If the original or copy of its return from any document submitted for recordation to the appropriate public recording officeoffice is not delivered to the Purchaser or its designee within 180 days following the related Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply if the Seller cannot cause the Interim Servicer to deliver such original or 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; providedthat (i) the Seller shall instead deliver 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 (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)
Delivery of Mortgage Loan Documents. The No later than the date set forth in the related Purchase Price and Terms Agreement, the Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days as required by this Agreement with respect to each Mortgage Loan included in the related Mortgage Loan Package, a list of which is attached as Exhibit B hereto. On or prior to the related Closing Date orDate, upon the request Custodian shall have certified its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement, as evidenced by the initial certification of the Custodian in the form annexed to the Custodial Agreement. The Purchaser shall be responsible for maintaining the Custodial Agreement and shall pay all fees and expenses of the Custodian. On the related Closing Date, the Seller shall, promptly upon receipt thereof and shall release any interest that it has in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to upon its receipt of the Purchase Price for the Mortgage Loans. Within thirty (30) days of receipt by the Seller of any notice from the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason Custodian that any of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall is missing, does not have been returned by appear regular on its face (i.e., is mutilated, damaged, defaced, torn or otherwise physically altered) or appears to be unrelated to the appropriate recording officeMortgage Loans identified in the Mortgage Loan Schedule (each, a “Material Defect”), the Seller shall deliver cure such Mortgage Loan Documents to PurchaserMaterial Defect (and, or the appointed custodian, within in such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionevent, the Seller shall provide the Purchaser with an Officer’s Certificate confirming that such cure has been effected). If the Seller does not so cure such Material Defect, it shall, if such Material Defect would under Accepted Servicing Practices reasonably be expected to result in a loss, repurchase such the related Mortgage Loan in such manner set forth in Section 7.03at the Repurchase Price. Any review A loss shall be deemed to be attributable to the failure of the Seller to cure a Material Defect if, as determined by the Purchaser or its designee of the Mortgage Files shall acting in no way alter or reduce the Seller’s obligations hereundergood faith, absent such Material Defect, such loss would not have been incurred. If the Purchaser or its designee discovers any defect with respect In addition to any document constituting part of a Mortgage Filesuch repurchase obligation, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure indemnify the Purchaser and hold it harmless against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any missing, mutilated or repurchase such improper Mortgage Loan Document, or any claim, demand, defense or assertion based on or grounded upon, or resulting therefrom, as well as for any expenses reasonably incurred by the Purchaser in accordance enforcing its remedies hereunder in connection with Section 7.03any missing, mutilated or improper Mortgage Loan Document. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with the Section 4(a) and 4(w) within one week of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return from submission for recordation. The Seller shall deliver a final Mortgage Loan Schedule for the appropriate public recording officeMortgage Loans included in any Mortgage Loan Package to be purchased on any Closing Date to the Purchaser no later than the date set forth in the related Purchase Price and Terms Agreement. In the event that new, replacement, substitute or additional Stock Certificates are issued with respect to existing Cooperative Shares, the Seller shall promptly 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.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-7n), Mortgage Loan Purchase Agreement (Lehman XS Trust Series 2007-15n)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from Custodial Agreement for the Closing Date, deliver such original recorded Mortgage Loan Documents as evidenced by the certification and trust receipt of the Custodian in the form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) 180 days of its return from the Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or 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 (i) the Seller shall deliver 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 documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 2 contracts
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-10), Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2005-He1)
Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 one hundred twenty (120) days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 one hundred twenty (120) days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within one hundred eighty (180) days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 270th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery For each Mortgage Loan that is not a MERS Mortgage Loan, the Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents Loans to Purchaser, or its designee. Company shall be responsible for recording the assignments of mortgage. In addition, in connection with the assignment of any MERS Mortgage Loan, the Company agrees that it will cause, at its own expense, the MERS® System to indicate that such Mortgage Loans have been assigned by the Company to the Purchaser in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the Purchaser of such Mortgage Loans. The Company further agrees that it will not alter the information referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is not completed within 360 repurchased in accordance with the terms of this Agreement. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee no later than ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03recorded documents from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewDate. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 240 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 240 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall shall, at Purchaser written request, deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 270 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan at the Repurchase Price in such manner set forth in accordance with Section 7.036.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan at the Repurchase Price in accordance with Section 7.036.03. The Seller shall forward to the Purchaser, or its designee, original copies of documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week thirty days of their execution and shall also 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 five (5) thirty days of its return from the appropriate public recording office.
Appears in 2 contracts
Samples: Master Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2006-1), Master Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release On each Closing Date with respect to the Purchaser or the custodian appointed by the Purchaser the each Mortgage Loan Documents no later than four (4) Business Days prior to comprising the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording officePackage, the Seller shall deliver such have delivered to the Custodian those Mortgage Loan Documents contained in the Mortgage File pursuant to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificatethis Agreement with respect to each Mortgage Loan. In addition, in connection with the event assignment of any MERS Mortgage Loan, the Seller agrees that documents it will cause, at its own expense, the MERS System to indicate that the related Mortgage Loans have not been received assigned by the date specified Seller to the Purchaser in accordance with this Agreement by entering in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered MERS System the information required by the MERS System to identify the Purchaser as owner of such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationMortgage Loans. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until further agrees that it will not alter the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents information referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is not completed within 360 days repurchased in accordance with the terms of this Agreement or unless otherwise directed by the Purchaser. The Custodian shall certify its receipt of all such Mortgage Loan Documents in each Mortgage File required to be delivered pursuant to this Agreement, as evidenced by the Initial Certification of the Custodian in the forms annexed to the Custodial Agreement. The Purchaser will be responsible for the fees and expenses of the Custodian. The contents of each Servicing File are and shall be held in trust by the Seller as servicer for the benefit of the Purchaser as the owner thereof. The possession of each Servicing File by the Seller is at the will of the Purchaser for the sole purpose of servicing the related Closing Date thenMortgage Loan pursuant to the Servicing Agreement, at and such retention and possession by the Seller is in a custodial capacity only. Upon the sale of the Mortgage Loans the ownership of each Mortgage Note, the related Mortgage and the related Mortgage File and Servicing File shall vest immediately in the Purchaser’s option, and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Seller shall repurchase such Mortgage Loan vest immediately in the Purchaser and shall be retained and maintained by the Seller, in trust, at the will of the Purchaser and only in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording officecustodial capacity.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase Agreement (Citigroup Mortgage Loan Trust Inc., Series 2006-Ar2), Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar1)
Delivery of Mortgage Loan Documents. The On or prior to each Closing Date, the Seller shall deliver and release to the Purchaser or its designee the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of sold to the related Purchaser on such Closing Date thenDate, at Purchaser’s optionand set forth on the Mortgage Loan Schedule, except as otherwise provided in the Residential Servicing Agreement. The Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by forward, or shall cause the Servicer to forward, to the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, all original documents evidencing an assumption, modification, consolidation consolidation, conversion or extension of any Mortgage Loan entered into in accordance with the Residential Servicing Agreement within one week 30 days of their execution execution, provided, however, that the Seller shall provide, or shall cause the Servicer to provide, the Purchaser or its designee with a certified true copy of any such document submitted for recordation within 30 days of its execution, and shall also promptly 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 five ninety (590) days of its return submission for recordation (provided, that with respect to assignments of the Mortgages reflecting the assignment from the Seller to the Purchaser, one final assignment shall be executed by Seller in blanket non-recordable form, and no other forms of assignment of such Mortgages shall be executed or recorded unless and until the Purchaser shall request execution of individual Assignments of Mortgages pursuant to and in accordance with Section 25 hereof). In the event that such original or copy of any document submitted for recordation to the appropriate public recording office.office is not so delivered to the Purchaser or its designee within 90 days following the submission for recordation and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the
Appears in 2 contracts
Samples: Residential Mortgage Loan Purchase and Warranties Agreement (Peoples Preferred Capital Corp), Residential Mortgage Loan Purchase and Warranties Agreement (Peoples Preferred Capital Corp)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release Pursuant to the Custodial Agreement delivered to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof shall deliver and in any case not later than 120 days from release to the Closing Date, deliver such original recorded Custodian those Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned as required by the appropriate recording office)Custodial Agreement and by this Agreement with respect to each Mortgage Loan. If delivery is not completed within 120 days of Notwithstanding anything contrary contained in the Custodial Agreement, prior to the related Closing Date solely because such Mortgage Loan Documents the Seller shall not have been returned by be obligated to deliver and release to the appropriate recording officeCustodian only documents (a), (b) and (f) listed on Exhibit 1 hereto. Subject to Recording Office Delays (as defined below), within 90 days after the related Closing Date, the Seller shall deliver to the Custodian each of the documents described in Exhibit 1 not delivered pursuant to this Agreement and the Custodial Agreement; provided that, subject to Recording Office Delays, such 90-day period shall not extend any of the other cure periods available to the Seller pursuant to this Section 6.03, and provided, further, that nondelivery of the documents described in Exhibit 1 on or prior to the related Closing Date shall constitute notice to the Seller for purposes of this Section 6.03. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by pursuant to the Custodial Agreement, subject to the exception report attached to such date specified in certification or subsequent certification delivered under the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include will be responsible for the fees and expenses related to the recording of any intervening or prior assignments of the Mortgage Loans to the Seller or to any prior owners of or mortgagees with each Seller’s Officer’s Certificate a listing of all delayed recorded documentsrespect to the Mortgage Loans. The procedure shall Purchaser will be repeated until responsible for the documents have been received Custodian’s fees and delivered. The Seller shall use its best efforts expenses with respect to effect delivery the initial inventory, delivery, certification and maintenance of all delayed recorded documents within 180 days of the Mortgage Loans before and after the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 11.01 or 11.18 within one week two weeks after their execution, provided, however, that the Seller shall provide the Custodian with a Seller-certified true copy of their execution any such document submitted for recordation within two weeks after its execution, and shall also 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 five (5) 180 days of its return submission for recordation or as soon thereafter as such recording office will make such certified copy available. In the event the public recording office is delayed in returning any original document (“Recording Office Delays”), the Seller shall deliver to the Custodian within 240 days of its submission for recordation, a copy of such document and an Officer’s Certificate, which shall (i) identify the recorded document; (ii) state that the recorded document has not been delivered to the Custodian due solely to a delay by the public recording office and (iii) state the date by which the Seller expects to receive the applicable recorded document from the appropriate public applicable recording office. Within ninety (90) days after the related Closing Date, the Seller shall, or shall cause the Servicer to, with respect to the Non-Conventional Mortgage Loans, deliver to the Purchaser or its designee the original MIC or LGC, or an Officer’s Certificate, which shall (i) state that the MIC or LGC has not been delivered to the Purchaser or its designee due solely to a delay by the insuring agency, (ii) state the amount of time generally required by the insuring agency to process the MIC or LGC and (iii) specify the date the MIC or LGC will be delivered to the Purchaser or its designee. The Seller shall be required to deliver the MIC or LGC to the Purchaser or its designee by the date specified in clause (iii) above. If the Seller, the Purchaser or the Custodian finds any document or documents constituting a part of a Mortgage File pertaining to a Mortgage Loan to be defective (or missing) in any material respect, and such defect or missing document materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser therein, the party discovering such defect shall promptly so notify the Seller. The Seller shall have a period of 90 days after receipt of such written notice within which to correct or cure any such defect. The Seller hereby covenants and agrees that, if any material defect cannot be corrected or cured and materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser, the Seller will, upon the expiration of the applicable cure period described above, repurchase the related Mortgage Loan in the manner set forth in Section 7.03; provided, however, that with respect to any Mortgage Loan, if such defect constitutes a Qualification Defect, any such repurchase must take place within 75 days of the date such defect is discovered; provided, further, that the foregoing repurchase obligation shall not apply in the event the Seller cannot deliver such items due to a delay caused by the recording office in the applicable jurisdiction; and provided, further, that the Seller shall deliver instead a recording receipt of such recording office or, if such recording receipt is not available, an Officer’s Certificate from the Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to the Purchaser or its designee promptly upon receipt thereof from the related recording office. Notwithstanding the foregoing, with respect to a Mortgage Loan, if, at the end of such 90-day period, the Seller delivers an Officer’s Certificate to the Purchaser certifying that the Seller is using good faith efforts to correct or cure such defect and identifying progress made, then the Purchaser shall grant the Seller an extension to correct or cure such defect. The extension shall not extend beyond (1) if the defect is a Qualification Defect, the date that is 75 days after the date the defect is discovered, or, (2) if the defect is not a Qualification Defect, the date that is 30 days beyond the original 90-day cure period. If the defect is not a Qualification Defect, additional 30-day extensions may be obtained pursuant to the same procedure, as long as the Seller demonstrates continued progress toward a correction or cure; provided that no extension shall be granted beyond 180 days from the date on which the Seller received the original notice of the defect. Notwithstanding the foregoing, with respect to a Mortgage Loan, the failure of the Purchaser to notify the Seller of any defective or missing document in a Mortgage File within such 90-day period, or the failure of the Purchaser to require the Seller to cure or repurchase the related Mortgage Loan upon expiration of such 90-day period, shall not constitute a waiver of its rights hereunder, including the rights with respect to a Mortgage Loan, to require the Seller to repurchase the affected Mortgage Loan and the right to indemnification pursuant to Section 7.03 hereof. Notwithstanding the foregoing, to the extent that the Custodian certifies as to any document as being delivered to it pursuant to the Custodial Agreement in a non-defective state and such document subsequently becomes missing or defective, the Seller shall not be obligated to repurchase the related Mortgage Loan by reason of such missing or defective document, to redeliver such document to the Custodian or to correct any such defect. To the extent received by it, the Servicer shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement.
Appears in 2 contracts
Samples: Flow Mortgage Loan Sale and Servicing Agreement (GSR Mortgage Loan Trust 2006-9f), Flow Mortgage Loan Sale and Servicing Agreement (GSR Mortgage Loan Trust 2006-10f)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. The Seller's Officer's Certificate shall (i) identify the recorded document; (ii) state that the recorded document has not been delivered to the Custodian due solely to a delay by the public recording office and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. The Seller will be required to deliver the document to the Custodian within the period of time specified pursuant to (iii) above. An extension of the period of time specified in (iii) above may be requested from the Purchaser, which consent shall not be unreasonably withheld or delayed. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery In addition to the foregoing, if the Seller, the Servicer, the Purchaser or the Custodian finds any document or documents constituting a part of all a Mortgage File pertaining to a Mortgage Loan Documents to be defective (or missing) in any material respect, and such defect or missing document materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser therein, the party discovering such defect shall promptly so notify the Seller. The Seller shall have a period of 90 days after receipt of such written notice within which to correct or cure any such defect. If the originals or certified copies required in this Section 2.07 are not delivered as required within 90 days following the Closing Date or as otherwise extended as set forth above, the related Mortgage Loan shall, upon request of the Purchaser, be repurchased by the Seller in accordance with Section 3.04 hereof; provided, however, that the foregoing repurchase obligation shall not apply in the event the Seller cannot deliver such items due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall deliver instead a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from the Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to the Purchaser or its designee promptly upon receipt thereof from the related recording office. Notwithstanding the foregoing, if a defect constitutes a Qualification Defect, any repurchase must take place within 75 days of the date such defect is discovered. Notwithstanding the foregoing, with respect to a Mortgage Loan, if, at the end of such 90-day period, the Seller delivers an Officer's Certificate to the Purchaser certifying that the Seller is using good faith efforts to correct or cure such defect and identifying progress made, then the Purchaser shall grant the Seller an extension to correct or cure such defect. The extension shall not extend beyond (1) the date that is 75 days after the date the defect is discovered, or, (2) if the defect is not a Qualification Defect (as evidenced by an Opinion of Counsel), the date that is 30 days beyond the original 90-day cure period. If the defect is not a Qualification Defect, additional 30-day extensions may be obtained pursuant to the same procedure, as long as the Seller demonstrates continued progress toward a correction or cure; provided that no extension shall be granted beyond 180 days from the date on which the Seller received the original notice of the defect. Pursuant to Section 12.11, for any Mortgage Loan Loans which is not completed within 360 days of the related Closing Date then, at Purchaser’s optiona MERS Mortgage Loan, the Seller shall repurchase be responsible for preparing an assignment in blank, in recordable form with respect to each such Mortgage Loan. The Seller shall pay all initial recording fees, for the Assignments of Mortgage and any other fees in connection with the transfer of the Mortgage Loan in such manner set forth in Section 7.03Documents to the Purchaser or its designee. No later than five (5) days prior to the related Closing Date, the Seller shall provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.04. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution and shall also provide except that in the original case of any document submitted for recordation a certified copy shall be delivered to the Custodian within 10 days of execution, and an original or or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office, but in all cases within 60 days, subject to the extension procedures set forth above. The failure of the Purchaser to notify the Seller of any defective or missing document in a Mortgage File within such 90-day period, or the failure of the Purchaser to require the Seller to cure or repurchase the related Mortgage Loan upon expiration of such 90-day period, shall not constitute a waiver of its rights hereunder, including the rights with respect to a Mortgage Loan, to require the Seller to repurchase the affected Mortgage Loan and the right to indemnification pursuant to Section 8.01 hereof. To the extent that the Custodian certifies any document as being delivered to it pursuant to the Custodial Agreement in a non-defective state and such document subsequently becomes missing or defective, the Seller shall not be obligated to repurchase the related Mortgage Loan by reason of such missing or defective document, to redeliver such document to the Custodian or to correct any such defect. The Seller covenants that with respect to each Mortgage Loan, it shall maintain in its possession, available for Purchaser's inspection, and shall deliver to Purchaser on demand, to the extent available, evidence of compliance with any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws applicable to the Mortgage Loan.
Appears in 2 contracts
Samples: Purchase Agreement (Gs Mortgage Securities Corp), Seller's Purchase, Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee, Wachovia Bank, National Association, the Mortgage Loan Documents. The Mortgage Loan Documents no later than four shall be delivered by the Seller to the Purchaser or its designee, Wachovia Bank, National Association, at 4000 Xxxxxxxxxxxx Xxxxx, Xxxxx X, Xxxxxxxxx, Xxxxxxxx 00000, Attention: Rxx Xxxxxx, at least five (45) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Seller may have in its possession, shall be retained by the Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver a copy of such Mortgage Loan Documents to Purchaserdocument, or the appointed custodianif not previously delivered, within such time period as specified in and a Seller’s Officer’s CertificateCertificate to Purchaser, or its designee. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3’s for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3’s for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3’s for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the FNMA Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also 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 sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released by Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser or its designee as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney’s fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) days of its return from Business Days prior to the appropriate public recording officeClosing Date pursuant to a bailee letter agreement shall be delivered to the following addressee: Wachovia Bank, National Association, 4000 Xxxxxxxxxxxx Xxxxx, Xxxxx X, Xxxxxxxxx, Xxxxxxxx 00000, Attention: Rxx Xxxxxx.
Appears in 2 contracts
Samples: Mortgage Loan Purchase, Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-2f), Mortgage Loan Purchase, Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed its designee, as directed by the Purchaser Purchaser, the Mortgage Loan Documents as required by Exhibit J hereto for each Mortgage Loan no later than four five (45) Business Days prior to the related Closing Date orDate. Except as otherwise provided in this Section 5.03, upon the request discovery or receipt of the Purchasernotice of any materially defective Mortgage Loan Document, earlieror that a Mortgage Loan Document is missing, if necessary Seller shall have sixty (60) days to cure such defect or desirable deliver such missing document to facilitate a reviewPurchaser or its designee. If the Seller candoes not deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, cure such defect or deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, missing document within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificateperiod, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall either repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase substitute for such Mortgage Loan in accordance with Section 7.036.03. The Seller shall forward to the Purchaser, Purchaser or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution; provided, however, that Seller shall provide Purchaser or its designee, with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also 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 five (5) 270 days of its return submission for recordation. In the event Seller cannot deliver the original of such documents submitted for recording due to a delay by the recording office in the applicable jurisdiction, Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to Purchaser or its designee promptly upon receipt thereof from the appropriate public related recording office. From time to time Purchaser shall deliver or cause to be delivered to Seller, as soon as practicable following receipt of a written request from Seller and at no expense to Seller, any Mortgage Loan Document needed by Seller in connection with the servicing of a Mortgage Loan. Seller’s request for the release of a Mortgage Loan Document shall specify in reasonable detail the reason for Seller’s request. Seller shall use its best efforts to provide notice to the Purchaser of Purchaser’s or its designee’s failure to act in a timely manner with respect to Seller’s request for Mortgage Loan Documents; provided, however, Seller’s failure to notify Purchaser shall not alleviate, eliminate or diminish any obligation of Purchaser to indemnify Seller under this Section 5.03. During the time that any such Mortgage Loan Document is in the possession of Seller, such possession shall be deemed to be in trust for the benefit of Purchaser and Seller shall promptly return to Purchaser or its designee any Mortgage Loan Document so released when Seller’s need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify and hold Seller harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that Seller may sustain in connection with any third party claim in any way related to Purchaser’s or its designee’s failure to release, in a timely manner, the Mortgage Loan Documents requested by Seller. Purchaser shall pay all costs, fees and expenses in connection with the possession of the Mortgage Loan Documents. Purchaser shall provide Seller with written notice at least fifteen (15) days prior to any transfer of the Mortgage Loan Documents.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar7)
Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, 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 Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior as required by the Custodial Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documentsbe responsible for maintaining the Custodial Agreement during the Preliminary Servicing Period. The procedure fees and expenses of the Custodian during such period shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review paid by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03provide customary indemnification to the Custodian pursuant to the Custodial Agreement. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution 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 also 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 five (5) ninety days of its return from the appropriate public recording officesubmission for recordation.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-10)
Delivery of Mortgage Loan Documents. The Seller Pursuant to the Custodial Agreement between the Custodian and the Initial Purchaser, the Servicer, 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 Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior as required by the Custodial Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Servicer shall provide to each of the PurchaserPurchaser and the Custodian a notice containing a list of authorized servicing officers (each, earlieran "Authorized Representative") for the purpose of giving and receiving notices, if necessary or desirable requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall contain the specimen signature for each Authorized Representative. From time to facilitate time, the Servicer may, by delivering to the others a reviewrevised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a superseding notice. If the Seller cannot deliver the original recorded The Custodian shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office)Custodial Agreement. If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate The Servicer shall be delivered by such date specified in responsible for maintaining the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement during the Preliminary Servicing Period. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Servicer shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also 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 five (5) 240 days of its return from the appropriate public recording officesubmission for recordation.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2), Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2007-Ar1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or its designee the custodian appointed by Mortgage Loan Package and the Purchaser related Mortgage Loan Documents with respect to each Mortgage Loan to be purchased and sold on such Closing Date and set forth on the related Mortgage Loan Schedule delivered with such Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 270 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office, or the appointed custodianor, within if such time period as specified in recording receipt is not available, an officer’s certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate confirming that such document has been accepted for recording and shall be delivered by in any event deliver such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect No later than three (3) days prior to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionDate, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If To the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileextent received by it, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also 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 promptly upon receipt thereof and in any case not later than 270 days from the related Closing Date, (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within five 270 days of the related Closing Date solely because such documents shall not have been returned by the appropriate recording office, the Seller shall deliver 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 shall in any event deliver such document within twelve (512) months of the related Closing Date. The Seller hereby covenants and agrees that if any such document is not delivered within twelve (12) months of the related Closing Date, the Seller shall at the Purchaser’s option, repurchase the related Mortgage Loan at the Repurchase Price within thirty (30) days following receipt of its return notice from the appropriate public recording officePurchaser.
Appears in 1 contract
Samples: Seller’s Purchase, Warranties and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review, pursuant to a bailee letter agreement. The Purchaser or its custodian shall certify its receipt of the Mortgage Loan Documents. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2011-2)
Delivery of Mortgage Loan Documents. The Seller or Servicer, as applicable, 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 Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior set forth on Exhibit 13 hereto with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents and set forth on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because Schedule delivered with such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationDocuments. The Seller or Servicer, as applicable, shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to provide the Purchaser, or its designee, with a copy, certified by the Seller or Servicer, as applicable, to be a true and complete copy of any original document submitted for recordation on or before the fifth Business Day prior to the related Closing Date. If the original or copy of any document submitted for recordation to the appropriate recording office is not delivered to the Purchaser or its designee within 180 days following the related Closing Date due to a delay at the applicable recording office, the Seller, or Servicer, as applicable, shall deliver to the Purchaser an officer's written certification certifying that the delay in delivering the original recorded document to the Purchaser is due to delays at the applicable recording office and that the Seller or Servicer shall deliver the original recorded documents no later than twelve (12) months after the related Closing Date. The Servicer shall provide to each of the Purchaser and the Custodian a notice containing a list of authorized servicing officers (each, an "Authorized Representative") for the purpose of giving and receiving notices, requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall contain the specimen signature for each Authorized Representative. From time to time, the Servicer may, by delivering to the others a revised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a superseding notice. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to this Agreement for the related Closing Date, as evidenced by the Trust Receipt and Initial Certification of the Custodian in the form annexed to the Custodial Agreement. The Servicer shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also 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 five ninety days of its submission for recordation. In the event the Seller or Servicer, as applicable, does not comply with the delivery requirements set forth in this Subsection 6.03 and such noncompliance materially and adversely affects the Purchaser's interest in the Mortgage Loan, the Purchaser shall notify the Seller or Servicer, as applicable, of such noncompliance, and the Seller or Servicer, as applicable, shall correct or cure the related omission or defect within thirty (530) days of its return the receipt of such notice. If the Seller or Servicer, as applicable, does not correct or cure such material and adverse omission or defect within such period, then the Seller or Servicer, as applicable, shall repurchase such Mortgage Loan from the appropriate public recording officePurchaser within two (2) Business Days after the expiration of such thirty (30) day period at the Repurchase Price.
Appears in 1 contract
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2007-Ar1)
Delivery of Mortgage Loan Documents. (a) The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four on the Closing Date upon its receipt of the Purchase Price, in accordance with a mutually acceptable bailment agreement. The Seller shall deliver any document required to be delivered to the Custodian under this Agreement or cure any deficiency within forty-five (445) Business Days days after the related Closing Date. In the event that Seller does not deliver the missing document or cure the related deficiency within such 45-day period, the Seller, upon written demand of the Purchaser, shall repurchase the related Mortgage Loan at the Repurchase Price within fifteen (15) days following Purchaser’s Request in accordance with the provisions of Section 7.03. Notwithstanding anything to the contrary herein, if in connection with any Mortgage Loan, the Seller cannot deliver or cause to be delivered an original Mortgage Loan Document with evidence of recording thereon on or prior to the related Closing Date or, upon because of a delay caused by the request of the Purchaser, earlier, if necessary public recording office where such Mortgage Loan Document has been delivered for recordation or desirable to facilitate a review. If the Seller cannot deliver because such public recording office retains the original recorded Mortgage Loan Documents on Document, Seller shall (i) provide to Purchaser a certified copy of such Mortgage Loan Document, and (ii) when the related Closing Date, the Seller shalloriginal Mortgage Loan Document becomes available, promptly upon receipt thereof deliver to Purchaser the original of such Mortgage Loan Document, with evidence of recording thereon, and in any case not later than 120 days from if such public recording office retains the Closing Date, deliver such original recorded Mortgage Loan Documents Document, Seller shall deliver or cause to be delivered to Purchaser a certified copy of such Mortgage Loan Document along with evidence of its submission for recording. Notwithstanding anything to the Purchaser or contrary herein, if the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery any Mortgage Loan Document required to be recorded is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 one hundred eighty (180) days of the related Closing Date. If delivery , then Seller, upon written demand of all the Purchaser, shall repurchase the affected Mortgage Loan Documents with respect to any Mortgage Loan is not completed at the Repurchase Price within 360 fifteen (15) days of the related Closing Date then, at following Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan request in accordance with the provisions of Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Sale Agreement (Angel Oak Mortgage, Inc.)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least two (42) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), upon the request of deliver and release to the Purchaser, earlieror its designee, if necessary or desirable the Mortgage Loan Documents with respect to facilitate each Mortgage Loan pursuant to a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate USActive 7452067.1 recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly 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 five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Seller's Purchase, Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-3xs)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Custodial Agreement. The Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason shall pay all fees and expenses of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodian. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five two (52) weeks following receipt of the original document by the Interim Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 180 days following the related Closing Date, unless there has been a delay at the applicable recording office. If the original or copy of its return from any document submitted for recordation to the appropriate public recording officeoffice is not delivered to the Purchaser or its designee within 180 days following the related Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply if the Seller cannot cause the Interim Servicer to deliver such original or 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 (i) the Seller shall instead deliver 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 (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)
Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement, 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 Purchaser or Custodian the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the certification of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Purchaser shall be responsible for maintaining the Custodial Agreement during the Preliminary Servicing Period. The fees and expenses of the Custodian during such period shall be paid by the Purchaser. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution 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 also 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 five (5) ninety days of its return submission for recordation. In the event that new, replacement, substitute or additional Stock Certificates are issued with respect to existing Cooperative Shares, the Seller immediately shall 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. In addition, in connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will cause, at the Seller's expense, the MERS System to indicate that such Mortgage Loans have been assigned by the Seller to the Purchaser in accordance with this Agreement (or deleted, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) by including in such computer files the information required by the MERS System to identify the Purchaser as the beneficial holder of such Mortgage Loans. The Seller further agrees that it will not alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms hereof. If pursuant to the foregoing provisions the Seller repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Seller shall either (i) cause MERS to execute and deliver an Assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the appropriate public recording officeSeller and shall cause such Mortgage to be removed from registration on the MERS System in accordance with MERS' rules and regulations or (ii) cause MERS to designate on the MERS System the Seller or its designee as the beneficial holder of such Mortgage Loan.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on within two (2) Business Days of the related Closing Date. The Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller, to be a true and complete copy of any original document submitted for recordation on or before the second Business Day prior to the related Closing Date. The Seller shall, promptly upon receipt thereof and in any case not later than 120 270 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office, or the appointed custodianor, within if such time period as specified in recording receipt is not available, an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect No later than three (3) days prior to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionDate, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If To the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileextent received by it, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designeeCustodian, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly 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 five two (52) days weeks of its return from the appropriate public recording office. In the event the Seller does not comply with the delivery requirements set forth in this Section 2.08 and such noncompliance materially and adversely affects the Purchaser's interest in the Mortgage Loan, the Purchaser shall notify the Seller of such noncompliance, and the Seller shall correct or cure the related omission or defect within thirty (30) days of the receipt of such notice. If the Seller does not correct or cure such material and adverse omission or defect within such period, then the Seller shall repurchase such Mortgage Loan from the Purchaser within ten (10) Business Days after the expiration of such thirty (30) day period at the Repurchase Price.
Appears in 1 contract
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the Purchaser’s custodian appointed by the Purchaser the Mortgage Loan Documents as required by Exhibit H hereto for each Mortgage Loan no later than four (4) Business Days prior to the related Closing Date under the bailee agreement in the form of Exhibit M attached hereto. Seller shall forward to Purchaser or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within two (2) weeks of their execution; provided, however, that Seller shall provide Purchaser or its designee, with a certified true copy of any such document submitted for recordation within two (2) 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 270 days of its submission for recordation. In the event Seller cannot deliver the original of such documents submitted for recording due to a delay by the recording office in the applicable jurisdiction, Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer’s Certificate from Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to Purchaser or its designee promptly upon receipt thereof from the related recording office. From time to time Servicer shall have the right to request of from the custodian appointed by the Purchaser, earlieras soon as practicable following receipt of a written request from Servicer and at no expense to Servicer, if any Mortgage Loan Document needed by Servicer in connection with the servicing of a Mortgage Loan. Servicer’s request for the release of a Mortgage Loan Document shall specify in reasonable detail the reason for Servicer’s request. During the time that any such Mortgage Loan Document is in the possession of Servicer, such possession shall be deemed to be in trust for the benefit of Purchaser and Servicer shall promptly return to Purchaser or its designee any Mortgage Loan Document so released when Servicer’s need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify and hold Seller harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that Servicer may sustain in connection with any third party claim in any way related to Purchaser’s or desirable its custodian’s failure to facilitate release, in a reviewtimely manner, the Mortgage Loan Documents requested by Servicer. Purchaser shall pay all costs, fees and expenses in connection with the possession of the Mortgage Loan Documents. Purchaser shall provide Seller with written notice at least fifteen (15) days prior to any transfer of the Mortgage Loan Documents. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect that is a breach of a representation or warranty contained in Section 6.01 or Section 6.02 herein with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with the manner set forth in Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office6.03.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Sequoia Mortgage Trust 2010-H1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee, JPMorgan Chase Bank, the Mortgage Loan Documents no later than four with respect to each Mortgage Loan in the related Mortgage Loan Package. The Mortgage Loan Documents shall be delivered by the Seller to the Purchaser or its designee, JPMorgan Chase Bank, at least five (45) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Seller may have in its possession, shall be retained by the Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3’s for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3’s for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3’s for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the Xxxxxx Xxx Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also 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 sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided, that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided, that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney’s fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) days of its return from Business Days prior to the appropriate public recording officerelated Closing Date pursuant to a bailee letter agreement shall be delivered to the Custodian at the following addressee: JPMorgan Chase Bank, 0000 Xxxxxx Xxxx, Monroe, LA 71201.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (J.P. Morgan Mortgage Trust 2006-A1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior on the Closing Date upon its receipt of the Purchase Price. The Seller may make available to the related Closing Date or, upon Purchaser at a mutually agreed time and location the request of the Purchaser, earlier, if necessary or desirable Mortgage Loan Documents to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 240 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents Mortgage Loan Documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 240 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a an electronic communication from the Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the electronic communication from the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate electronic communication from the Seller shall be delivered transmitted by such date specified in the prior Seller’s Officer’s Certificateelectronic communication, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate electronic communication a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best commercially reasonable efforts to effect delivery of all delayed recorded documents within 180 240 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week ten (10) days of their execution and shall also 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 forty-five (545) days of its return the Seller’s receipt of such original or true and complete copy of the original from the appropriate public recording office. The Seller shall deliver executed originals of each of the documents listed on Exhibit 1. Any of the other documents listed on Exhibit 2 may, in the sole discretion of the Seller, be delivered to the Purchaser or its designee solely in electronic format reasonably acceptable to the Purchaser within the time frames specified herein.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2011-2)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed custodian, as directed by the Purchaser Purchaser, the Mortgage Loan Documents as required by Exhibit H hereto for each Mortgage Loan no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, Purchaser or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution; provided, however, that Seller shall provide Purchaser or its designee, with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also 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 five (5) 270 days of its return submission for recordation. In the event Seller cannot deliver the original of such documents submitted for recording due to a delay by the recording office in the applicable jurisdiction, Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to Purchaser or its designee promptly upon receipt thereof from the appropriate public related recording office. From time to time Purchaser shall deliver or cause to be delivered to Seller, as soon as practicable following receipt of a written request from Seller, by first class mail and at no expense to Seller, any Mortgage Loan Document needed by Seller in connection with the servicing of a Mortgage Loan. Seller's request for the release of a Mortgage Loan Document shall specify in reasonable detail the reason for Seller's request. During the time that any such Mortgage Loan Document is in the possession of Seller, such possession shall be deemed to be in trust for the benefit of Purchaser and Seller shall promptly return to Purchaser or its designee any Mortgage Loan Document so released when Seller's need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify and hold Seller harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that Seller may sustain in connection with any third party claim in any way related to Purchaser's or its designee's failure to release, in a timely manner, the Mortgage Loan Documents requested by Seller. Purchaser shall pay all costs, fees and expenses in connection with the possession of the Mortgage Loan Documents. Purchaser shall provide Seller with written notice at least fifteen (15) days prior to any transfer of the Mortgage Loan Documents.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2005-5)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from Custodial Agreement for the Closing Date, deliver such original recorded Mortgage Loan Documents as evidenced by the certification and trust receipt of the Custodian in the form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) 180 days of its return from the Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or 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 (i) the Seller shall deliver 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 documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gsaa Home Equity Trust 2004-5)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 270 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver notify the Purchaser of the same and indicate in such Mortgage Loan Documents to Purchaser, or notice the appointed custodian, within approximate date on which such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationdelivered. The Seller shall include provide the Purchaser with each Seller’s Officer’s Certificate a listing updated reports as to the status of all delayed recorded documents. The procedure shall be repeated until the such documents have been received and deliveredas necessary thereafter. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 360 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is ; provided, however, that if such documents are not completed within 360 days of delivered by the 360th day from the related Closing Date thenDate, the Seller shall, at Purchaser’s optionrequest, repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. No later than three (3) days prior to the related Closing Date, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week two (2) weeks of their execution and shall also 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 five two (52) days weeks of its return from the appropriate public recording office.
Appears in 1 contract
Samples: Seller’s Purchase, Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed its designee, Xxxxx Fargo Bank, N.A., successor by the Purchaser merger to Norwest Bank Minnesota, N.A., the Mortgage Loan Documents. The Mortgage Loan Documents no later than four shall be delivered by the Seller to the Purchaser or its designee, Xxxxx Fargo Bank, N.A., successor by merger to Norwest Bank Minnesota, N.A., at least five (45) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Seller may have in its possession, shall be retained by the Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date. On a best efforts basis, the Seller shall, promptly upon receipt thereof and in any case not later than 120 shall deliver all original documents within 90 days from of the Closing Date, deliver such original recorded Mortgage Loan Documents but in no event later than 180 days of the Closing Date. If delivery is not completed within 180 days of the Closing Date solely due to the Purchaser or the appointed custodian (unless the Seller is delayed delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3's for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3's for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3's for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the XXXXXX MAE Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also 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 sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) days of its return from Business Days prior to the appropriate public recording officeClosing Date pursuant to a bailee letter agreement shall be delivered to the Custodian at the following addressee: Xxxxx Fargo Bank, N.A., successor by merger to Norwest Bank Minnesota, N.A., 000 Xxxxxx Xxxxxx, Xxxxxxxxxxx, XX 00000.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Structured Asset Securities Corp)
Delivery of Mortgage Loan Documents. The Seller No later than eight Business Days following the Closing Date, the Company shall deliver and release to the Purchaser Purchaser, or its Custodian, as agent, the custodian appointed by Mortgage File with respect to each Mortgage Loan to be purchased and sold on the Purchaser Closing Date and set forth on the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewSchedule. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents with respect to any Mortgage Loan on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or or, upon the appointed custodian Purchaser’s request, its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date Date, solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to the Purchaser, or upon the appointed custodianPurchaser’s request, its designee, within such time period as specified in a SellerCompany’s Officer’s Certificate. In the event that documents have not been received by the date specified in the SellerCompany’s Officer’s Certificate, a subsequent SellerCompany’s Officer’s Certificate shall be delivered by such date specified in the prior SellerCompany’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within 180 days of the Closing Date, solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents are not delivered within 180 270 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of , the Company shall repurchase the related Closing Date then, Mortgage Loans at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan Repurchase Price in accordance with Section 7.037.03 hereof. The Seller Company shall forward to the Purchaser, or its designee, Purchaser original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution, provided, however, that the Company shall provide the Purchaser with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also 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 five ninety (590) days of its return submission for recordation. The Company shall provide an original or duplicate original of the title insurance policy to the Purchaser or, upon the Purchaser’s request, its designee, within ninety (90) days of the receipt of the recorded documents (required for issuance of such policy) from the appropriate public applicable recording office. If the Purchaser or its designee discovers any defect with respect to a Mortgage File, the Purchaser or its designee shall give prompt written specification of such defect to the Company, and the Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. In addition, in connection with the assignment of any MERS Mortgage Loan, the Company agrees that it will cause, at its own expense, the MERS® System to indicate that such Mortgage Loans have been assigned by the Company to the Purchaser in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the Purchaser of such Mortgage Loans. The Company further agrees that it will not alter the information referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. For any Mortgage Loan that is not a MERS Mortgage Loan, the Company shall prepare the Assignment of Mortgage for such Mortgage Loan. From time to time the Company may have a need for Mortgage Loan Documents to be released from the Purchaser, or its designee. The Purchaser shall, or shall cause its designee to, upon the written request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to the Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to the Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of the Purchaser. The Company shall indemnify the Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney’s fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to the Company pursuant to this paragraph.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-St1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement substantially in the form of Exhibit C attached hereto to be entered into by and among Seller, upon Purchaser and Purchaser’s document custodian. Notwithstanding the request of the Purchaser, earlierforegoing, if necessary or desirable to facilitate a review. If the Seller cannot deliver on the Closing Date the original recorded title policy with respect to a Mortgage Loan Documents on the related Closing DateLoan, the Seller shall, promptly upon receipt thereof and in any case not no later than 120 one hundred and twenty (120) days from the Closing Datedate of origination of such Mortgage Loan, deliver such original policy to Purchaser or its designee. Further, if Seller cannot, within the timeframe above, deliver any other Mortgage Loan Documents which are required to be recorded and have been properly submitted for recording solely because the appropriate recording office has not returned such documents, Seller shall have until one hundred eighty (180) days from the date of origination of the related Mortgage Loan to deliver such original, recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office)its designee. If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days time frames set forth herein. Additionally, Seller shall pay all initial recording fees and any other fees in connection with the transfer of the related Closing Date. If delivery of all Mortgage Loan Documents to Purchaser or its designee. If the Seller fails to deliver any Mortgage Loan Document with respect to any a Mortgage Loan is not completed within 360 days of the related Closing Date thentimeframes specified in this Section 2.07, Purchaser may, at Purchaser’s its option, the either (x) require Seller shall to repurchase such Mortgage Loan at the Repurchase Price and in such the manner set forth in Section 7.033.03 (any cure period set forth therein shall be deemed to have expired) or (y) undertake to procure such document and Seller shall reimburse Purchaser within ten (10) Business Days of receiving Purchaser’s written demand therefor, for any reasonable out-of-pocket costs, fees and expenses incurred by Purchaser, or its designee, in connection with such procurement. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If Subject to the provisions related to the delivery of recorded documents set forth above, if the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office3.03.
Appears in 1 contract
Samples: Seller’s Purchase and Warranties Agreement (Caliber Home Loans, Inc.)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Documents, under the bailee agreement in the form of Exhibit 4 attached hereto, no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 one hundred twenty (120) days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 one hundred twenty (120) days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 one hundred eighty (180) days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 three hundred sixty (360) days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week ten (10) Business Days of their execution and shall also 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 five ten (510) days Business Days of its return from the appropriate public recording office.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2011-2)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release On each Closing Date with respect to the Purchaser or the custodian appointed by the Purchaser the each Mortgage Loan Documents no later than four (4) Business Days prior to comprising the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording officePackage, the Seller shall deliver such have delivered to the Custodian those Mortgage Loan Documents contained in the Custodial Mortgage File pursuant to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificatethis Agreement with respect to each Mortgage Loan. In addition, in connection with the event assignment of any MERS Mortgage Loan, the Seller agrees that documents it will cause, at its own expense, the MERS System to indicate that the related Mortgage Loans have not been received assigned by the date specified Seller to the Purchaser in accordance with this Agreement by entering in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered MERS System the information required by the MERS System to identify the Purchaser as owner of such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationMortgage Loans. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until further agrees that it will not alter the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents information referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is not completed within 360 days repurchased in accordance with the terms of this Agreement or unless otherwise directed by the Purchaser. The Custodian shall certify its receipt of all such Mortgage Loan Documents in each Custodial Mortgage File required to be delivered pursuant to this Agreement, as evidenced by the Initial Certification of the Custodian in the forms annexed to the Custodial Agreement. The Purchaser will be responsible for the fees and expenses of the Custodian. The contents of each Retained Mortgage File and Servicing File are and shall be held in trust by the Seller as servicer for the benefit of the Purchaser as the owner thereof. The possession of each Retained Mortgage File and Servicing File by the Seller is at the will of the Purchaser for the sole purpose of servicing the related Closing Date thenMortgage Loan pursuant to the Servicing Agreement, at and such retention and possession by the Seller is in a custodial capacity only. Upon the sale of the Mortgage Loans the ownership of each Mortgage Note, the related Mortgage and the related Custodial Mortgage File, Retained Mortgage File and Servicing File shall vest immediately in the Purchaser’s option, and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Seller shall repurchase such Mortgage Loan vest immediately in the Purchaser and shall be retained and maintained by the Seller, in trust, at the will of the Purchaser and only in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording officecustodial capacity.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Bear Stearns ARM Trust 2007-2)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from Custodial Agreement for the Closing Date, deliver such original recorded Mortgage Loan Documents as evidenced by the certification and trust receipt of the Custodian in the form annexed to the Custodial Agreement. The Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason shall pay all fees and expenses of the fact that such documents shall not have been returned by Custodian from and after the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) ninety days of its return from submission for recordation. In the event the original of any copy of any document submitted for recordation to the appropriate public recording office, is not delivered to the Custodian or to such other Person as the Purchaser shall designate in writing, within 180 days following the Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 8.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or 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 (i) the Seller shall deliver 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 documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer's certificate relating to the related Mortgage Loans), and (ii) such document is delivered within 270 days of the Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs for a one-time transfer of all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording any Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Certs Ser 2003-He2)
Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, 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 Purchaser or Custodian the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Trust Receipt and Initial Certification of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Purchaser shall be responsible for maintaining the Custodial Agreement during the Preliminary Servicing Period. The fees and expenses of the Custodian during such period shall be paid by the Purchaser. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution 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 also 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 five two hundred seventy (5270) days of its return submission for recordation. In the event the Seller cannot deliver the original recorded Mortgage or an original policy of title insurance on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 180 days from the appropriate public recording officerelated Closing Date, deliver such original recorded Mortgage or original policy of title insurance, as applicable, to the Custodian. Notwithstanding the foregoing, in the event an original Mortgage is not available or a Mortgage Loan for which the original Mortgage and/or the original policy of title insurance has not been delivered, becomes subject to a Whole Loan Transfer or a Securitization Transaction and any such transfer requires delivery of such original documents, the Seller shall provide a copy of such Mortgage certified by the applicable Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and/or a marked insurance commitment, as applicable, within thirty (30) days of such request.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser Purchaser’s Custodian the Mortgage Loan Documents no later than four (4) Business Days prior to on the related Closing Date or, upon the request its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a reviewPurchase Price. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian Custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodianCustodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best commercially reasonable efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of Seller must deliver to Purchaser all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then(the “Delivery Date”). If Purchaser does not receive the missing Mortgage Loan Documents by the Delivery Date, Purchaser shall notify the Seller in writing thereof and provide a thirty (30) days cure period from the date of the written notice. If Seller is not able to deliver the missing Mortgage Loan Documents by the end of the cure period, at Purchaser’s option, the Seller shall repurchase such the Mortgage Loans for which there are missing Mortgage Loan in such manner set forth in Documents pursuant to Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect which materially and adversely affects the value of the related Mortgage Loan with respect to any document constituting part of a Mortgage FileFile for such Mortgage Loan, the Purchaser shall, or shall cause its designee to, give written specification of such material defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week seven (7) business days of their execution and shall also 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 five ten (510) days of its return from the appropriate public recording office.
Appears in 1 contract
Samples: Non Delegated Application
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least five (45) Business Days prior to the related Closing Date or, upon the (or such later date as Purchaser may reasonably request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on as otherwise set forth in the related Closing DateCommitment Letter), the Seller shalldeliver, promptly upon receipt thereof at Seller's expense, and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents release to Purchaser, or its designee, the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of Loan. To the related Closing Date thenextent received by it, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumptionthe Mortgage Loan Documents; provided, modificationhowever, consolidation that Seller shall provide Purchaser, or extension its designee, with a true copy of any Mortgage Loan entered into within one week of their execution such document submitted for recordation, and shall also 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 five following receipt of the original document by Seller; provided, further, that such original recorded document or certified copy thereof shall be delivered to Purchaser no later than one hundred eighty (5180) days following the related Closing Date, unless there has been a delay at the applicable recording office and Seller has provided evidence of such delay. Seller shall make an image of the related Mortgage File available to Purchaser for examination at Seller's offices or such other location as shall otherwise be agreed upon by Purchaser and Seller. Such examination may be made by Purchaser or its return from designee at any reasonable time prior to the appropriate public recording officerelated Closing Date. Purchaser may, at its option and without notice to Seller, purchase any Mortgage Loan without conducting any partial or complete examination. The fact that Purchaser has conducted or has determined not to conduct any partial or complete examination of the Mortgage Files shall not affect Purchaser's rights to demand repurchase or other relief or remedy provided for in this Agreement. Subject to any letter agreement executed between Seller and Purchaser on any Closing Date with respect to documentation which the parties agree is missing, if otherwise identified by Purchaser with respect to a Mortgage Loan for which the Mortgage File is missing documentation as required by the Underwriting Guidelines, Seller agrees to procure such documentation within thirty (30) days following Purchaser's notice to Seller that the documentation is missing and if Seller cannot provide such documentation Seller shall, at Purchaser's option, repurchase or substitute such Mortgage Loan pursuant to Section 6.03.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Pursuant to this Agreement, the Seller shall provide, or cause to be provided, in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date or a mutually acceptable time prior to the Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the those Mortgage Loan Documents no later than four (4) Business Days prior as required by this Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewrelated Mortgage Loan Schedule delivered with such Mortgage Loan Documents. If required pursuant to a Purchase Price and Terms Letter Agreement, the Seller cannot deliver the original recorded Purchaser shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to this Agreement for the related Closing Date. With respect to each Mortgage Loan, the Seller shallshall deliver the Mortgage and, promptly if applicable, the intervening Assignment of Mortgage and title insurance policy to be delivered to Purchaser if they have not yet been returned from the applicable recording office or title insurer. Seller shall use reasonable efforts to obtain such documents on a timely basis. Promptly upon receipt thereof thereof, and in any case not later than 120 180 days from the related Closing Date, Seller shall deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed In any instance in which the Seller fails to deliver an original recorded document to the Purchaser within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording officeone hundred eighty (180) day period, the Seller shall deliver such Mortgage Loan Documents Purchaser may attempt to Purchaser, or obtain the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In document from the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationrelevant public office. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded reimburse the Purchaser for its reasonable expenses incurred in attempting to obtain such documents, up to $150 per Mortgage Loan. The procedure shall be repeated until Seller can prevent or delay such actions by the Purchaser, on a loan-by-loan basis, by providing Purchaser with a signed certification from the Seller indicating required documents have been received delivered to appropriate recording offices, and deliveredthe stated recording office has caused the delay (as indicated in Exhibit 5). The Seller shall use its best efforts is required to effect delivery notify Purchaser of all delayed recorded documents within 180 days of such certification on or before the 181st day after the related Closing Date. Notwithstanding the foregoing, any delay of any actions by the Purchaser pursuant to this Section 6.03 following the 270th day after the related Closing Date shall be in the sole discretion of the Purchaser. In any event, if the Purchaser’s failure to receive an original or court certified true copy of the original recorded mortgage, deed of trust, security instrument, assignment or other documents required to be recorded under this Agreement, or an original title policy as required by this Agreement, and such failure results in the Purchaser incurring a direct out of pocket loss, the Purchaser may, at its option, require the Seller to repurchase the affected Mortgage Loan at the Repurchase or Make Whole Price. If delivery the Purchaser purchases a Mortgage Loan having relied on a marked-up title insurance binder or title certificate rather than a title insurance policy, the Seller shall have ninety (90) days after the related Closing Date to deliver to the Purchaser the original title insurance policy (free from deficiencies, and inclusive of all required endorsements) with original signatures or computer generated signature deemed original by the issuing title company. Seller shall, at its own expense, (i) prepare an individual Assignment of Mortgage for each Mortgage Loan Documents not originated on MERS to Purchaser in a form acceptable under state or federal law and FNMA requirements, and satisfactory to Purchaser, and (ii) initiate an electronic transmission to MERS designating the Purchaser as the Investor, the Custodian as custodian, and no Person shall be listed as Interim Funder with respect to any Mortgage Loan is not completed within 360 days registered with MERS as of the Closing Date. In addition, on or prior to the related Closing Date thenDate, at Purchaser’s optionSeller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in Custodian as custodian and no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect Person listed as Interim Funder with respect to any document constituting part of a each MERS Designated Mortgage FileLoan. To the extent received by it, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Servicer shall provide the Purchaser, or its designee, with a copy, certified by the Servicer as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly 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 five two (52) weeks following receipt of the original document by the Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 180 days of its return from following the appropriate public related Closing Date, unless there has been a delay at the applicable recording office. All final documentation required to be delivered by this Subsection 6.03 shall be delivered genuine and free from deficiencies in accordance with the FNMA Guide and FHLMC guidelines. All deficiencies which the Purchaser gives notice of to the Seller are to be cured by Seller at Seller’s expense within the set time period set forth in this Agreement.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)
Delivery of Mortgage Loan Documents. The Seller or Servicer, as applicable, 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 Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior set forth on Exhibit 13 hereto with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Servicer shall provide to each of the PurchaserPurchaser and the Custodian a notice containing a list of authorized servicing officers (each, earlieran “Authorized Representative”) for the purpose of giving and receiving notices, if necessary or desirable requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall contain the specimen signature for each Authorized Representative. From time to facilitate time, the Servicer may, by delivering to the others a reviewrevised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a superseding notice. If the Seller cannot deliver the original recorded The Custodian shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to this Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or Custodial Agreement. The Servicer shall be responsible for maintaining the appointed custodian (unless Custodial Agreement during the Seller is delayed in making such delivery by reason Interim Servicing Period. The fees and expenses of the fact that Custodian during such documents period shall not have been returned be paid by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Servicer shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also 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 five ninety (590) days of its return from the appropriate public recording officesubmission for recordation.
Appears in 1 contract
Samples: Assignment, Assumption and Recognition Agreement (Hsi Asset Securitization Corp)
Delivery of Mortgage Loan Documents. The Seller Mortgage Loan Documents shall deliver be held by the Seller's Custodian, JPM Chase Bank, and release released to the Purchaser or the custodian appointed by the Purchaser its designee, JPMorgan Chase Bank, upon completion of all closing provisions, in accordance with section 12.07. All other documents in Exhibit A hereto, together with all other documents executed in connection with the Mortgage Loan Documents no later than four (4) Business Days prior to that Seller may have in its possession, shall be retained by the related Closing Date or, upon the request of Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3's for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3's for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3's for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the Xxxxxx Xxx Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also 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 sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) days of its return from Business Days prior to the appropriate public recording officerelated Closing Date shall be delivered to the Custodian at the following addressee: JPMorgan Chase Bank, 0000 Xxxxxx Xxxx, Monroe, LA 71201.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (J.P. Morgan Mortgage Trust 2006-S1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four ten (410) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five two (52) weeks following receipt of the original document by the Interim Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 180 days following the related Closing Date, unless there has been a delay at the applicable recording office. If the original or copy of its return from any document submitted for recordation to the appropriate public recording officeoffice is not delivered to the Purchaser or its designee within 180 days following the related Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply if the Seller cannot cause the Interim Servicer to deliver such original or 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 (i) the Seller shall instead deliver 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 (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax)
Delivery of Mortgage Loan Documents. The In connection with such transfer and assignment, the Seller does hereby deliver to, and deposit with, the Purchaser, the documents or instruments with respect to each Mortgage Loan so transferred and assigned which are designated the "Mortgage Loan Documents" under the Servicing Agreement and which are listed on Exhibit C-1 to the Servicing Agreement (a "Mortgage File"). With respect to each Mortgage Note and Assignment endorsed in blank as of the Closing Date, within ninety (90) days of the Closing Date the Purchaser shall cause such endorsements to be completed in the following form: "Pay to the order of Wachovia Bank, National Association, as Trustee, without recourse." Notwithstanding the foregoing, with respect to each Mortgage File, on the Closing Date, the Purchaser will deliver to, and release deposit with, the Trust Administrator, the Mortgage Note and will deliver the remaining contents of each Mortgage File within 60 days following the Closing Date. In instances where an original recorded Mortgage, power of attorney or any assumption, modification, consolidation or extension agreement cannot be delivered by the Purchaser to the Trustee within 60 days following the Closing Date, due to a delay in connection with the recording of such Mortgage, power of attorney or assumption, modification, consolidation or extension agreement, the Purchaser may, in lieu of delivering such original recorded Mortgage, power of attorney or assumption, modification, consolidation or extension agreement referred to in Exhibit C-1 to the Servicing Agreement, deliver or cause to be delivered to the Trust Administrator a copy thereof, provided that the Purchaser or the custodian appointed Originator certifies that the original Mortgage, power of attorney, assumption, modification, consolidation or extension agreement has been delivered for recordation. In instances where an original recorded Mortgage or power of attorney has been lost or misplaced, the Purchaser may deliver or cause to be delivered, in lieu of such Mortgage or power of attorney, a copy of such Mortgage or power of attorney bearing recordation information and certified as true and correct by the office in which recordation thereof was made. In instances where an Assignment in recordable form cannot be delivered by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Trust Administrator within 60 days following the Closing Date orDate, upon due to a delay in connection with the request recording of the PurchaserMortgage, earlierthe Purchaser may, if necessary in lieu of delivering the completed Assignment in recordable form referred to in clause (e) of Exhibit C-1 to the Servicing Agreement to the Trust Administrator, deliver or desirable cause to facilitate a reviewbe delivered such Assignment to the Trust Administrator completed except for recording information. If In all such instances, the Seller cannot Purchaser will deliver or cause to be delivered the original recorded Mortgage Loan Documents on or power of attorney and completed Assignment (if applicable) to the related Closing Date, the Seller shall, Trustee promptly upon receipt thereof and of such Mortgage or power of attorney. The Master Servicer shall enforce the obligations of the Originator under the Servicing Agreement to cause all Assignments referred to in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents clause (e) of Exhibit C-1 to the Purchaser or Servicing Agreement and, to the appointed custodian extent necessary, in clause (unless e) of Exhibit C-1 to the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents Servicing Agreement to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificatebe recorded. In the event that documents the Master Servicer has actual knowledge or has received written notice that any such Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer shall cause the Originator to promptly have a substitute Assignment prepared or have such defect cured, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, for administrative convenience and facilitation of servicing and to reduce costs, the Assignments shall not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date required to be submitted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents recording (except with respect to any Mortgage Loan is not completed within 360 days Loans located in Florida and Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the related Closing Date thenrating on any Class of Certificates; provided, however, the Master Servicer shall enforce the obligation of the Originator under the Servicing Agreement to submit each Assignment for recording, at Purchaser’s optionthe Originator's expense, upon a the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser Master Servicer gaining actual knowledge or its designee written notice of the Mortgage Files shall in no way alter earliest to occur of: (i) direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of an Event of Default under the Servicing Agreement, (iii) the occurrence of a bankruptcy, insolvency or reduce foreclosure relating to the Seller’s obligations hereunder. If Originator, (iv) the Purchaser or its designee discovers any defect occurrence of a servicing transfer under the Servicing Agreement, (v) with respect to any document one Assignment the occurrence of a foreclosure relating to the Mortgagor under the related Mortgage and (vi) on or after the 90th day on which the payment for such Mortgage Loan was due and payable and not received. Notwithstanding the foregoing, if the Originator fails to pay the cost of recording the Assignments, such expense will be paid by the Trust Administrator and the Trust Administrator shall be reimbursed for such expenses as Extraordinary Trust Fund Expenses. The Purchaser shall deliver or cause to be delivered to the Trustee promptly upon receipt thereof any other original documents constituting a part of a Mortgage FileFile received with respect to any Mortgage Loan, the Purchaser shallincluding, or shall cause its designee but not limited to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, any original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution Loan. All original documents relating to the Mortgage Loans that are not delivered to the Trust Administrator are and shall also provide be held by or on behalf of the Mortgage Loan Seller, the Servicer, the Purchaser or the Master Servicer, as the case may be, in trust for the benefit of the Trustee on behalf of the Certificateholders. In the event that any such original document is required pursuant to the terms of any document submitted for recordation or a copy of such document certified by the appropriate public recording office this Section to be a true and complete copy part of a Mortgage File, such document shall be delivered promptly to the Trust Administrator. Any such original within five (5) days document delivered to or held by the Purchaser that is not required pursuant to the terms of its return from this Section to be a part of a Mortgage File, shall be delivered promptly to the appropriate public recording officeServicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brots Mort Sec Vii Inc Citigroup Mort Ln Tr 03 Hyb1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least five (45) Business Days prior to the related Closing Purchase Date or, upon (or such earlier date as the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing DateAngel Oak may reasonably request), deliver such original recorded Mortgage Loan Documents and release to the Purchaser or Custodian the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to each Loan. To the extent that any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review Documents have been delivered for recording and have not yet been returned to Seller by the Purchaser applicable recording office, Seller shall, promptly following receipt by it of such Mortgage Loan Documents from the applicable recording office, deliver such documents to Angel Oak or its designee; provided, however, that the original recorded document or a clerk-certified copy thereof shall be delivered to Angel Oak no later than one hundred eighty (180) days following the related Purchase Date, subject to the following paragraph. In the event that such original or copy of any documents submitted for recordation to the appropriate public recording office is not so delivered to Angel Oak or its designee within one hundred twenty (120) days following the related Purchase Date, and in the event that Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from Angel Oak, the Mortgage Files related Loan shall, upon the request of Angel Oak, be repurchased by Seller at the Repurchase Price. The foregoing repurchase obligation shall not apply in no way alter the event Seller cannot deliver such original or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to clerk-certified copy of any document constituting part 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 Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a Mortgage Fileservicing officer of Seller, confirming that such document has been accepted for recording and that Seller shall immediately deliver such document upon receipt; and, provided further, that if Seller cannot deliver such original or clerk- certified copy of any document submitted for recordation to the Purchaser shall, or shall cause its designee to, give appropriate public recording office within the specified time for any reason within twelve (12) months after receipt of written specification notification of such defect to the Seller and the failure from Angel Oak, Seller shall cure or immediately repurchase such Mortgage the related Loan in accordance with Section 7.03at the Repurchase Price. The To the extent received by it, Seller shall promptly forward to the PurchaserAngel Oak, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation sold to or a copy of such document certified serviced by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officeAngel Oak under this Agreement.
Appears in 1 contract
Samples: Loan Purchase and Sale Agreement
Delivery of Mortgage Loan Documents. The Seller or Servicer, as applicable, 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 Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior set forth on Exhibit 13 hereto with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents and set forth on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because Schedule delivered with such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationDocuments. The Seller or Servicer, as applicable, shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to provide the Purchaser, or its designee, with a copy, certified by the Seller or Servicer, as applicable, to be a true and complete copy of any original document submitted for recordation on or before the fifth Business Day prior to the related Closing Date. If the original or copy of any document submitted for recordation to the appropriate recording office is not delivered to the Purchaser or its designee within 180 days following the related Closing Date due to a delay at the applicable recording office, the Seller, or Servicer, as applicable, shall deliver to the Purchaser an officer's written certification certifying that the delay in delivering the original recorded document to the Purchaser is due to delays at the applicable recording office and that the Seller or Servicer shall deliver the original recorded documents no later than twelve (12) months after the related Closing Date. The Interim Servicer shall provide to each of the Purchaser and the Custodian a notice containing a list of authorized servicing officers (each, an "Authorized Representative") for the purpose of giving and receiving notices, requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall contain the specimen signature for each Authorized Representative. From time to time, the Interim Servicer may, by delivering to the others a revised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a superseding notice. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to this Agreement for the related Closing Date, as evidenced by the Trust Receipt and Initial Certification of the Custodian in the form annexed to the Custodial Agreement. The Interim Servicer shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Interim Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also 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 five ninety days of its submission for recordation. In the event the Seller or Servicer, as applicable, does not comply with the delivery requirements set forth in this Subsection 6.03 and such noncompliance materially and adversely affects the Purchaser's interest in the Mortgage Loan, the Purchaser shall notify the Seller or Servicer, as applicable, of such noncompliance, and the Seller or Servicer, as applicable, shall correct or cure the related omission or defect within thirty (530) days of its return the receipt of such notice. If the Seller or Servicer, as applicable, does not correct or cure such material and adverse omission or defect within such period, then the Seller or Servicer, as applicable, shall repurchase such Mortgage Loan from the appropriate public recording officePurchaser within two (2) Business Days after the expiration of such thirty (30) day period at the Repurchase Price.
Appears in 1 contract
Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser (except for those records to be kept under Section 2.04 herein) or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents Documents. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Seller to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date or, upon pursuant to a bailee letter agreement. All other documents in Exhibit A hereto shall be retained by the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewSeller. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its best efforts to effect delivery of all delayed recorded documents within 180 300 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days Seller shall provide a copy of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the title insurance policy to Purchaser or its designee within ninety (90) days of the Mortgage Files shall in no way alter or reduce receipt of the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification recorded documents (required for issuance of such defect to policy) from the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03applicable recording office. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from the appropriate public recording officeCustodian or the Purchaser, or its designee. Purchaser shall, or shall cause its designee or the Custodian, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee of the Custodian, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. The Purchaser shall cooperate with the Seller in order to allow the Seller to make any such request stated above directly to the Custodian, which cooperation may be in the form of assigning to the Seller the rights as servicer under a custodial agreement, in form and substance acceptable to the Seller. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph.
Appears in 1 contract
Samples: Reconstituted Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2000-1)
Delivery of Mortgage Loan Documents. The Seller or Servicer, as applicable, 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 Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior set forth on Exhibit 13 hereto with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Servicer shall provide to each of the PurchaserPurchaser and the Custodian a notice containing a list of authorized servicing officers (each, earlieran "Authorized Representative") for the purpose of giving and receiving notices, if necessary or desirable requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall contain the specimen signature for each Authorized Representative. From time to facilitate time, the Servicer may, by delivering to the others a reviewrevised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a superseding notice. If the Seller cannot deliver the original recorded The Custodian shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to this Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or Custodial Agreement. The Servicer shall be responsible for maintaining the appointed custodian (unless the Seller is delayed in making such delivery by reason Custodial Agreement. The fees and expenses of the fact that such documents Custodian shall not have been returned be paid by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution 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 also 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 five one hundred twenty (5120) days of its submission for recordation. If such document has not been received after such 120 day period, the Seller shall deliver an officer's certificate to the Purchaser certifying that such failure was due solely to (i) the failure of the applicable recorder's office to return such document sent for recording or (ii) the failure of the title insurer to issue and deliver the original mortgagee title policy; provided that in any event, Seller shall cause such document to be delivered to Purchaser within six months of its submission for recordation or at the Purchaser's option, Seller shall repurchase such Mortgage Loan from the appropriate public recording officePurchaser within two (2) Business Days of request at the Repurchase Price.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Luminent Mortgage Trust 2006-7)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request Mortgage Files with respect to each Mortgage Loan in the related Mortgage Loan Package. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or 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 (i) the Seller shall deliver 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 documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2005-He1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon certification and trust receipt thereof and of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or 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 (i) the Seller shall deliver 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 documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-He3)
Delivery of Mortgage Loan Documents. The With respect to each Mortgage Loan, the Seller shall deliver and release to the Purchaser Purchaser, or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four its designee, under a bailee or custodial agreement, (4a) five (5) Business Days prior to the related Closing Date (or such later date as the Purchaser may reasonably request), the original Mortgage Note endorsed in blank and the original Assignment of Mortgage assigned in blank and (b) the other Mortgage Loan Documents within a reasonable time following the related Closing Date; provided, however, that all original documents or, in the case of Mortgage 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 (1) year following the related Closing Date, subject to the following paragraph. In the event that the Seller fails to deliver such original or copy of any Mortgage Loan Document (except for the applicable Mortgage Note or related lost note affidavit) lost note affidavits shall not exceed 2% of the total number of Mortgage Loans in any Mortgage Loan Package), to the extent not set forth on the related bailee or custodial certification described in Section 8(c), which Mortgage Note or lost note affidavit must be delivered on or prior to the Closing Date) to the Purchaser or its designee within one (1) 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 shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Subsection 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s an Officer’s Certificate of a servicing officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall be delivered by immediately deliver such date document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to deliver such original or clerk-certified copy of any document submitted for recordation to the appropriate public recording office within the specified in the prior Seller’s Officer’s Certificate, stating a revised date time for any reason within one (1) year after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the related Mortgage Loan at the price and in such the manner set forth specified in Section Subsection 7.03. Any review by Notwithstanding the foregoing, to the extent that the Purchaser or its designee certifies as to any document as being delivered to it pursuant to any bailee or custodial agreement delivered in connection with this Agreement in a non-defective state and such document subsequently becomes missing or defective, the Seller shall not be obligated to repurchase the related Mortgage Loan by reason of the Mortgage Files shall in no way alter such missing or reduce the Seller’s obligations hereunder. If defective document, to redeliver such document to the Purchaser or its designee discovers or to correct any defect with respect to any document constituting part of a Mortgage Filesuch defect. To the extent received by it, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and in accordance with this Agreement. Within ninety (90) days after the related Closing Date, the Seller shall, or shall also provide cause the Servicer to, with respect to the Non-Conventional Mortgage Loans, deliver to the Purchaser or its designee the original of any document submitted for recordation MIC or LGC, or an Officer’s Certificate, which shall (i) state that the MIC or LGC has not been delivered to the Purchaser or its designee due solely to a copy of such document certified delay by the appropriate public recording office insuring agency, (ii) state the amount of time generally required by the insuring agency to process the MIC or LGC and (iii) specify the date the MIC or LGC will be a true and complete copy of delivered to the original within five Purchaser or its designee. The Seller shall be required to deliver the MIC or LGC to the Purchaser or its designee by the date specified in clause (5iii) days of its return from the appropriate public recording officeabove.
Appears in 1 contract
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four ten (410) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be -18- a true and complete copy of the original within five two (52) weeks following receipt of the original document by the Interim Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 180 days following the related Closing Date, unless there has been a delay at the applicable recording office. If the original or copy of its return from any document submitted for recordation to the appropriate public recording officeoffice is not delivered to the Purchaser or its designee within 180 days following the related Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply if the Seller cannot cause the Interim Servicer to deliver such original or 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; providedthat (i) the Seller shall instead deliver 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 (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 270 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office, or the appointed custodianor, within if such time period as specified in recording receipt is not available, an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate confirming that such document has been accepted for recording and shall be delivered by in any event deliver such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is the Seller cannot completed deliver such original recorded documents within 360 days twelve (12) months of the related Closing Date thenfor any reason, at within fifteen (15) days after written receipt of notification of such failure from the Purchaser’s option, the Seller shall repurchase such the related Mortgage Loan at the price and in such the manner set forth specified in Section 7.033.03. No later than five (5) days prior to the related Closing Date, the Seller shall provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If To the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileextent received by it, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly 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 five two (52) days weeks of its return from the appropriate public recording office.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser Custodian the Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewDate. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian Custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianCustodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date Date, then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section Subsection 7.03. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution 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 also 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 five ninety (590) days of its return from submission for recordation. In the appropriate public recording officeevent that new, replacement, substitute or additional Stock Certificates are issued with respect to existing Cooperative Shares, the Seller immediately shall 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.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Sequoia Mortgage Trust 2007-2)
Delivery of Mortgage Loan Documents. The On the Business Day prior to each Closing Date, the Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior with respect to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded each Mortgage Loan Documents set forth on the related Closing DateMortgage Loan Schedule. In addition, in connection with the assignment of any MERS Mortgage Loan, the Seller shallagrees that it will cause, promptly upon receipt thereof and in any case not later than 120 days from at the Closing DateSeller’s expense, deliver the MERS System to indicate that such original recorded Mortgage Loan Documents Loans have been assigned by the Seller to the Purchaser in accordance with this Agreement (or deleting, in the appointed custodian (unless case of Mortgage Loans which are repurchased in accordance with this Agreement) by including in such computer files the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned information required by the appropriate recording office)MERS System to identify the Purchaser and the series in which such Mortgage Loans were sold. If delivery is The Seller further agrees that it will not completed within 120 days alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of the related Closing Date solely because this Agreement unless and until such Mortgage Loan Documents shall not have been returned by is repurchased in accordance with the appropriate recording officeterms of this Agreement. If pursuant to the foregoing provisions the Seller repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Seller shall either (i) cause MERS to execute and deliver an Assignment of Mortgage in recordable form to transfer the Mortgage from MERS to the Seller and shall cause such Mortgage Loan Documents to Purchaser, be removed from registration on the MERS System in accordance with MERS’ rules and regulations or (ii) cause MERS to designate on the appointed custodian, within MERS System the Seller or its designee as the beneficial holder of such time period as specified in a Seller’s Officer’s CertificateMortgage Loan. In the event that any of the documents listed in paragraph 3 to 7, inclusive, of Exhibit 5 attached hereto have not been received delivered and released to the Purchaser or its designee (the "Missing Documents") by the date specified in Closing Date, then the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver the recordable Missing Documents to the Purchaser or its designee within 180 one hundred and eighty (180) days following the related Closing Date and non-recordable Missing Documents within ninety (90) days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, After the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by concludes that it will not be able to deliver the Missing Documents to the Purchaser or its designee due to (i) the failure of the Mortgage Files shall applicable recorder’s office to return a Missing Document that was sent for recording or (ii) the failure of the title insurer to issue and deliver the original mortgagee title policy, except where such refusal to issue the policy is based on a claim that the title insurer is under no obligation to issue such policy, but in no way alter or reduce event later than three hundred and sixty (360) days following the Seller’s obligations hereunder. If related Closing Date for Missing Documents (unless an extension of time is consented to by the Purchaser or in its designee discovers any defect with respect to any document constituting part of a Mortgage Filereasonable discretion), the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such notify the Purchaser and upon written request from the Purchaser the related Mortgage Loan shall be repurchased by the Seller at the price and in accordance with Section the manner specified in Subsection 7.03. The Seller shall forward by personal delivery, recognized overnight delivery service or registered or certified first class mail, postage prepaid, return receipt requested to the Purchaser, or its designee, Purchaser original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution, provided, however, that the Seller shall provide the Purchaser with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also 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 five promptly upon receipt of same, but in no event later than one hundred eighty (5180) days of its return from the appropriate public recording officeafter such document was submitted for recording.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase and Servicing Agreement
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee, _______________, the Mortgage Loan Documents Documents. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), and (16) in Exhibit A hereto shall be delivered by the Seller to the Purchaser or its designee, _____________________________, no later than four (4) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Seller may have in its possession, shall be retained by the Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within four (4) Business Days prior to the Closing Date pursuant to a bailee letter agreement shall be delivered to the following addressee: __________________________.
Appears in 1 contract
Delivery of Mortgage 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 Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) set forth on Exhibit 13 hereto with respect to each Mortgage Loan to be purchased and sold on the related Closing Date and set forth on the related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller to be a true and complete copy of any original document submitted for recordation on or before the fifth Business Days Day prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewDate. If the Seller canoriginal or copy of any document submitted for recordation to the appropriate recording office is not deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents delivered to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed its designee within 120 180 days of following the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by due to a delay at the appropriate applicable recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified Purchaser an officer’s written certification certifying that the delay in a Seller’s Officer’s Certificate. In delivering the event original recorded document to the Purchaser is due solely to delays at the applicable recording office and that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until deliver the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed original recorded documents within 180 days of no later than twelve (12) months after the related Closing Date. If delivery The Seller shall provide to each of the Purchaser and the Custodian a notice containing a list of authorized servicing officers (each, an “Authorized Representative”) for the purpose of giving and receiving notices, requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall contain the specimen signature for each Authorized Representative. From time to time, the Seller may, by delivering to the others a revised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a superseding notice. The Custodian shall certify its receipt of all such Mortgage Loan Documents with respect required to any Mortgage Loan is not completed within 360 days of be delivered pursuant to this Agreement for the related Closing Date thenDate, at Purchaser’s option, as evidenced by the trust receipt of the Custodian in the form annexed to the Custodial Agreement. The Seller shall repurchase be responsible for maintaining the Custodial Agreement during the Interim Servicing Period. The fees and expenses of the Custodian during such Mortgage Loan in such manner set forth in Section 7.03. Any review period shall be paid by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution 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 also 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 ninety (90) days of its submission for recordation; provided further, that if the original or copy of any document submitted for recordation to the appropriate recording office is not delivered to the Purchaser or its designee within such ninety (90) days of submission due to a delay at the applicable recording office, the Seller shall deliver to the Purchaser an officer’s written certification certifying that the delay in delivering the original recorded document to the Purchaser is due solely to delays at the applicable recording office and that the Seller shall deliver the original recorded documents no later than twelve (12) months after the related Closing Date. In the event the Seller does not comply with the delivery requirements set forth in this Subsection 6.03 and such noncompliance materially and adversely affects the Purchaser’s interest in the Mortgage Loan, the Purchaser shall notify the Seller of such noncompliance, and the Seller shall correct or cure the related omission or defect within thirty (30) days of the receipt of such notice. If the Seller does not correct or cure such material and adverse omission or defect within such period, then the Seller shall repurchase such Mortgage Loan from the Purchaser within five (5) days Business Days after the expiration of its return from such thirty (30) day period at the appropriate public recording officeRepurchase Price.
Appears in 1 contract
Samples: Assignment, Assumption and Recognition Agreement (Hsi Asset Securitization Corp)
Delivery of Mortgage Loan Documents. The Seller Pursuant to the Custodial Agreement, on the Business Day prior to the Closing Date, CHL shall deliver and release to the Purchaser or the custodian appointed Custodian those Mortgage Loan Documents as required by the Purchaser Custodial Agreement with respect to each Mortgage Loan set forth on the Mortgage Loan Documents no later than four (4) Business Days prior to Schedule. In addition, in connection with the related Closing Date orassignment of any MERS Mortgage Loan, upon the request of the PurchaserCHL agrees that it will cause, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Dateat CHL’s expense, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver MERS System to indicate that such original recorded Mortgage Loan Documents Loans have been assigned by CHL to the Purchaser in accordance with this Agreement by including (or deleting, in the appointed custodian (unless case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned information required by the appropriate recording office). If delivery is not completed within 120 days of MERS System to identify the related Closing Date solely because Purchaser and the series in which such Mortgage Loan Documents shall Loans were sold. CHL further agrees that it will not have been returned by alter the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified codes referenced in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents this paragraph with respect to any Mortgage Loan is not completed within 360 days during the term of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. If pursuant to the foregoing provisions CHL repurchases a Mortgage Loan that is a MERS Mortgage Loan, CHL shall either (i) cause MERS to execute and deliver an Assignment of Mortgage in recordable form to transfer the Mortgage from MERS to CHL and shall cause such manner set forth Mortgage to be removed from registration on the MERS System in Section 7.03. Any review by accordance with MERS’ rules and regulations or (ii) cause MERS to designate on the Purchaser MERS System CHL or its designee of as the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification beneficial holder of such defect to the Seller and the Seller Mortgage Loan. The Custodian shall cure or repurchase certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the Closing Date, as evidenced by the Initial Certification of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Seller Purchaser shall be responsible for maintaining the Custodial Agreement and shall pay all fees and expenses of the Custodian. CHL shall forward by personal delivery, recognized overnight delivery service or registered or certified first class mail, postage prepaid, return receipt requested to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution, provided, however, that CHL shall provide the Custodian with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also 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 five promptly upon receipt of same, but in no event later than eighteen (518) days of its return from the appropriate public recording officemonths after such document was submitted for recording.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Servicing Agreement (Harborview Mortgage Loan Trust 2006-Cb1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release Mortgage Loan Documents, identified as items 1 through 4 on Exhibit B to the Agreement, will be transferred to Wxxxx Fargo Bank, N.A., successor by merger to Wxxxx Fargo Bank Minnesota, N.A. (the "Custodian") within five (5) business days prior to the Closing Date. Such Mortgage Loan Documents will be held and administered pursuant to a custodial agreement (the "Custodial Agreement"). The Purchaser or shall be responsible for paying all expenses of the custodian appointed Custodian in connection with the Custodian's initial certification (the "Initial Certification") on such Mortgage Loan Documents. The Purchaser will also be responsible for paying all ongoing fees of the Custodian. The Mortgage Note for each Mortgage Loan shall be endorsed in blank and the Assignment of Mortgage for each Mortgage Loan shall be assigned in blank, unless designated otherwise by the Purchaser. The Purchaser has no obligation to purchase any Mortgage Loan which contains missing documents that could affect the enforceability on the Mortgage Loans. Prior to Company’s receipt of the Purchase Price or Adjusted Purchase Price, the Purchaser shall cause the Custodian to act as bailee for the sole and exclusive benefit of the Company pursuant to the Custodial Agreement and act only in accordance with Company’s instructions. Upon the Company’s receipt of the Purchase Price or Adjusted Purchase Price, the Company shall provide notification to the Custodian to release ownership of the Mortgage Loan Documents no later than four (4) Business Days prior specified above to the related Closing Date orPurchaser. Such notification shall be in a form of a written notice by facsimile or other electronic media, upon the request of with a copy sent to the Purchaser. Subsequent to such release, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned be retained by the appropriate recording office, Custodian for the Seller shall deliver such benefit of the Purchaser. All Mortgage Loan Documents related to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have Mortgage Loans not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review purchased by the Purchaser or its designee on the Closing Date shall be maintained by the Custodian for the benefit of the Mortgage Files Company and shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect be returned to the Seller and Company within two (2) Business Days after the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording officeClosing Date.
Appears in 1 contract
Samples: Mortgage Loan Sale and Assignment Agreement (Sasco 2006-Wf1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 90 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 90 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 120 days of the Closing Date. Pursuant to Section 12.11, the Seller shall be responsible for recording the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans). The Seller shall pay all initial recording fees, for the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans) and any other fees in connection with the transfer of the Mortgage Loan Documents to the Purchaser or its designee. No later than five (5) days prior to the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a review. If the Seller cannot deliver the original recorded mutually acceptable bailee letter those Mortgage Loan Documents set forth on Exhibit A-1 hereto with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall be required to certify its receipt of the Mortgage Loan Documents required to be delivered hereunder prior to the related Closing Date, as evidenced by a trust receipt. The Seller shall pay all costs associated with the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from shipment of the Closing Date, deliver such original recorded Mortgage Loan Documents to the Custodian. The Seller and the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason shall pay all fees and expenses of the fact that such documents shall not have been returned Custodian, as incurred by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationeach party. The Seller shall include with each Seller’s Officer’s Certificate a listing be responsible for providing the Assignments of all delayed Mortgage in the name of the Purchaser or its designee to the Custodian for Mortgage Loans (i) not registered under the MERS System, (ii) required to be recorded documents. The procedure shall pursuant to Applicable Law or (iii) requested to be repeated until recorded by the documents have been received and deliveredPurchaser. The Seller shall use its best efforts be required to effect delivery deliver such Assignments of all delayed recorded documents Mortgage for recording within 180 thirty (30) days of the related Closing Date. If delivery All recording fees and other costs associated with the recording of all such Assignments of Mortgage Loan Documents with respect and other relevant documents to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce will be borne by the Seller’s obligations hereunder. If The Seller shall furnish the Purchaser Custodian with a copy of each such Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or its designee discovers any defect with respect to any document constituting part returned unrecorded because of a Mortgage Filedefect therein, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure promptly have a substitute Assignment of Mortgage prepared or repurchase have such defect cured, as the case may be, and thereafter cause such Assignment of Mortgage Loan in accordance with Section 7.03to be duly recorded. The Purchaser shall be responsible for the initial and on-going fees and expenses of the Custodian. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five ninety (590) days of its return from submission for recordation. In the event any document required to be delivered to the Custodian under this Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within ninety (90) days following the related Closing Date (other than with respect to the applicable Assignments of Mortgage which shall be delivered within thirty (30) days of the related Closing Date pursuant to this Section 6.03), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Section 8.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original 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 instead deliver 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 documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer’s Certificate. The Seller shall pay all initial recording fees, if any, for any Assignment of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Sequoia Mortgage Trust 2013-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four enumerated as items (41) through (8) in EXHIBIT A shall be delivered by the Company at its expense to the Custodian within five (5) Business Days prior to each Closing Date and the Company shall release such Mortgage Loan Documents as of the related Closing Date orDate, upon the request free of any bailment arrangement on behalf of the PurchaserCompany. The remaining N-3-18 documents constituting Mortgage Loan Documents shall be delivered as soon as practicable after the related Closing Date, earlier, if necessary or desirable to facilitate a reviewbut in any event within 30 Business Days following the related Closing Date. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Custodian for the benefit of the Purchaser or the appointed custodian (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of 180 days, the Company shall repurchase the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by Loans at the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified Repurchase Price in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include accordance with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder3.03 hereof. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give prompt written specification of such defect to the Seller Company, and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall pay all recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian. The Company shall prepare and effect the recording of the Assignments of Mortgage. Thereafter, the Purchaser shall pay the costs and expenses of the Custodian. The Company shall also be required to prepare any intervening Assignments of Mortgage in accordance with the instructions of the Purchaser. The Company shall forward to the Purchaser, or its designee, Custodian on behalf of the Purchaser original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Custodian on behalf of the Purchaser with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five (5) 180 days of its return execution. If delivery is not completed within 180 days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery as soon as possible thereafter, provided that if such documents are not delivered by the 270th day from the appropriate public recording officedate of execution, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. From time to time the Company may have a need for Mortgage Loan Documents to be released by the Custodian. If the Company shall require any of the Mortgage Loan Documents, the Company shall notify the Custodian in writing of such request, which request shall specify in reasonable detail the Company's reason for the request and unless the related Mortgage Loans are the subject of a Pass-Through Transfer, such request is to be acknowledged by the Purchaser. The Purchaser shall deliver or cause the Custodian to deliver to the Company within a reasonable period of time, any requested documentation previously delivered to the Custodian or the Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to the Custodian or the Purchaser when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of the Purchaser.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) five Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 90 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 90 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents or cause to Purchaser, be delivered to the Purchaser or the appointed custodian, within such time period as specified in its designee a Seller’s Officer’s CertificateCertificate that shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Purchaser or its designee due solely to a delay caused by the public recording office and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 120 days of the Closing Date. Pursuant to Section 10.11, the Seller shall be responsible for recording the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans). The Seller shall pay all initial recording fees for the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans) and any other fees in connection with the transfer of the Mortgage Loan Documents to the Purchaser or its designee. No later than five days prior to the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office3.03.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (TBW Mortgage-Backed Trust Series 2006-4)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also 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 five (5) days of its return from the appropriate public recording office.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-1)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents Documents. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), and (16) in Exhibit A hereto shall be delivered by the Seller to the Purchaser or its designee no later than four (4) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Seller may have in its possession, shall be retained by the Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the the-Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Officer’s 's officer's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or or, repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee,, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. The Seller's Officer's Certificate shall (i) identify the recorded document; (ii) state that the recorded document has not been delivered to the Custodian due solely to a delay by the public recording office and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. The Seller will be required to deliver the document to the Custodian within the period of time specified pursuant to (iii) above. An extension of the period of time specified in (iii) above may be requested from the Purchaser, which consent shall not be unreasonably withheld or delayed. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery In addition to the foregoing, if the Seller, the Servicer, the Purchaser or the Custodian finds any document or documents constituting a part of all a Mortgage File pertaining to a Mortgage Loan Documents to be defective (or missing) in any material respect, and such defect or missing document materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser therein, the party discovering such defect shall promptly so notify the Seller. The Seller shall have a period of 90 days after receipt of such written notice within which to correct or cure any such defect. If the originals or certified copies required in this Section 2.07 are not delivered as required within 90 days following the Closing Date or as otherwise extended as set forth above, the related Mortgage Loan shall, upon request of the Purchaser, be repurchased by the Seller in accordance with Section 3.04 hereof; provided, however, that the foregoing repurchase obligation shall not apply in the event the Seller cannot deliver such items due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall deliver instead a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from the Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to the Purchaser or its designee promptly upon receipt thereof from the related recording office. Notwithstanding the foregoing, if a defect constitutes a Qualification Defect, any repurchase must take place within 75 days of the date such defect is discovered. Notwithstanding the foregoing, with respect to any a Mortgage Loan Loan, if, at the end of such 90-day period, the Seller delivers an Officer's Certificate to the Purchaser certifying that the Seller is using good faith efforts to correct or cure such defect and identifying progress made, then the Purchaser shall grant the Seller an extension to correct or cure such defect. The extension shall not extend beyond (1) the date that is 75 days after the date the defect is discovered, or, (2) if the defect is not completed within 360 a Qualification Defect (as evidenced by an Opinion of Counsel), the date that is 30 days beyond the original 90-day cure period. If the defect is not a Qualification Defect, additional 30-day extensions may be obtained pursuant to the same procedure, as long as the Seller demonstrates continued progress toward a correction or cure; provided that no extension shall be granted beyond 180 days from the date on which the Seller received the original notice of the related Closing Date then, at Purchaser’s optiondefect. Pursuant to Section 12.11, the Seller shall repurchase such be responsible for recording the Assignments of Mortgage. The Seller shall pay all initial recording fees, for the Assignments of Mortgage and any other fees in connection with the transfer of the Mortgage Loan in such manner set forth in Section 7.03Documents to the Purchaser or its designee. No later than five (5) days prior to the related Closing Date, the Seller shall provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.04. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution and shall also provide except that in the original case of any document submitted for recordation a certified copy shall be delivered to the Custodian within 10 days of execution, and an original or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office, but in all cases within 60 days, subject to the extension procedures set forth above. The failure of the Purchaser to notify the Seller of any defective or missing document in a Mortgage File within such 90-day period, or the failure of the Purchaser to require the Seller to cure or repurchase the related Mortgage Loan upon expiration of such 90-day period, shall not constitute a waiver of its rights hereunder, including the rights with respect to a Mortgage Loan, to require the Seller to repurchase the affected Mortgage Loan and the right to indemnification pursuant to Section 8.01 hereof. To the extent that the Custodian certifies a any document as being delivered to it pursuant to the Custodial Agreement in a non-defective state and such document subsequently becomes missing or defective, the Seller shall not be obligated to repurchase the related Mortgage Loan by reason of such missing or defective document, to redeliver such document to the Custodian or to correct any such defect. The Seller covenants that with respect to each Mortgage Loan, it shall maintain in its possession, available for Purchaser's inspection, and shall deliver to Purchaser on demand, to the extent available, evidence of compliance with any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws applicable to the Mortgage Loan.
Appears in 1 contract
Samples: Seller's Purchase, Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within 180 days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 270th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed Purchaser, or its designee. Company shall be responsible for recording the assignments of mortgage. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also 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 five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fmes, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac2)
Delivery of Mortgage Loan Documents. The Seller Pursuant to the Custodial Agreement, the Company shall use its best efforts to deliver and release to the Purchaser Custodian, on or prior to the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four date which is five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and but in any case not no event later than 120 days from three (3) Business Days prior to the Closing Date, deliver such original recorded those Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned as required by the appropriate recording office)Custodial Agreement with respect to each Mortgage Loan, a list of which is set forth in the Custodial Agreement. If delivery is not completed within 120 days of The Custodian shall hold the related Mortgage Loan Documents as bailee for the Sellers until the Closing Date solely because and until the transaction comtemplated by this Agreement has closed. The Custodian's receipt of all such Mortgage Loan Documents shall not have been returned may be evidenced by the appropriate recording officeInitial Certification of the Custodian in the form annexed to the Custodial Agreement. The Company shall comply with the terms of the Custodial Agreement and the Purchaser shall pay all fees and expenses of the Custodian, the Seller shall deliver such Mortgage Loan Documents to Purchaserprovided that, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in Purchaser utilizes the same review criteria as the applicable Seller under the applicable Seller’s Officer’s Certificate's existing warehouse financing arrangement with the Custodian, a subsequent Seller’s Officer’s Certificate then the Company shall be delivered by such date specified in pay the prior Seller’s Officer’s Certificate, stating a revised date for receipt costs of documentationInitial Certification. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Company shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an any assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks after its execution; provided, however, that in lieu thereof the Company may provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of their execution any such document submitted for recordation within two weeks of its execution, and shall also promptly 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 five (5) days as soon as practicable after receipt from the recording office. In the event that the related Seller cannot deliver such original or copy of its return from any document submitted for recordation to the appropriate public recording officeoffice within 270 days of the Closing Date due to a delay caused by the recording office in the applicable jurisdiction, (i) the related Seller shall deliver 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 related Seller, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the related Seller of a schedule of the related Mortgage Loans, the related Seller shall reissue and deliver to the Purchaser or its designee said officer's certificate relating to the related Mortgage Loans), and (ii) the related Seller shall use its best efforts to deliver such document within 270 days of the Closing Date but in no event later than the date which is 365 days after the Closing Date. In the event any document is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 365 days (or such other time period as may be required by any rating agency rating a securitization of the Mortgage Loans) following the Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Company does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Company at the price and in the manner specified in Subsection 8.03. Notwithstanding any provisions to the contrary in this Agreement, the Company shall not be required to record the Assignments of Mortgage on behalf of the Purchaser unless the Rating Agencies providing ratings related to a Securitization Transfer shall require recordation in the appropriate offices for real property records in order to receive the ratings on the pass-through certificates at the time of their initial issuance or the occurrence of certain events set forth in the related Securitization Transfer document shall require recordation (it being understood that the Purchaser shall not be required to deliver any opinions of counsel to satisfy such Rating Agency requirements). The Company shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Company for the costs associated therewith pursuant to the preceding sentence, it being understood that the Company shall be responsible for the fees and costs of only one recordation with respect to each Mortgage Loan.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Certs Ser 2003-He2)