Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan: (A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any; (b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned; (c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law; (d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same; (e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments; (f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator; (g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee; (h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]"; (i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and (j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U. S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. The Originator promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Originator of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund, the Trustee or the Trust Administrator under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute or cause to be executed each original Assignment in the following form: "U.S. Bank National Association, as Trustee under the applicable Originatoragreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, including the Originator promptly shall prepare or cause to be prepared a substitute Assignment or cure such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit K to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustTrustee, the Trust Administrator and the Rating Agencies by the Originator if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Originator shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Originator shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brother Mort Sec Inc Sal Hm Eq Ln Tr Ser 2002 Wmc2)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "Pay to in one of the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, following forms: (i) in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible OfficerIndenture Trustee or (ii) in blank, in each case, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Indenture Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan in recordable form in blank or to the applicable Depositor pursuant to the Transfer Agreement Indenture Trustee;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage in blank or to the Indenture Trustee as contemplated by the immediately preceding clause (iii);
(v) the original of or a copy of each related assumption, including any recorded warehousing assignmentsmodification, consolidation or extension agreement, with evidence of recording thereon, if any;
(vi) with respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject to a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance Policy or certificate;
(vii) the original mortgagee title insurance policy or an attorney’s opinion of title where customary; and
(viii) any of the following that are in the possession of the Seller or a document custodian on its behalf: (A) the original of or a copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage or (B) the original of or a copy of any power of attorney, if applicable. With respect to a maximum of approximately 5.00% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Securities Administrator (as designee of the Purchaser) of a photocopy of such Mortgage Note, if available, with a lost note affidavit. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Securities Administrator is subsequently located, such original Mortgage Note shall be delivered to the Securities Administrator within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Securities Administrator of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Securities Administrator promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator public recording office to "The First National Bank be a true and complete copy of Bostonthe original. To the extent not already recorded, as Custodian under the Custodial Agreement dated as Securities Administrator, at the expense of September 1the Citigroup Global Markets Realty Corp. shall pursuant to the Indenture promptly (and in no event later than three months following the later of the Closing Date and the date of receipt by the Securities Administrator of the recording information for a Mortgage) submit or cause to be submitted for recording, 1996at no expense to the Trust Estate or the Securities Administrator, Series 1996-A" or in blankthe appropriate public office for real property records, each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) above. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Mortgage Loan was acquired Securities Administrator, at the expense of the Citigroup Global Markets Realty Corp., shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, but without limiting the requirement that such Assignments be in recordable form, neither the Securities Administrator nor the Indenture Trustee shall be required to submit or cause to be submitted for recording each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) if such recordation shall not, as of the Closing Date, be required by the applicable Originator in Rating Agencies, as a mergercondition to their assignment on the Closing Date of their initial ratings to the Notes, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated as evidenced by the applicable Originator while doing business under another name, delivery by the Reassignment Rating Agencies of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If their ratings letters on the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land TrustClosing Date. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the Securities Administrator promptly upon receipt thereof any other original recorded Mortgage in those instances
where documents constituting a copy thereof was delivered hereunder; (b) the original recorded Assignment part of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption assumption, modification, consolidation or modification extension of a any Mortgage Loan. All original documents relating to the Mortgage Loan documents Loans that are not delivered to the Securities Administrator are and shall be held by or on behalf of the Trustee Seller, the Servicer, the Purchaser or the Custodian as to each Mortgage Loan are referred to herein Master Servicer, as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest case may be, in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee trust for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest Indenture Trustee on behalf of the Trustee and Noteholders. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished delivered promptly to the Securities Administrator. Any such original document delivered to or held by and at the expense Seller or the Purchaser that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or documentMortgage File, stapling of an attachment shall be a sufficient affixation delivered promptly to cause the attachment to constitute part of the instrument or documentrelated Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Citigroup Mortgage Loan Trust 2006-Ar1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form: “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than
1. 00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, with an accompanying Lost Note Affidavit executed by the Seller;
(ii) the original Mortgage with respect to manufactured housing unitsevidence of recording thereon, and a copy, certified by the certificate appropriate recording office, of titlethe recorded power of attorney, if any;
(b) Either: (i) the original MortgageMortgage was executed pursuant to a power of attorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, including without recourse.” In the event that any recorded warehousing assignmentssuch Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with evidence respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. If any document referred to in Section 4(b)(ii), Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer’s Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer’s Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-Wl1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund or the Trustee under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute each original Assignment in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, including the Seller promptly shall prepare a substitute Assignment or cure such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording thereon(except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates (which in the case of the Insured Certificates shall be without regard to the Policy); PROVIDED, HOWEVER, each Assignment shall be submitted for recording by the Seller in the manner described above, at no expense to the Purchaser, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Master Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more Delinquent. Upon (a) receipt of written notice that recording of the Assignments is required pursuant to one or more of the conditions (excluding condition (vi) above) set forth in the preceding sentence or (b) upon the occurrence of condition (vi) in the preceding sentence, the Seller shall be required to deliver such Assignments within 30 days following receipt of such notice. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser or its assignee, transferee or designee of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser or its assignee, transferee or designee promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee Purchaser or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originatorits assignee, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days transferee or designee promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee Purchaser or the Custodian each document described in its assignee, transferee or designee promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2003-5)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First National Firstar Bank of BostonMilwaukee, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable pooling and servicing agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such Mortgage Loan to following form: "Firstar Bank Milwaukee, N.A., as Trustee under the applicable Depositor pursuant to the Transfer Agreement by assignment to pooling and servicing agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first or second lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor. The Seller, at the expense of the Originator, promptly shall (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Seller or the Purchaser (or the Trust Fund, the original Assignment of Beneficial InterestCertificate Insurer, or, if the trustee of such Illinois Land Trustee or the Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian Administrator under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment Originator on behalf of the Assignment Seller, at the expense of Beneficial Interest must be by "the Originator, successor by merger to [name of predecessor]"; and in promptly shall prepare a substitute Assignment or cure such defect, as the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, with respect to a maximum of approximately 1.0% of the Mortgage Loans, by aggregate principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit 6 hereto. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser or any assignee, transferee or designee of the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable Depositor public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Seller shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. The Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt by the Seller of any such original documents evidencing an assumption title insurance policy or modification of original Primary Mortgage Insurance Policy. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee Seller or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeOriginator, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros MRT Sec Vii Inc MRT PSS THR Cert Ser 1998 Nc7)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee for the registered holders of Salomon Brothers Mortgage Securities VII, Inc., under the Custodial Agreement dated as of September 1, 1996applicable pooling and servicing agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such following form: "U.S. Bank National Association, as Trustee for the registered holders of Salomon Brothers Mortgage Loan to Securities VII, Inc., under the applicable Depositor pursuant to the Transfer Agreement by assignment to pooling and servicing agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the original Assignment of Beneficial InterestClosing Date) submit or cause to be submitted for recording, or, if at no expense to the trustee of such Illinois Land Purchaser (or the Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If Fund or the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian Trustee under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of Seller promptly shall prepare a substitute Assignment or cure such defect, as the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, with respect to a maximum of approximately 1.0% of the Mortgage Loans, by aggregate principal balance of the Mortgage Loans, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit 6 attached hereto. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser or any assignee, transferee or designee of the Purchaser is subsequently located, such original Mortgage Note shall be delivered to Purchaser or any assignee, transferee or designee of the Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable Depositor public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Seller shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. The Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt by the Seller of any such original documents evidencing an assumption title insurance policy or modification of original Primary Mortgage Insurance Policy. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mort Pa THR Cert Ser 1998-Wfc1)
Delivery of Mortgage Loan Documents. Contemporaneously with On the delivery of this AgreementDelivery ----------------------------------- Date, the Depositors delivered Seller shall deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or its custodian each of the following documents for each Mortgage Loan:
(A1) The the original or, if accompanied by a "lost note" affidavit, a copy of the Mortgage Note, with any intervening endorsements, endorsed "Pay by MGT in blank or to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if anyTrustee;
(b) Either: (i2) the original Mortgage, and any intervening assignments (or certified copies of such assignments) thereof, in each case with evidence of recording indicated thereon or a certified copy thereof if not returned from the applicable recording office;
(and3) originals or certified copies of any related Assignment of Leases and Rents and any related Security Agreement (if, in either case, such item is a document separate from the case Mortgage), any intervening assignments of each such document or instrument and any related UCC Financing Statements;
(4) an assignment of the Mortgage, executed by MGT in blank or to the order of the Trustee, with the assignment to the Trustee in the following form: "State Street Bank and Trust Company, as trustee for J.P. Morgan Commercial Mortgage Finxxxx Xxxx. Mortgage Pass-Through Certificates Series 1998-C6", in recordable form;
(5) assignments of any related Assignment of Leases and Rents and any related Security Agreement (if, in either case, such item is a document separate from the Mortgage), executed by MGT or the prior holder which transferred such Mortgage Loan in blank or to the order of the Trustee, with the assignment to the Trustee in the following form: "State Street Bank and Trust Company, as trustee for J.P. Morgan Commercial Mortgage Finance Corp. Mortgage Pass-Through Certificates Series 1998- C6";
(6) originals or certified copies of all assumption, modification and substitution agreements in those instances where the terms or provisions of the Mortgage or Mortgage Note have been modified or the Mortgage or Mortgage Note has been assumed;
(7) the originals or certificates of a lender's title insurance policy issued on the date of the origination of such Mortgage Loan or, with respect to each Mortgage Loan not covered by a lender's title insurance policy, an attorney's opinion of title given by an attorney licensed to practice law in the jurisdiction where the Mortgaged Property is located;
(8) with respect to any Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trustleasehold interest, signed by a certified copy of the trustee related ground lease;
(9) either (i) the originals of such Illinois Land Trust)all intervening assignments, including warehousing assignments, with evidence of recording thereon, (ii) a copy copies of the Mortgage such assignments certified as a true copy by a Responsible Officer of title company or escrow company to be true and complete copies thereof where the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has originals have been transmitted for recording until such time as the original is originals are returned by the public recording office or (iii) a copy copies of the Mortgage such assignments certified by the public recording office offices where such assignments were recorded to be true and complete copies thereof in those instances where the public recording offices retain the original or where the original recorded Mortgage has been lost or not yet returnedassignments are lost;
(c10) either (i) copies of the original Assignment UCC-1 financing statements and any related continuation statements, each showing the mortgagors as debtor and the originator as secured party and each with evidence of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank filing thereon, together with a copy of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" each intervening UCC-2 or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, UCC-3 financing statement showing a complete chain of assignment from the originator secured party named in such UCC-1 financing statement to the applicable Originator, including any recorded warehousing assignments, Trustee with evidence of recording thereon, certified by a Responsible Officer filing thereon disclosing the assignment to the Trustee of the applicable Originator as a security interest in the personal property securing the Mortgage Loan or (ii) copies of such financing statements certified to be true copy of and complete copies thereof in instances where the original of such intervening assignmentsfinancing statements have been sent to the appropriate public filing office for filing;
(f11) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trustappraisal; and
(j12) If the Mortgaged Property is held in an Illinois Land Trustany escrow, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, guarantee and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentenvironmental liability agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan J P Commercial Mortgage Finance Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan:
(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September August 1, 19961999, without recourse" or in blank and signed, by facsimile or manual signature, in the name of the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the The original Assignment of Mortgage from the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September August 1, 19961999, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The Except with respect to any Mortgage Loan secured by a second priority lien and having a Principal Balance not in excess of $50,000 and listed in EXHIBIT V, the original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same, or original documents of assurance of title;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September August 1, 19961999, Series 19961999-A3" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: .
(a) the original recorded Mortgage in those instances
instances where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy or assurance required in paragraph PARAGRAPH (dD) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses CLAUSES (aA), (bB) and AND (cC); providedPROVIDED, howeverHOWEVER, that if a document described in the preceding clause CLAUSE (aA) or clause OR CLAUSE (bB) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section SECTION 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section SECTION 2.04. Contemporaneously with As promptly as practicable following the issuance occurrence of the CertificatesRecordation Trigger, but in no event more than 90 days following the occurrence of the Recordation Trigger, the Trustee Servicer shall cause the Custodian to at its own expense either (Ai) endorse each Mortgage Note to the order record in favor of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest referred to in paragraphs (c) and (h) of this Section 2.04 with respect to all of the Mortgage Loans in the appropriate real property or other records, or (ii) deliver to the Trustee for an Opinion of Counsel satisfactory to the benefit Rating Agencies and the Certificate Insurer to the effect that recording is not required and no other action on the part of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations such Depositor is required (other than such actions as have been taken) to reflect the interest of protect the Trustee. The Servicer shall promptly cause each Assignment of 's right, title and interest in and to the related Mortgage to be recorded in the applicable recording office in the name of the Trusteeand Note. All recording required pursuant to this Section SECTION 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-3)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, with an accompanying Lost Note Affidavit executed by the Seller;
(ii) the original Mortgage with respect to manufactured housing unitsevidence of recording thereon, and a copy, certified by the certificate appropriate recording office, of titlethe recorded power of attorney, if any;
(b) Either: (i) the original MortgageMortgage was executed pursuant to a power of attorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, (or, in the case of any Washington Mutual Mortgage Loan, a copy thereof) together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: "Deutsche Bank National Trust Company, as the Trustee under the applicable Originatoragreement, including without recourse." In the event that any recorded warehousing assignmentssuch Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with evidence respect to any Mortgage Loan if each Rating Agency shall have determined that no recordation is required for such Rating Agency to assign the initial ratings to the Class A Certificates, the Class S Certificates, the Mezzanine Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, that each Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. If any document referred to in Section 4(b)(ii), Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer's Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer's Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially transferee or designee. In the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Loan 2003-2)
Delivery of Mortgage Loan Documents. Contemporaneously with On the delivery of this AgreementDelivery Date, the Depositors delivered Seller shall deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or its custodian each of the following documents for each Mortgage Loan:
(A) The a. the original or, if accompanied by a "lost note" affidavit, a copy of the Mortgage Note, with any intervening endorsements, endorsed "Pay by the Seller in blank or to the order of The First National Bank the Trustee;
b. the original Mortgage, and any intervening assignments (or certified copies of Bostonsuch assignments) thereof, in each case with evidence of recording indicated thereon or a certified copy thereof if not returned from the applicable recording officer;
c. originals or certified copies of any related Assignment of Leases and Rents and any related Security Agreement (if, in either case, such item is a document separate from the Mortgage), any intervening assignments of each such document or instrument, and any related UCC Financing Statements;
d. an assignment of the Mortgage, executed by the Seller in blank or to the order of the Trustee, with the assignment to the Trustee in the following form: "______________________, as Custodian under the Custodial Agreement dated as of September 1trustee for ICIFC Secured Assets Corp. Pass-Through Certificates, 1996, without recourse" and signed, by facsimile or manual signatureSeries 199__-__", in recordable form;
e. assignments of any related Assignment of Leases and Rents and any related Security Agreement (if, in either case, such item is a document separate from the name of Mortgage), executed by the Originator transferring Seller or the prior holder which transferred such Mortgage Loan in blank or to the applicable Depositor pursuant order of the Trustee, with the assignment to the Transfer Agreement by trustee in the following form: "_________________, as trustee for ICIFC Secured Assets Corp. Pass-Through Certificates, Series __-__";
f. originals or certified copies of all assumption, modification and substitution agreements in those instances where the terms or provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Note has been assumed;
g. the originals or certificates of a Responsible Officer, with all prior and intervening endorsements showing a complete chain lender's title insurance policy issued on the date of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired origination of such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Noteor, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing unitseach Mortgage Loan not covered by a lender's title insurance policy, an attorney's opinion of title given by an attorney licensed to practice law in the certificate of title, if anyjurisdiction where the Mortgage Property is located;
(b) Either: h. with respect to any Mortgage Loan secured by a leasehold interest, a certified copy of the related ground lease;
i. either (i) the original Mortgageoriginals of all intervening assignments, including warehousing assignments, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust)thereon, (ii) a copy copies of the Mortgage such assignments certified as a true copy by a Responsible Officer of title company or escrow company to be true and complete copies thereof where the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has originals have been transmitted for recording until such time as the original is originals are returned by the public recording office or (iii) a copy copies of the Mortgage such assignments certified by the public recording office offices where such assignments were recorded to be true and complete copies thereof in those instances where the public recording offices retain the originals or where the original recorded Mortgage has been lost or not yet returnedassignments are lost;
j. either (ci) copies of the original Assignment UCC-1 financing statements and any related continuation statements, each showing the mortgagor as debtor and the originator as secured party and each with evidence of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank filing thereon, together with a copy of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" each intervening UCC-2 or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, UCC-3 financing statement showing a complete chain of assignment from the originator secured party named in such UCC-1 financing statement to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, Trustee with evidence of filing thereon, and (C) thereon disclosing the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered assignment to the Trustee of the security interest in the personal property securing the Mortgage Loan or the Custodian: (aii) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause financing statements certified to be delivered true and complete copies thereof in instances where the original financing statements have been sent to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording officefiling office for filing;
k. the original appraisal; and
l. any escrow, the applicable Depositor shall deliver a certified copy of the Mortgage guarantee and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentenvironmental liability agreement.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with On or prior to the delivery of this AgreementClosing Date, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered Unaffiliated Seller shall deliver to the Trustee (which may be by delivery as assignee of the Depositor pursuant to the Custodian on behalf of the Trustee) Pooling and Servicing Agreement), each of the following documents for each Mortgage Loan:
(Aa) The original Mortgage Note, with any all prior and intervening endorsementsendorsements showing a complete chain of endorsements from the originator of such Mortgage Loan to the Person so endorsing such Mortgage Loan to the Trustee, endorsed by such Person "Pay to the order of The First National Bank Bankers Trust Company of BostonCalifornia, N.A., as Custodian under the Custodial Agreement dated as of September 1Trustee, 1996Home Loan Trust Mortgage Pass-Through Certificates, Series 2000-1 without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement Unaffiliated Seller by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) EitherAny of: (i) the original MortgageMortgage and related power of attorney, if any, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust)thereon, (ii) a copy of the Mortgage and related power of attorney, if any, certified as a true copy of the original Mortgage or power of attorney by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) Unaffiliated Seller or by the closing attorneyattorney by facsimile or manual signature, or by an officer of the title insurer or agent of the title insurer which that issued the related title insurance policy, or commitment therefor, policy if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage and related power of attorney, if any, certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returnedoffice;
(c) the The original Assignment of Mortgage in recordable form, from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment Unaffiliated Seller to "The First National Bank Bankers Trust Company of BostonCalifornia, N.A., as Custodian under the Custodial Agreement dated as of September Trustee, Home Loan Trust Mortgage Pass-Through Certificates, Series 2000-1, 1996, without recourse" or in blank; any ". Any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county county, if permitted by applicable local law;
(d) The original lender's policy of title insurance or a true copy thereof orthereof, or if such original lender's title insurance policy has been lost, a copy thereof certified by the appropriate title insurer to be true and complete, or if such lender's title insurance policy has not yet been delivered by issued as of the insurerClosing Date, the a marked up commitment or binder (binder) to issue samesuch policy;
(e) All intervening assignments, if any, showing a complete chain of assignment assignments from the originator of such Mortgage Loan to the applicable OriginatorUnaffiliated Seller, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator Unaffiliated Seller by facsimile or manual signature as a true copy of the original of such intervening assignments;; and
(f) A copy Originals of all assumption assumption, written assurance, substitution and modification agreements, if any. Within 60 days of the Closing Date, certified the Unaffiliated Seller shall either (i) prepare and deliver to the Trustee for recordation in the appropriate public office for real property records, each Assignment referred to in (c) above, as well as each Assignment referred to in (e) above that was not previously submitted for recording or (ii) deliver to the Trustee each Assignment referred to in clause (c) above in form for recordation, together with an Opinion of Counsel to the effect that recording is not required to protect the Trustee's right, title and interest in and to the related Mortgage Loan (to the extent provided herein) or, in the event a court should recharacterize the conveyance of the Mortgage Loans (to the extent provided herein) as a true copy by loan or pledge of security for a Responsible Officer loan, to perfect a first priority security interest in favor of the applicable Originator;
(g) If Trustee in the Mortgaged Property related Mortgage Loan. With respect to any Assignment or assignment as to which the related recording information is held in an Illinois Land Trustunavailable within 60 days following the Closing Date, the original Assignment of Beneficial Interest, or, if the trustee such assignment shall be submitted for recording within 30 days after receipt of such Illinois Land Trust retains such original Assignment of Beneficial Interest, information but in no event later than one year after the Closing Date. The Trustee shall be required to retain a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankeach assignment submitted for recording. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment Unaffiliated Seller shall promptly prepare a substitute assignment or cure such defect, as the case may be, and thereafter the Trustee shall be required to submit each such Assignment for recording. The Unaffiliated Seller shall, within five Business Days after the receipt thereof, and in any event, within one year of the Assignment of Beneficial Interest must be by "OriginatorClosing Date, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or (as assignee of the Custodian: Depositor pursuant to the Pooling and Servicing Agreement): (a) the original recorded Mortgage and related power of attorney, if any, in those instances
instances where a copy thereof certified by the Unaffiliated Seller was delivered hereunderto the Trustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement); (b) the original recorded Assignment of Mortgage from the Unaffiliated Seller to the applicable OriginatorTrustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement), which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator of the Mortgage Loan to the applicable Originator Trustee in those instances where copies of such Assignments certified by the Unaffiliated Seller were delivereddelivered to the Trustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement); and (c) the title insurance policy required in paragraph clause (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, in those instances where the applicable Depositor public recording office retains the original Mortgage, power of attorney, if any, assignment or Assignment of Mortgage after it has been recorded or such original has been lost, the Unaffiliated Seller shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage hereunder upon delivery to the Trustee or (as assignee of the Custodian Depositor pursuant to the Pooling and Servicing Agreement) of a copy of such Mortgage Mortgage, power of attorney, if any, assignment or Assignment of Mortgage, as applicable, Mortgage certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor Unaffiliated Seller may forward or cause to be forwarded to the Trustee or (as assignee of the Custodian Depositor pursuant to the Pooling and Servicing Agreement) additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the ServicerUnaffiliated Seller. For purposes All original documents relating to the Mortgage Loans that are not delivered to the Trustee (as assignee of determining whether a signature is made on an instrument or document, stapling of an attachment the Depositor pursuant to the Pooling and Servicing Agreement) as permitted by this Section 2.04 are and shall be held by the Unaffiliated Seller in trust for the benefit of the Trustee on behalf of the Certificateholders and the Certificate Insurer. In the event that any such original document is required pursuant to the terms of this Section 2.04 to be a sufficient affixation to cause the attachment to constitute part of a Mortgage File, such document shall be delivered promptly to the instrument or documentTrustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement). From and after the sale of the Mortgage Loans to the Depositor pursuant hereto, to the extent that the Unaffiliated Seller retains legal title of record to any Mortgage Loans prior to the vesting of legal title in the Trustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement), such title shall be retained in trust for the Depositor as the owner of the Mortgage Loans and the Trustee, as the Depositor's assignee.
Appears in 1 contract
Samples: Unaffiliated Seller's Agreement (Residential Asset Funding Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance PolicyPolicy and the Yield Supplement Agreement, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan:
(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September 1, 19961998, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the The original Assignment of Mortgage from the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September 1, 19961998, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The Except with respect to any Mortgage Loan secured by a second priority lien and having a Principal Balance not in excess of $50,000 and listed in Exhibit V, the original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same, or original documents of assurance of title;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September 1, 19961998, Series 19961998-A3" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: .
(a) the original recorded Mortgage in those instances
instances where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy or assurance required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with As promptly as practicable following the issuance occurrence of the CertificatesRecordation Trigger, but in no event more than 90 days following the occurrence of the Recordation Trigger, the Trustee Servicer shall cause the Custodian to at its own expense either (Ai) endorse each Mortgage Note to the order record in favor of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest referred to in paragraphs (c) and (h) of this Section 2.04 with respect to all of the Mortgage Loans in the appropriate real property or other records, or (ii) deliver to the Trustee for an Opinion of Counsel satisfactory to the benefit Rating Agencies and the Certificate Insurer to the effect that recording is not required and no other action on the part of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations such Depositor is required (other than such actions as have been taken) to reflect the interest of protect the Trustee. The Servicer shall promptly cause each Assignment of 's right, title and interest in and to the related Mortgage to be recorded in the applicable recording office in the name of the Trusteeand Note. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1998-3)
Delivery of Mortgage Loan Documents. Contemporaneously with At least seven Business Days prior to the delivery of this Agreementrelated Closing Date, the Depositors delivered or caused to be delivered hereunder Seller shall deliver to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or its designee, each of the following documents for each Mortgage LoanLoan in the related Mortgage Loan Package:
(Ai) The original Mortgage NoteNote endorsed, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996________________, without recourse" and signed, by facsimile or manual signature, signed in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or Seller by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankauthorized officer. In the event that the Mortgage Loan was acquired by the applicable Originator Seller in a merger, the Reassignment of the Assignment of Beneficial Interest endorsement must be by "OriginatorGreenpoint Mortgage Funding, Inc., successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator Seller while doing business under another name, the Reassignment of Assignment of Beneficial Interest endorsement must be by "OriginatorGreenpoint Mortgage Funding, Inc., formerly known as [previous name]";
(iii) Original recorded Mortgage, with evidence of recording information thereon except for any Mortgage which has been forwarded to the appropriate recorder's office for recordation and which has not been returned by such recording officer, in which case the Seller shall deliver and release to Purchaser a certified true copy of any such Mortgage so certified by the Seller with evidence of such Mortgage's delivery to the appropriate recorder's office. In addition, the Seller shall deliver and release to the Purchaser the original recorded Mortgage within 90 days after the related Closing Date;
(iii) Original Assignment of Mortgage, in blank, which assignment shall be in form and substance acceptable for recording but not recorded. In the event that the Mortgage Loan was acquired by the Seller in a merger, the assignment must be by "Greenpoint Mortgage Funding, Inc., successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the Seller while doing business under another name, the assignment must be by "Greenpoint Mortgage Funding, Inc., formerly known as [previous name]";
(iv) Original policy of title insurance, except for those Mortgage Loans originated within 60 days before the related Closing Date, for which Mortgage Loans the Seller shall have delivered and released to the Purchaser the related binders. In addition, the Seller shall deliver to the Purchaser the original policy of title insurance within 90 days after the related Closing Date. The policy must be properly endorsed, any necessary notices of transfer must be forwarded and any other action required to be taken must be taken in order to fully protect, under the terms of the policy and applicable law, Purchaser's interest as first mortgagee;
(v) Original of all assumption, extensions and modification agreements;
(vi) If required under Section 7, the Mortgaged Property original policy of primary mortgage guaranty insurance, or where such insurance is held in an Illinois Land Trustprovided by a master policy, originals a certified true copy of all intervening Reassignments the master policy and the original certificate of Assignment insurance;
(vii) Original recorded intermediate assignments of Beneficial Interestthe Mortgage, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' rightincluding warehousing assignments, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trustif any; and
(jviii) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty The contents of the Mortgage NoteFile for each Mortgage Loan, executed not expressly stated herein, and as set forth in Exhibit B hereto, except such documents retained by each beneficiary of the Illinois Land TrustSeller pursuant to Section 2(a) herein. The applicable Depositor Mortgage Loan Documents listed in (i) - (vii) of this subsection 2(c) shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or Purchaser notwithstanding the Custodian: (a) execution of the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) Flow Interim Servicing Agreement by the original recorded Assignment of Mortgage Purchaser and the Seller. Pursuant to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator Custodial Agreement delivered to the applicable Originator Purchaser contemporaneously with the delivery of this Agreement, the Seller has delivered and released to the Custodian those Mortgage Loan Documents listed in those instances where copies (i) - (vii) of such Assignments were delivered; this subsection 2(c) and (c) as required by the title insurance policy required Custodial Agreement with respect to each Mortgage Loan a list of which is set forth in paragraph (d) abovethe Custodial Agreement. The applicable Depositor shall, within five (5) Business Days after the Custodian has certified its receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause of all such Mortgage Loan Documents required to be delivered pursuant to the Trustee or Custodial Agreement, as evidenced by the Initial Certification of the Custodian each document described in any 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 preceding clauses (a)Custodian. The Seller shall forward to the Custodian original documents evidencing an assumption, (b) and (c); modification, consolidation or extension of any Mortgage Loan entered into in accordance with the Flow Interim Servicing Agreement within one week of their execution, provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from Seller shall provide the appropriate public recording office, the applicable Depositor shall deliver Custodian with a certified true copy of any such document submitted for recordation within one week of its execution, and shall provide the Mortgage and a receipted copy original of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage any document submitted for recordation or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the appropriate public recording office to be a true and complete copy of the recorded original thereofwithin sixty days of its submission for recordation. From time to time the applicable Depositor may forward On or cause to be forwarded prior to the Trustee or date which is four Business Days prior to the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All related Closing Date, the Seller shall deliver to the Purchaser the related Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentSchedule.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form: “Pay to the order of The First National Bank of BostonXxxxx Fargo Bank, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. The Originator shall promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Originator of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in Section 4(b)(iii) and (iv) above and in connection therewith, the Originator shall execute each original Assignment in the following form: “Xxxxx Fargo Bank, N.A., as Trustee under the applicable agreement.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments of Mortgage shall not be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; provided, however, each Assignment shall be submitted for recording by the Originator, including in the manner described above, at no expense to the Purchaser, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates entitled to at least 25% of the Voting Rights or the NIMS Insurer, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Originator, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) upon receipt of notice from the Master Servicer, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (vi) upon receipt of notice from the Master Servicer, any recorded warehousing assignmentsMortgage Loan that is 90 days or more delinquent. Upon the occurrence of one of the events set forth in the immediately preceding sentence, with evidence the Originator shall deliver such Assignments for recording as provided above, promptly and in any event within 30 days following receipt of notice by the Originator. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by the Originator if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-Opt1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First National Firstar Bank of BostonMilwaukee, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such Mortgage Loan to following form: "Firstar Bank Milwaukee, N.A. as Trustee under the applicable Depositor pursuant to the Transfer Agreement by assignment to pooling and servicing agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund, the original Assignment of Beneficial InterestCertificate Insurer, or, if the trustee of such Illinois Land Trustee or the Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian Administrator under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of Seller promptly shall prepare a substitute Assignment or cure such defect, as the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, with respect to a maximum of approximately 1.0% of the Mortgage Loans, by aggregate principal balance of the Mortgage Loans, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit 5 attached hereto. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser or any assignee, transferee or designee of the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable Depositor public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Seller shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. The Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt by the Seller of any such original documents evidencing an assumption title insurance policy or modification of original Primary Mortgage Insurance Policy. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salom BRS MRT Sec Vii Call FLT Rt Mt Ps Th Cer Ser 1998 Nc5)
Delivery of Mortgage Loan Documents. Contemporaneously with (i) On or before the delivery of this AgreementClosing Date, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery Seller shall deliver to the Custodian on behalf the Mortgage Note, the Mortgage, the Assignment of the Trustee) related Security Instrument, for each of VA Mortgage Loan the following documents original LGC and for each FHA Mortgage Loan the original MIC, for each Mortgage Loan:
(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay Loan which is subject to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing unitsPMI Policy, the certificate of titleprimary mortgage insurance, if any;
(b) Either: (i) and the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if together with all other documents described in Exhibit B hereto to the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returnedextent available;
(cii) Within one hundred eighty (180) days of the original Assignment Closing Date, the Seller shall deliver to the Custodian all documents required to be contained in the Mortgage Loan File described in Exhibit B hereto not previously delivered on the Closing Date, provided however, the Seller may obtain extensions of Mortgage this 180-day period by providing an Officer's Certificate and, in some cases, an Opinion of Counsel, to the Purchaser or its assigns. As long as the defect is not a "Qualification Defect for a "REMIC" and will not, in the Purchaser's reasonable judgment, adversely effect the execution of any Securitization Agreement, successive 30-day extensions can be obtained, up to a maximum of 240 days from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer date of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankfirst notice. In the event that a defect is a "Qualification Defect" the Seller shall cure such defect or repurchase the Mortgage Loan was acquired by the applicable Originator in a mergerpursuant to this Agreement, the Reassignment within seventy-five (75) calendar days of the Assignment receiving notice of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]"such defect;
(iiii) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement All documents with respect to such Illinois Land Trust; and
(j) If any Mortgage Loan in the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy possession of the instrument creating Seller or the Illinois Land Trust, (B) a copy Interim Servicer following the Closing Date shall be held by the Seller or the Interim Servicer in its capacity as the Interim Servicer solely for the purpose of servicing or facilitating the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty servicing of the Mortgage NoteLoans and as bailee and agent for the Purchaser, executed by each beneficiary its successors and assigns, and shall only be released in accordance with the terms of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentInterim Servicing Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mortgage Pass THR Certs Ser 2003-Sea)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors Each Transferor has delivered or caused to be delivered hereunder to the Trustee related Transferee or its designee in accordance with the Certificate Insurance Policyinstructions of such Transferee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loanreferred to in Section 2.04 of the Pooling and Servicing Agreement, as follows:
(Aa) (i)(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement Transferor by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator of such Mortgage Note to such Originatorthe related Transferor, if the Originator from whom the Depositor acquired such Mortgage Loan applicable Transferor was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto andhereto, and (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a an Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy (A) by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement Transferor (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or (B) by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the The original Assignment of Mortgage in recordable form from the Originator transferring such Mortgage Loan applicable Transferor in blank or to the order of the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local lawTransferee;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator thereof to the applicable OriginatorTransferor, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator Transferor as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable OriginatorTransferor;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator Transferor in blank or to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment order of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]"Transferee;
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator Transferor of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Transferor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the CustodianTransferees: (a) the original recorded Mortgage in those instances
instances where a copy thereof certified by such Transferor was delivered hereunderto the related Transferee; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences Mortgage evidencing a complete chain of assignment from the originator of such Mortgage to the applicable Originator related Transferor in those instances where copies of such Assignments assignments certified by such Transferor were delivereddelivered to the Transferee; and (c) the title insurance policy required in paragraph (d) Section 2.04 above. The applicable Depositor Transferor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian Transferees each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor Transferor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor Transferor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment assignment of Mortgage upon delivery to the Trustee or the Custodian related Transferee of a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor Transferor may forward or cause to be forwarded to the Trustee or the Custodian applicable Transferee additional original documents evidencing an assumption or modification of a an Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian a Transferee as to each Mortgage Loan are referred to herein as the "Transferees' Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. ." All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentTransferors.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First National Bank of BostonBankers Trust Company, as Custodian Trustee for the registered holders of Salomon Brothers Mortgage Securities VII, Inc., under the Custodial Agreement dated as of September 1, 1996applicable pooling and servicing agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such following form: "Bankers Trust Company, as Trustee for the registered holders of Salomon Brothers Mortgage Loan to Securities VII, Inc., under the applicable Depositor pursuant to the Transfer Agreement by assignment to pooling and servicing agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including any recorded warehousing assignmentsmodification, consolidation or extension agreements with evidence of recording thereon, certified by a Responsible Officer if any; and
(vi) the original or copies of each lender's title insurance policy. The Seller, at the expense of the applicable Originator as a true copy Originator, promptly shall (within sixty Business Days following the later of the original Closing Date and the date of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy receipt by a Responsible Officer the Seller of the applicable Originator;
recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Seller or the Purchaser (g) If or the Mortgaged Property is held in an Illinois Land Trust, Trust Fund or the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian Trustee under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment Originator on behalf of the Assignment Seller, at the expense of Beneficial Interest must be by "the Originator, successor by merger to [name of predecessor]"; and in promptly shall prepare a substitute Assignment or cure such defect, as the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, with respect to a maximum of approximately 1.0% of the Mortgage Loans, by aggregate principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit 6 attached hereto. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser or any assignee, transferee or designee of the Purchaser is subsequently located, such original Mortgage Note shall be delivered to Purchaser or any assignee, transferee or designee of the Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable Depositor public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentoriginal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Cert Series 1998-Opt1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, at least three (3) Business Days prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(A) The the original Mortgage Note, with any intervening endorsements, endorsed "in the following form: “Pay to the order of The First National Bank of Boston[ ], as Custodian under the Custodial Agreement dated as of September 1, 1996Indenture Trustee, without recourse" and signed, by facsimile ,” or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officerblank, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Indenture Trustee or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a or copy of such Mortgage Note attached thereto and, the installment sale contract or Contract for Deed for the purchase of the related Mortgaged Property;
(ii) with respect to manufactured housing unitseach Mortgage Loan other than a Contract for Deed, the certificate of title, if any;
(b) Either: (iA) the original MortgageMortgage or copy of the Mortgage with evidence of recording thereon, and (B) the original or a copy of recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon thereon;
(and, in the case of a iii) with respect to each Non-MERS Mortgage Loan secured by other than a Mortgaged Property held in Contract for Deed, an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified executed in the following form: “[ ], as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement Indenture Trustee,” or in blank;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost and originals or not yet returned;
(c) the original Assignment copies of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket all intervening assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator (or, if applicable, from the U.S. Department of Housing and Urban Development) to the Person assigning the Mortgage to the Indenture Trustee as contemplated by the immediately preceding clause (iii) or, in the case of a Cooperative Loan, an original Assignment of the Security Agreement;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any;
(vi) with respect to each Mortgage Loan other than a Cooperative Loan or Contract for Deed, the original or a copy of the lender’s title insurance policy or attorney’s opinion of title or a copy thereof certified as true and correct by the applicable Originatorinsurer, including any recorded warehousing assignmentstogether with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien or junior lien, as applicable, on the Mortgaged Property represented therein as a fee interest (or in the case of certain Mortgage Loans secured by commercial real estate, a leasehold interest) vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company or a copy thereof certified by the title company, with evidence the original policy of recording thereontitle insurance to be delivered within one year of the Closing Date;
(vii) with respect to any Cooperative Loan, certified the following documents: the Security Agreement; a stock certificate evidencing the Cooperative Shares and related stock power; Proprietary Lease; and Recognition Agreement;
(viii) as to each Mortgage Loan insured by the FHA, the original Mortgage Loan Certificate, and as to each Mortgage Loan guaranteed by the VA, the original VA Loan Guaranty Certificate, or in each case a Responsible Officer “duplicate original” thereof in accordance with applicable Regulations; and
(ix) if any assignment of leases is separate from the Mortgage, the original or copy thereof, together with an executed reassignment of such instrument to the Indenture Trustee. With respect to each MERS Mortgage Loan, the Purchaser shall cause the Indenture Trustee, at the expense of the Purchaser and at the direction and with the cooperation of the applicable Originator Servicer, to take such actions as are necessary to cause the Indenture Trustee to be clearly identified as the owner of each such Mortgage Loan on the records of MERS for purposes of the system of recording transfers of beneficial ownership of mortgages maintained by MERS. With respect to any Mortgage Loan as to which the original Mortgage Note has been permanently lost or destroyed and has not been replaced, the obligations of the Seller to deliver the original Mortgage Note pursuant to clause (i) (a) above shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of an affidavit from the Seller to follow within one Business Day certifying that the original Mortgage Note has been lost, misplaced or destroyed, in the form of Exhibit 6 hereto. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by the Seller to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) original. If the original personal guaranty of lender’s title insurance policy was not delivered pursuant to 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee Purchaser promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or the Custodian modification of any Mortgage Loan. The Seller shall be responsible for recording at its own expense each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodabove documents requiring recordation. Notwithstanding anything to the contrary contained in this Section 2.044, in those instances where the public recording office has not yet returned or retains the original Mortgage, power of attorney or Assignment of Mortgage after it has been recorded, the applicable Depositor obligations of the Seller hereunder shall be deemed to have been satisfied its obligations upon delivery not later than ninety (90) days after the Closing Date by the Seller to deliver the Purchaser or any assignee, transferee or designee of the Purchaser of a Mortgage copy of such Mortgage, power of attorney or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded Upon delivery to the Trustee Seller (x) by the public recording office of any recorded original Mortgage, power of attorney or Assignment of Mortgage, or (y) by a title insurance or escrow company of any lender’s title insurance policy, the Seller promptly shall (and in no event later than five (5) Business Days following such receipt) deliver such document to the Purchaser or any assignee, transferee or designee of the Purchaser. The Seller promptly shall (and in no event later than thirty (30) Business Days following the Closing Date) submit for recording, at no expense to the Trust or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Indenture Trustee, includingin the appropriate public office for real property records, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage referred to in clause (iii) of this Section 4(b). In the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of event that any such Assignment of Beneficial Interest to Mortgage is lost or returned unrecorded because of a defect therein, the Trustee for Seller promptly shall prepare a substitute Assignment of Mortgage or cure such defect, as the benefit of the Certificateholderscase may be, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly and thereafter cause each such Assignment of Mortgage to be recorded duly recorded. The Seller shall not organize under the law of any jurisdiction other than the State under which it is organized as of the Closing Date (whether changing its jurisdiction of organization or organizing under an additional jurisdiction) without giving 30 days prior written notice of such action to its immediate and mediate transferee, including the Indenture Trustee. Before effecting such change, the Seller shall prepare and file in the applicable recording appropriate filing office any financing statements or other statements necessary to continue the perfection of the interests of its immediate and mediate transferees, including the Indenture Trustee, in the name of Mortgage Loans. In connection with the transactions contemplated by the Basic Documents, the Seller authorizes its immediate or mediate transferee, including the Indenture Trustee. All recording required pursuant , to file in any filing office any initial financing statements, any amendments to financing statements, any continuation statements, or any other statements or filings described in this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document4(b).
Appears in 1 contract
Samples: Loan Purchase Agreement (BLG Securities Company, LLC)
Delivery of Mortgage Loan Documents. Contemporaneously with On the delivery of this AgreementDelivery Date, the Depositors delivered Seller shall deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or its custodian each of the following documents for each Mortgage Loan:
(A) The a. the original or, if accompanied by a "lost note" affidavit, a copy of the Mortgage Note, with any intervening endorsements, endorsed "Pay by the Seller in blank or to the order of The First the Trustee;
b. the original Mortgage, and any intervening assignments (or certified copies of such assignments) thereof, in each case with evidence of recording indicated thereon or a certified copy thereof if not returned from the applicable recording officer;
c. originals or certified copies of any related Assignment of Leases and Rents and any related Security Agreement (if, in either case, such item is a document separate from the Mortgage), any intervening assignments of each such document or instrument, and any related UCC Financing Statements;
d. an assignment of the Mortgage, executed by the Seller in blank or to the order of the Trustee, with the assignment to the Trustee in the following form: "LaSalle National Bank of BostonBank, as Custodian under the Custodial Agreement dated as of September 1trustee for AMRESCO Commercial Mortgage Funding I Corporation Mortgage Pass-Through Certificates, 1996, without recourse" and signed, by facsimile or manual signatureSeries 199__-___", in recordable form;
e. assignments of any related Assignment of Leases and Rents and any related Security Agreement (if, in either case, such item is a document separate from the name of Mortgage), executed by the Originator transferring Seller or the prior holder which transferred such Mortgage Loan in blank or to the applicable Depositor pursuant order of the Trustee, with the assignment to the Transfer Agreement by trustee in the following form: "LaSalle National Bank, as trustee for AMRESCO Commercial Mortgage Funding I Corporation Mortgage Pass-Through Certificates, Series 199__-___";
g. the originals or certificates of a Responsible Officer, with all prior and intervening endorsements showing a complete chain lender's title insurance policy issued on the date of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired origination of such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Noteor, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing unitseach Mortgage Loan not covered by a lender's title insurance policy, an attorney's opinion of title given by an attorney licensed to practice law in the certificate of title, if anyjurisdiction where the Mortgage Property is located;
(b) Either: h. with respect to any Mortgage Loan secured by a leasehold interest, a certified copy of the related ground lease;
i. either (i) the original Mortgageoriginals of all intervening assignments, including warehousing assignments, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust)thereon, (ii) a copy copies of the Mortgage such assignments certified as a true copy by a Responsible Officer of title company or escrow company to be true and complete copies thereof where the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has originals have been transmitted for recording until such time as the original is originals are returned by the public recording office or (iii) a copy copies of the Mortgage such assignments certified by the public recording office offices where such assignments were recorded to be true and complete copies thereof in those instances where the public recording offices retain the originals or where the original recorded Mortgage has been lost or not yet returnedassignments are lost;
j. either (ci) copies of the original Assignment UCC-1 financing statements and any related continuation statements, each showing the mortgagor as debtor and the originator as secured party and each with evidence of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank filing thereon, together with a copy of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" each intervening UCC-2 or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, UCC-3 financing statement showing a complete chain of assignment from the originator secured party named in such UCC-1 financing statement to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, Trustee with evidence of filing thereon, and (C) thereon disclosing the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered assignment to the Trustee of the security interest in the personal property securing the Mortgage Loan or the Custodian: (aii) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause financing statements certified to be delivered true and complete copies thereof in instances where the original financing statements have been sent to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording officefiling office for filing;
k. the original appraisal; and
l. any escrow, the applicable Depositor shall deliver a certified copy of the Mortgage guarantee and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentenvironmental liability agreement.
Appears in 1 contract
Samples: Loan Sale Agreement (Amresco Commercial Mortgage Funding I Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with Not less than three (3) Business Days prior to the delivery of this Agreementrelated Closing Date, the Depositors delivered or caused Seller shall, with respect to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan, deliver to the Custodian, the following documents:
(Ai) The original Mortgage NoteNote endorsed, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996______, without recourse" and signed, by facsimile or manual signature, signed in the name of the Originator transferring such Seller by an authorized officer. The Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with Note shall include all prior and intervening endorsements showing a complete chain of endorsement title from the originator to such Originatorthe Seller.
(ii) The original recorded Mortgage, with evidence of recording thereon, or, if the Originator original Mortgage has not yet been returned from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Noterecording office, an original Destroyed Mortgage Note Affidavit together with a copy of such the original Mortgage Note attached thereto and, (ii) with respect certified by the Seller to manufactured housing units, be a true copy of the certificate original of title, if any;the Mortgage which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(biii) Either: The original Assignment of each Mortgage, executed in blank and in recordable form.
(iiv) The original policy of title insurance (or a preliminary title report if the original title insurance policy has not been received from the title insurance company).
(v) Originals of any intervening assignments of the Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment thereforor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by intervening assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered returned from the recording office, a copy of such assignment certified by the insurer, the commitment or binder Seller to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as be a true copy of the original of such intervening assignments;the assignment which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(fvi) A copy The original Primary Insurance Policy, if any.
(vii) Originals of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;.
(gviii) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with With respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land TrustAdditional Collateral Mortgage Loans, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing Mortgage 100 Pledge Agreement or Parent Power(R) Agreement, as the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and case maybe. If (Ca) the original personal guaranty of Mortgage was not delivered pursuant to clause (ii) above, (b) any intervening assignment was not delivered pursuant to clause (v) above or (c) the Mortgage Noteoriginal title insurance policy was not delivered pursuant to clause (iv) above, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its best reasonable efforts to promptly deliver or secure the delivery of such originals and shall cause such originals to be delivered to the Trustee Purchaser or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was Custodian promptly upon receipt thereof. If any such document is not so delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from Purchaser or the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and Custodian within two hundred seventy (c270) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after days following the Closing Date, deliver the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased or cause substituted for by the Seller at the price and in the manner specified in Section 5(c). If the Purchaser finds any document or documents constituting a part of a Mortgage File to be delivered to the Trustee or the Custodian each document described defective in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording officematerial respect, the applicable Depositor Purchaser shall deliver promptly so notify the Seller. The Seller shall have a certified copy period of ninety (90) days 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, the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to Seller will, not later than the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage cure period described above, repurchase or Assignment of Mortgage upon delivery to substitute for the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All related Mortgage Loan documents held by at the Trustee or price and in the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form manner set forth in Section 2.04(a)(i5(c), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each . No Assignment of Mortgage shall be recorded so long as MLCC is the Company under the Master Servicing Agreement unless the Purchaser is required to record Assignments of Mortgage pursuant to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest terms of a securitization of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentLoans.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase Agreement (Merrill Lynch Mort Investors Inc Trust Series MLCC 2003-D)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors Each Transferor has delivered or caused to be delivered hereunder to the Trustee related Transferee or its designee in accordance with the Certificate Insurance Policyinstructions of such Transferee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loanreferred to in Section 2.04 of the Pooling and Servicing Agreement, as follows:
(Aa) (i)(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September March 1, 19961997, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement Transferor by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator of such Mortgage Note to such Originatorthe related Transferor, if the Originator from whom the Depositor acquired such Mortgage Loan applicable Transferor was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto andhereto, and (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a an Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy (A) by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement Transferor (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or (B) by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the The original Assignment of Mortgage in recordable form from the Originator transferring such Mortgage Loan applicable Transferor in blank or to the order of the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local lawTransferee;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement Except with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.secured by
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator Originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if anyTrustee;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon (andthereon, in and the case original recorded power of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS(R) System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator Originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording thereoninformation for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in Section 4(b)(iii) and (iv) above and in connection therewith, the Seller shall execute, or cause to be executed, each original Assignment in the following form: "U.S. Bank National Association, as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. In connection with the assignment of any Mortgage Loan registered on the MERS(R) System, the Originator further agrees that it will cause, within 30 Business Days after the Closing Date, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Purchaser to the Trustee in accordance with the Pooling and Servicing Agreement for the benefit of the Certificateholders by including in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. The Seller shall provide such notice to the Illinois Land Trust, Trustee and the Rating Agencies if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Fre1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "Pay to in one of the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, following forms: (i) in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible OfficerTrustee or (ii) in blank, in each case, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan in recordable form in blank or to the applicable Depositor pursuant to the Transfer Agreement Trustee;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage in blank or to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original of or a copy of each related assumption, including any recorded warehousing assignmentsmodification, consolidation or extension agreement, with evidence of recording thereon, if any;
(vi) with respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject to a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance Policy or certificate;
(vii) the original mortgagee title insurance policy or an attorney's opinion of title where customary; and
(viii) any of the following that are in the possession of the Seller or a document custodian on its behalf: (A) the original of or a copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage or (B) the original of or a copy of any power of attorney, if applicable. With respect to a maximum of approximately 5.00% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Trust Administrator (as designee of the Purchaser) of a photocopy of such Mortgage Note, if available, with a lost note affidavit. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Trust Administrator is subsequently located, such original Mortgage Note shall be delivered to the Trust Administrator within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trust Administrator of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Trust Administrator promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator public recording office to "The First National Bank be a true and complete copy of Bostonthe original. To the extent not already recorded, as Custodian under the Custodial Trust Administrator, at the expense of the Seller shall pursuant to the Pooling and Servicing Agreement dated as promptly (and in no event later than three months following the later of September 1the Closing Date and the date of receipt by the Trust Administrator of the recording information for a Mortgage) submit or cause to be submitted for recording, 1996at no expense to the Trust Estate or the Trust Administrator, Series 1996-A" or in blankthe appropriate public office for real property records, each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) above. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Mortgage Loan was acquired Trust Administrator, at the expense of the Seller, shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, but without limiting the requirement that such Assignments be in recordable form, neither the Trust Administrator nor the Trustee shall be required to submit or cause to be submitted for recording each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) if such recordation shall not, as of the Closing Date, be required by the applicable Originator in Rating Agencies, as a mergercondition to their assignment on the Closing Date of their initial ratings to the Certificates, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated as evidenced by the applicable Originator while doing business under another name, delivery by the Reassignment Rating Agencies of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If their ratings letters on the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land TrustClosing Date. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the Trust Administrator promptly upon receipt thereof any other original recorded Mortgage in those instances
where documents constituting a copy thereof was delivered hereunder; (b) the original recorded Assignment part of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption assumption, modification, consolidation or modification extension of a any Mortgage Loan. All original documents relating to the Mortgage Loan documents Loans that are not delivered to the Trust Administrator are and shall be held by or on behalf of the Trustee Seller, the Servicer, the Purchaser or the Custodian as to each Mortgage Loan are referred to herein Master Servicer, as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest case may be, in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee 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 this Section to be a part of a Mortgage File, which endorsement such document shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable delivered promptly to the Depositors, Trust Administrator. Any such original document delivered to or held by the Servicer and Seller or the Trustee, (B) execute (or complete) each Assignment of Mortgage Purchaser that is not required pursuant to the Trusteeterms of this Section to be a part of a Mortgage File, which assignment shall be in substantially delivered promptly to the form set forth in Section 2.04(c)related Servicer. Notwithstanding the foregoing, with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trustany materially defective document in, execute or any document missing from, a Reassignment Mortgage File, if the Seller would not be in breach of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required any obligation pursuant to this Section 2.04 4 but for a breach by WFHM pursuant to the Seller's Warranties and Servicing Agreements (the "Xxxxx Servicing Agreements"), dated May 1, 2004, and July 1, 2004, between the Seller and WFHM, by National City pursuant to the Master Seller's Warranties and Servicing Agreement (the "National City Servicing Agreement"), dated September 1, 2003, as amended, between the Seller and National City, or by Countrywide pursuant to the Master Mortgage Loan Purchase and Servicing Agreement (the "Countrywide Servicing Agreement"), dated December 15, 2003, between Countrywide and the Seller; the Countrywide Servicing Agreement, the Xxxxx Servicing Agreements and the National City Servicing Agreement, in each case as assigned to the Trustee pursuant to an assignment, assumption and recognition agreement, the "Servicing Agreements"), then the applicable Originator thereunder, in the manner and to the extent set forth therein, and not the Seller hereunder, shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation required to cause the attachment to constitute part of the instrument or documentremedy such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Hyb3)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form: “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than [1.00%] of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, with an accompanying Lost Note Affidavit executed by the Seller;
(ii) the original Mortgage with respect to manufactured housing unitsevidence of recording thereon, and a copy, certified by the certificate appropriate recording office, of titlethe recorded power of attorney, if any;
(b) Either: (i) the original MortgageMortgage was executed pursuant to a power of attorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender’s title insurance policy, (or a copy of the above, in the case of any Washington Mutual Mortgage Loans) together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, including without recourse.” In the event that any recorded warehousing assignmentssuch Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with evidence respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. If any document referred to in Section 4(b)(ii), Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer’s Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer’s Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Long Beach Securities Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit K to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. NC Capital shall promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by NC Capital of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in Section 4(b)(iii) and (iv) above and in connection therewith, NC Capital shall execute each original Assignment in the following form: "U.S. Bank National Association, as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, NC Capital shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments shall not be required to be submitted for recording with respect to any Mortgage Loan in any jurisdiction where the Rating Agencies do not require recordation in order to receive the ratings on the Certificates at the time of their initial issuance; provided, however, each Assignment shall be submitted for recording by NC Capital, in the manner described above, at no expense to the Purchaser, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Originator, including (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) upon receipt of notice from the Master Servicer, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (vi) upon receipt of notice from the Master Servicer, any recorded warehousing assignmentsMortgage Loan that is 90 days or more delinquent. Upon the occurrence of one of the events set forth in the immediately preceding sentence, with evidence NC Capital shall deliver such Assignments for recording as provided above, promptly and in any event within 30 days following receipt of notice by NC Capital. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by NC Capital if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cert Ser 2002-Nc1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is held unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in an Illinois Land Trustno event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund or the Trustee under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute each original Assignment of Beneficial Interestin the following form: "Deutsche Bank National Trust Company, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from as Trustee under the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-Aagreement." or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of Seller promptly shall prepare a substitute Assignment or cure such defect, as the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with thereafter cause each such Assignment to be duly recorded. With respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy maximum of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, executed by each beneficiary if available, with a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the Illinois Land Trust. The applicable Depositor original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or Purchaser within three Business Days. Notwithstanding the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); providedforegoing, however, that if for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a document withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; PROVIDED, HOWEVER, each Assignment shall be submitted for recording by the Seller in the manner described above, at no expense to the Purchaser, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Master Servicer, (iv) the occurrence of a servicing transfer as described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy Section 7.02 of the Mortgage Pooling and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the TrusteeServicing Agreement, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (Cv) with respect to each Illinois Land Trustany one Assignment, execute the occurrence of a Reassignment of Assignment of Beneficial Interest bankruptcy, insolvency or foreclosure relating to the Trustee for Mortgagor under the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of related Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature (vi) any Mortgage Loan that is made on an instrument 90 days or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.more
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2003-1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit K to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. NC Capital shall promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by NC Capital of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in Section 4(b)(iii) and (iv) above and in connection therewith, NC Capital shall execute each original Assignment in the following form: "U.S. Bank National Association, as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, NC Capital shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless the Depositor is informed by the Rating Agencies that such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; provided, however, each Assignment shall be submitted for recording by NC Capital, in the manner described above, at no expense to the Purchaser, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Originator, including (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) upon receipt of notice from the Master Servicer, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (vi) upon receipt of notice from the Master Servicer, any recorded warehousing assignmentsMortgage Loan that is 90 days or more delinquent. Upon the occurrence of one of the events set forth in the immediately preceding sentence, with evidence NC Capital shall deliver such Assignments for recording as provided above, promptly and in any event within 30 days following receipt of notice by NC Capital. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by NC Capital if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mort Asset Sec Transactions Inc Mastr as Bk Sec Tr 03 Nc1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, with an accompanying Lost Note Affidavit executed by the Seller;
(ii) the original Mortgage with respect to manufactured housing unitsevidence of recording thereon, and a copy, certified by the certificate appropriate recording office, of titlethe recorded power of attorney, if any;
(b) Either: (i) the original MortgageMortgage was executed pursuant to a power of attorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, (or a copy of the above, in the case of any Washington Mutual Mortgage Loans) together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, including without recourse." In the event that any recorded warehousing assignmentssuch Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with evidence respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. If any document referred to in Section 4(b)(ii), Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer's Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer's Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Originator will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement assigned in blank;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of immediately preceding clause (iii) or the original of such unrecorded intervening assignmentsAssignments;
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(gvi) If the original lender's title insurance policy or an attorney's opinion of title or similar, guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is held unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. The Originator shall promptly (and in an Illinois Land Trustno event later than thirty (30) Business Days, an original Reassignment subject to extension upon mutual agreement between the Originator and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment of Beneficial Interest from the applicable Trustee and (iii) the date of receipt by the Originator of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund , the Trust Administrator or the Trustee, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in (iii) in the following form: "The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankapplicable agreement without recourse". In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver prepare or cause to be delivered prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the assignments of Mortgage shall not be required to be submitted for recording with respect to any Mortgage Loan if the Trustee, the Trust Administrator and each Rating Agency has received an opinion of counsel, satisfactory in form and substance to each Rating Agency, to the effect that the recordation of such Assignments in any specific jurisdiction is not necessary to protect the Trustee's interest in the related Mortgage Note; provided further, however, notwithstanding the delivery of any opinion of counsel, each assignment of Mortgage shall be submitted for recording by the Originator in the manner described above, at no expense to the Trust Fund, the Trustee or the CustodianTrust Administrator, upon the earliest to occur of: (ai) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) failure of the Master Servicer Termination Test, (iii) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; occurrence of the bankruptcy or insolvency of the Originator, (biv) the original recorded occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator is not the Master Servicer and with respect to any one Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences the occurrence of a complete chain bankruptcy of assignment the mortgagor under the related Mortgage or a foreclosure of related Mortgage. Notwithstanding the foregoing, if the Originator is unable to pay the cost of recording the Assignments of Mortgage, such expense will be paid by the Trust Administrator and reimbursed from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodTrust Fund. Notwithstanding anything to the contrary contained in this Section 2.044, if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor obligations of the Originator hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Originator promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Originator in the case of (x) above or Assignment the public recording office in the case of Mortgage, as applicable, (y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Originator shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. Promptly upon receipt by the Originator of any such original documents evidencing an assumption title insurance policy the Originator shall deliver such to the Purchaser or modification any assignee, transferee or designee of the Purchaser. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeOriginator, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc as-Bk Ps-Th Ct Sr 2002-1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller shall, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "Pay to in one of the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, following forms: (i) in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible OfficerTrustee or (ii) in blank, in each case, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan in recordable form in blank or to the applicable Depositor pursuant to the Transfer Agreement Trustee;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage in blank or to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original of or a copy of each related assumption, including any recorded warehousing assignmentsmodification, consolidation or extension agreement, with evidence of recording thereon, if any;
(vi) with respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject to a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance Policy or certificate;
(vii) the original mortgagee title insurance policy or an attorney’s opinion of title where customary; and
(viii) any of the following that are in the possession of the Seller or a document custodian on its behalf: (A) the original of or a copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage or (B) the original of or a copy of any power of attorney, if applicable. With respect to a maximum of approximately 5.00% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Trust Administrator (as designee of the Purchaser) of a photocopy of such Mortgage Note, if available, with a lost note affidavit. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Trust Administrator is subsequently located, such original Mortgage Note shall be delivered to the Trust Administrator within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trust Administrator of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Trust Administrator promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator public recording office to "The First National Bank be a true and complete copy of Bostonthe original. To the extent not already recorded, as Custodian under the Custodial Trust Administrator, at the expense of the Seller shall pursuant to the Pooling and Servicing Agreement dated as promptly (and in no event later than three months following the later of September 1the Closing Date and the date of receipt by the Trust Administrator of the recording information for a Mortgage) submit or cause to be submitted for recording, 1996at no expense to the Trust Estate or the Trust Administrator, Series 1996-A" or in blankthe appropriate public office for real property records, each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) above. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Mortgage Loan was acquired Trust Administrator, at the expense of the Seller, shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, but without limiting the requirement that such Assignments be in recordable form, neither the Trust Administrator nor the Trustee shall be required to submit or cause to be submitted for recording each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) if such recordation shall not, as of the Closing Date, be required by the applicable Originator in Rating Agencies, as a mergercondition to their assignment on the Closing Date of their initial ratings to the Certificates, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated as evidenced by the applicable Originator while doing business under another name, delivery by the Reassignment Rating Agencies of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If their ratings letters on the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land TrustClosing Date. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the Trust Administrator promptly upon receipt thereof any other original recorded Mortgage in those instances
where documents constituting a copy thereof was delivered hereunder; (b) the original recorded Assignment part of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption assumption, modification, consolidation or modification extension of a any Mortgage Loan. All original documents relating to the Mortgage Loan documents Loans that are not delivered to the Trust Administrator are and shall be held by or on behalf of the Trustee Seller, the Servicer, the Purchaser or the Custodian as to each Mortgage Loan are referred to herein Master Servicer, as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest case may be, in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee trust for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit on behalf of the Certificateholders, which reassignment shall be substantially in . In the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished delivered promptly to the Trust Administrator. Any such original document delivered to or held by and at the expense Seller or the Purchaser that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or documentMortgage File, stapling of an attachment shall be a sufficient affixation delivered promptly to cause the attachment to constitute part of the instrument or documentrelated Servicer.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First National Bank of BostonXxxxx Fargo Bank, N.A., as Custodian Trust Administrator under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator Originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if anyTrust Administrator;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon (andthereon, in and the case original recorded power of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS(R) System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trust Administrator as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Originator promptly shall (within sixty Business Days following the later of the Closing Date and the date of receipt by the Originator of the recording thereoninformation for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in Section 4(b)(iii) and (iv) above and in connection therewith, the Originator shall execute each original Assignment in the following form: "Xxxxx Fargo Bank, N.A., as Trust Administrator under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, to the extent that the Originator has performed the duties with the respect to any Mortgage Loan referenced in this paragraph in connection with the transfer of such Mortgage Loan to the Seller, references to the Originator in this paragraph shall be deemed to be references to the Seller. In connection with the assignment of any Mortgage Loan registered on the MERS(R) System, the Originator further agrees that it will cause, within 30 Business Days after the Closing Date, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Purchaser to the Trust Administrator in accordance with the Pooling and Servicing Agreement for the benefit of the Certificateholders by including in such computer files (a) the code in the field which identifies the specific Trust Administrator and (b) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. Notwithstanding the foregoing, the Originator shall not be responsible for the expense of more than one transfer on the MERS(R) System at the direction of the Seller or the Purchaser. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. The Originator shall provide notice to the Illinois Land Trust, Seller and the Seller shall provide such notice to the Trust Administrator and the Rating Agencies if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr as Bk Sec Tr 2004 Wmc1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First Norwest Bank Minnesota, National Bank of BostonAssociation, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage in blank as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders which were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor. The Originator shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Originator and the Trustee, following the later of the Closing Date and the date of receipt by the Originator of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund or the Trustee, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment of Beneficial Interestin the following form: "Norwest Bank Minnesota, orNational Association, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from as Trustee under the applicable Originator to agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver prepare or cause to be delivered to the Trustee prepared a substitute Assignment or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver cure or cause to be delivered cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the assignments of Mortgage shall not be required to be submitted for recording with respect to any Mortgage Loan only if the Trustee and each Rating Agency has received an opinion of counsel, satisfactory in form and substance to the Trustee or and each Rating Agency, to the Custodian each document described effect that the recordation of such assignments in any of specific jurisdiction is not necessary to protect the preceding clauses (a), (b) and (c)Trustee's interest in the related Mortgage Note; providedprovided further, however, that if notwithstanding the delivery of any opinion of counsel, each assignment of Mortgage shall be submitted for recording by the Originator in the manner described above, at no expense to the Trust Fund or Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of a document bankruptcy, insolvency or foreclosure relating to the Originator, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the preceding clause Pooling and Servicing Agreement and (aiv) or clause (b) has if the Originator is not been returned from the appropriate public recording officeMaster Servicer and with respect to any one assignment of Mortgage, the applicable Depositor shall deliver occurrence of a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior bankruptcy, insolvency or foreclosure relating to the expiration Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Originator is unable to pay the cost of recording the Assignments of Mortgage, such twelve-month periodexpense will be paid by the Trustee. Notwithstanding anything to the contrary contained in this Section 2.044, if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor obligations of the Seller hereunder shall be deemed to have been satisfied its obligations upon (1) delivery by or on behalf of the Seller promptly upon receipt thereof to deliver a Mortgage or Assignment on behalf of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Seller in the case of (x) above or Assignment the public recording office in the case of Mortgage, as applicable, (y) above to be a true and complete copy of the recorded original thereof and (2) if such copy is certified by the Seller delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Seller shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. The Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt by the Seller of any such original documents evidencing an assumption title insurance policy or modification of original Primary Mortgage Insurance Policy. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Fl Rt MRT Ps THR Cert 1999 Aq1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(A1) The the original Mortgage Note, with any intervening endorsements, endorsed in blank without recourse or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed with respect to any lost Mortgage Note, an original Destroyed Mortgage Lost Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (Affidavit; provided, however, that such Responsible Officer substitutions of Lost Note Affidavits for original Mortgage Notes may complete one occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or more blanket certificates attaching copies equal to 2.00% of one or more Mortgages relating theretothe Pool Balance as of the Cut-off Date;
(2) or the original Mortgage with evidence of recording thereon, and a copy, certified by the closing attorneyappropriate recording office, or by an officer of the title insurer or agent recorded power of the title insurer which issued the related title insurance policy, or commitment thereforattorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(3) an original has been transmitted for recording until such time as the original is returned by the public recording office or Assignment assigned in blank, without recourse;
(iii4) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost intervening Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of immediately preceding clause (3) or the original of such unrecorded intervening assignmentsAssignments;
(f5) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(g6) If the original lender's title insurance policy or an attorney's opinion of title or similar guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired such original title policy is unavailable, a written commitment or originated uniform binder or preliminary report of title issued by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required or escrow company. If any document referred to in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (aSection 4(b)(2), (b) and (c); provided, however, that if a document described in the preceding clause (a4(b)(3) or clause 4(b)(4) above has been submitted for recording but either (bx) has not been returned from the appropriate applicable public recording officeoffice or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor shall deliver a certified copy obligations of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Seller promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Seller in the case of (x) above or Assignment the public recording office in the case of Mortgage(y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Seller, as applicablethen in addition thereto, delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereoflender's title insurance policy has not yet been issued, the Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. From time Promptly upon receipt by the Seller of any such original title insurance policy the Seller shall deliver such to time the applicable Depositor may forward Purchaser or any assignee, transferee or designee of the Purchaser. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Seller of the recording information for a Mortgage) submit or cause to be forwarded submitted for recording, at no expense to the Trustee Trust Fund or the Custodian additional Trustee, in the appropriate public office for real property records, each Assignment referred to in (3) and (4) above and shall execute each original documents evidencing an assumption Assignment referred to in (3) in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement". In the event that any such Assignment is lost or modification returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage Loan. All shall not be required to be submitted for recording (except with respect to any Mortgage Loan documents located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates (without regard to the Policy); provided further, however, each Assignment shall be submitted for recording by the Seller in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights or the NIMS Insurer, if any, (ii) a failure of the Master Servicer Termination Test as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one assignment or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Originator will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement in blank;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(gvi) If the original lender's title insurance policy or an attorney's opinion of title or similar, guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is held unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. The Originator shall promptly (and in an Illinois Land Trustno event later than thirty (30) Business Days, an original Reassignment subject to extension upon mutual agreement between the Originator and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment of Beneficial Interest from the applicable Trustee and (iii) the date of receipt by the Originator of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trust Administrator or the Trustee, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in (iii) in the following form: "The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankapplicable agreement". In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver prepare or cause to be delivered to the Trustee prepared a substitute Assignment or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver cure or cause to be delivered cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); providedforegoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the assignments of Mortgage shall not be required to be submitted for recording with respect to any Mortgage Loan if the Trustee, the Trust Administrator and each Rating Agency has received an opinion of counsel, satisfactory in form and substance to each Rating Agency, to the effect that if the recordation of such Assignments in any specific jurisdiction is not necessary to protect the Trustee's interest in the related Mortgage Note; provided further, however, notwithstanding the delivery of any opinion of counsel, each assignment of Mortgage shall be submitted for recording by the Originator in the manner described above, at no expense to the Trust Fund, the Trust Administrator or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of the Originator, (iv) the occurrence of a document servicing transfer as described in Section 7.02 of the preceding clause Pooling and Servicing Agreement , (av) or clause (b) has if the Originator is not been returned from the appropriate public recording officeMaster Servicer and with respect to any one Assignment of Mortgage, the applicable Depositor shall deliver occurrence of a certified copy of bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and a receipted copy (vi) any Mortgage Loan that is 90 days or more delinquent. Notwithstanding the foregoing, if the Originator is unable to pay the cost of recording the Assignment from Assignments of Mortgage, such expense will be paid by the appropriate recording office prior to the expiration of such twelve-month periodTrust Administrator. Notwithstanding anything to the contrary contained in this Section 2.044, if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor obligations of the Originator hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Originator promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Originator in the case of (x) above or Assignment the public recording office in the case of Mortgage, as applicable, (y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Originator shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. Promptly upon receipt by the Originator of any such original documents evidencing an assumption title insurance policy the Originator shall deliver such to the Purchaser or modification any assignee, transferee or designee of the Purchaser. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeOriginator, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Floating Rate Mortgage Pass-Through Cert-Series 2001-2)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank without recourse or in the following form: “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed with respect to any lost Mortgage Note, an original Destroyed Mortgage Lost Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (Affidavit; provided, however, that such Responsible Officer substitutions of Lost Note Affidavits for original Mortgage Notes may complete one occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or more blanket certificates attaching copies equal to 2.00% of one or more Mortgages relating theretothe Pool Balance as of the Cut-off Date;
(ii) or the original Mortgage with evidence of recording thereon, and a copy, certified by the closing attorneyappropriate recording office, or by an officer of the title insurer or agent recorded power of the title insurer which issued the related title insurance policy, or commitment thereforattorney, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment assigned in those instances where blank without recourse;
(iv) the original recorded Mortgage has been lost intervening Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of immediately preceding clause (iii) or the original of such unrecorded intervening assignmentsAssignments;
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(gvi) If the original lender’s title insurance policy or an attorney’s opinion of title or similar guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired such original title policy is unavailable, a written commitment or originated uniform binder or preliminary report of title issued by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required or escrow company. If any document referred to in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (aSection 4(b)(ii), (b) and (c); provided, however, that if a document described in the preceding clause (a4(b)(iii) or clause 4(b)(iv) above has been submitted for recording but either (bx) has not been returned from the appropriate applicable public recording officeoffice or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor shall deliver a certified copy obligations of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Seller promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Seller in the case of (x) above or Assignment the public recording office in the case of Mortgage(y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Seller, as applicablethen in addition thereto, delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereoflender’s title insurance policy has not yet been issued, the Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. From time Promptly upon receipt by the Seller of any such original title insurance policy, the Seller shall deliver such to time the applicable Depositor may forward Purchaser or any assignee, transferee or designee of the Purchaser. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Seller of the recording information for a Mortgage) submit or cause to be forwarded submitted for recording, at no expense to the Trustee Trust Fund or the Custodian additional Trustee, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original documents evidencing an assumption Assignment referred to in (iii) in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable agreement”. In the event that any such Assignment is lost or modification returned unrecorded because of a Mortgage Loandefect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. All Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, so long as recordation of an Assignment is not necessary to protect the Trustee’s and the Certificateholders’ interests in the related Mortgage Loan documents held by under the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits laws of the lien and security interest jurisdiction in each manufactured or mobile home and which the related Mortgaged Property is located, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; provided further, however, each Assignment shall be submitted for recording by the Seller (at the direction of the Master Servicer) in the manner described above, at no expense to the Trust Fund or the Trustee, includingupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights or the NIMS Insurer, without limitation(ii) a failure of the Master Servicer Termination Test as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment or Mortgage, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note insolvency or foreclosure relating to the order of Mortgagor under the Trustee related Mortgage. Each original document relating to any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Seller, shall be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender’s title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund or the Trustee under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute each original Assignment in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, including the Seller promptly shall prepare a substitute Assignment or cure such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording thereon(except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates (which in the case of the Insured Certificates shall be without regard to the Policy); provided, however, each Assignment shall be submitted for recording by the Seller in the manner described above, at no expense to the Purchaser, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iii) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (iv) with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (v) any Mortgage Loan that is 90 days or more Delinquent. Upon (a) receipt of written notice that recording of the Assignments is required pursuant to one or more of the conditions (excluding condition (v) above) set forth in the preceding sentence or (b) upon the occurrence of condition (vi) in the preceding sentence, the Seller shall be required to deliver such Assignments within 30 days following receipt of such notice. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser or its assignee, transferee or designee of a copy of each such document certified by a Responsible Officer an Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by an Originator, delivery to the Purchaser or its assignee, transferee or designee promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee Purchaser or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originatorits assignee, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days transferee or designee promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee Purchaser or the Custodian each document described in its assignee, transferee or designee promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2005-C)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:Loan (and, to the extent that NC Capital is in possession of any such documents, NC Capital shall deliver such documents to the Purchaser on behalf of the Seller):
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such Mortgage Loan to following form: "U.S. Bank National Association as Trustee under the applicable Depositor pursuant to the Transfer Agreement by assignment to agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the original Assignment of Beneficial Interest, or, if Purchaser (or the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If Fund or the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from Trustee or the applicable Originator to "The First National Bank of Boston, as Custodian Trust Administrator under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, NC Capital promptly shall prepare a substitute Assignment or cure such defect, as the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, with respect to a maximum of approximately 1.0% of the Mortgage Loans, by aggregate principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit 4 attached hereto. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser or any assignee, transferee or designee of the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable Depositor public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Seller shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. The Seller shall deliver such original documents evidencing an assumption title insurance policy to the Purchaser or modification any assignee, transferee or designee of the Purchaser promptly upon receipt by the Seller, if any. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ace Securities Corp Ho Eq Lo Tr Se 2001-Nc1 as Ba Pa Th Ce)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First Trust National Bank of BostonAssociation, as Custodian under Trustee for the Custodial Agreement dated as registered holders of September 1Salomon Brothers Mortgage Securities VII, 1996Inc., Asset-Backed Floating Rate Certificates, Series 1997-NC1, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to following form: "The First Trust National Bank of BostonAssociation, as Custodian under Trustee for the Custodial Agreement dated as registered holders of September 1Salomon Brothers Mortgage Securities VII, 1996Inc., without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local lawAsset_Backed Floating Rate Certificates, Series 1997-NC1";
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor. The Seller promptly shall (and in no event later than five Business Days following the Closing Date submit or cause to be submitted for recording, at no expense to Purchaser (or the Trust Fund, the original Assignment of Beneficial Interest, or, if Certificate Insurer or the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian Trustee under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of Seller promptly shall prepare a substitute Assignment or cure such defect, as the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Seller shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional original documents evidencing an assumption Purchaser a written commitment or modification interim binder or preliminary report of a Mortgage Loan. All Mortgage Loan documents held title issued by the Trustee title insurance or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File"escrow company. The Servicer covenants and agrees Seller shall deliver to take all action necessary the Purchaser or desirable under applicable state law to transfer the benefits any assignee, transferee or designee of the lien and security interest in each manufactured Purchaser promptly upon receipt by the Seller of any such original title insurance policy or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of original Primary Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentInsurance Policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1997-Nc1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form: “Pay to the order of The First National Bank of BostonCitibank, N.A., as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, an accompanying Lost Note Affidavit executed by the certificate of title, if anySeller;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon (andthereon, in the case of and a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trustcopy, signed certified by the trustee of such Illinois Land Trust)appropriate recording office, (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer recorded power of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS® System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the MIN) as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) as an original, photocopy or in electronic form, lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: “Citibank, N.A., as Trustee under the applicable Originatoragreement, without recourse.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each such Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund, the Trustee or the Delaware Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Seller further agrees that it shall cause, within 30 Business Days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Purchaser to the Trust in accordance with the Pooling and Servicing Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trust and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it shall not, and shall not permit the Servicer to alter the codes referenced in this paragraph with respect to any recorded warehousing assignmentsMortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement and the Pooling and Servicing Agreement. If any document referred to in Section 4(b)(ii), with evidence Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer’s Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer’s Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He4)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U. S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy (except with respect to any Mortgage Loan originated with a Principal Balance of $150,000 or less), together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund, the Trustee or the Trust Administrator under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute or cause to be executed each original Assignment in the following form: "U.S. Bank National Association, as Trustee under the applicable Originatoragreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, including the Seller promptly shall prepare or cause to be prepared a substitute Assignment or cure such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit K to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustTrustee, the Trust Administrator and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Inc Salomon Home Equ Ln Tr 2001-1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(A1) The the original Mortgage Note, with any intervening endorsements, endorsed in blank without recourse or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed with respect to any lost Mortgage Note, an original Destroyed Mortgage Lost Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (Affidavit; provided, however, that such Responsible Officer substitutions of Lost Note Affidavits for original Mortgage Notes may complete one occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or more blanket certificates attaching copies equal to 2.00% of one or more Mortgages relating theretothe Pool Balance as of the Cut-off Date;
(2) or the original Mortgage with evidence of recording thereon, and a copy, certified by the closing attorneyappropriate recording office, or by an officer of the title insurer or agent recorded power of the title insurer which issued the related title insurance policy, or commitment thereforattorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(3) an original has been transmitted for recording until such time as the original is returned by the public recording office or Assignment assigned in blank, without recourse;
(iii4) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost intervening Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of immediately preceding clause (iii) or the original of such unrecorded intervening assignmentsAssignments;
(f5) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(g6) If the original lender's title insurance policy or an attorney's opinion of title or similar guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired such original title policy is unavailable, a written commitment or originated uniform binder or preliminary report of title issued by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required or escrow company. If any document referred to in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (aSection 4(b)(2), (b) and (c); provided, however, that if a document described in the preceding clause (a4(b)(3) or clause 4(b)(4) above has been submitted for recording but either (bx) has not been returned from the appropriate applicable public recording officeoffice or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor shall deliver a certified copy obligations of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Seller promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Seller in the case of (x) above or Assignment the public recording office in the case of Mortgage(y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Seller, as applicablethen in addition thereto, delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereoflender's title insurance policy has not yet been issued, the Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. From time Promptly upon receipt by the Seller of any such original title insurance policy the Seller shall deliver such to time the applicable Depositor may forward Purchaser or any assignee, transferee or designee of the Purchaser. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Seller of the recording information for a Mortgage) submit or cause to be forwarded submitted for recording, at no expense to the Trustee Trust Fund or the Custodian additional Trustee, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original documents evidencing an assumption Assignment referred to in (iii) in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement". In the event that any such Assignment is lost or modification returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage Loan. All shall not be required to be submitted for recording (except with respect to any Mortgage Loan documents located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates (without regard to the Policy); provided further, however, each Assignment shall be submitted for recording by the Seller (at the direction of the Master Servicer) in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination Test as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one assignment or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with Not less than three (3) Business Days prior to the delivery of this Agreementrelated Closing Date, the Depositors delivered or caused Seller shall, with respect to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan, deliver to the Custodian, the following documents:
(Ai) The original Mortgage NoteNote endorsed, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996___________________, without recourse" and signed, by facsimile or manual signature, signed in the name of the Originator transferring such Seller by an authorized officer. The Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with Note shall include all prior and intervening endorsements showing a complete chain of endorsement title from the originator to such Originatorthe Seller.
(ii) The original recorded Mortgage, with evidence of recording thereon, or, if the Originator original Mortgage has not yet been returned from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Noterecording office, an original Destroyed Mortgage Note Affidavit together with a copy of such the original Mortgage Note attached thereto and, (ii) with respect certified by the Seller to manufactured housing units, be a true copy of the certificate original of title, if any;the Mortgage which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(biii) Either: The original Assignment of each Mortgage, executed in blank and in recordable form.
(iiv) The original policy of title insurance (or a preliminary title report if the original title insurance policy has not been received from the title insurance company).
(v) Originals of any intervening assignments of the Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment thereforor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by intervening assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered returned from the recording office, a copy of such assignment certified by the insurer, the commitment or binder Seller to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as be a true copy of the original of such intervening assignments;the assignment which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(fvi) A copy The original Primary Insurance Policy, if any.
(vii) Originals of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;.
(gviii) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with With respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land TrustAdditional Collateral Mortgage Loans, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing Mortgage 100 Pledge Agreement or Parent Power(R) Agreement, as the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and case maybe. If (Ca) the original personal guaranty of Mortgage was not delivered pursuant to clause (ii) above, (b) any intervening assignment was not delivered pursuant to clause (v) above or (c) the Mortgage Noteoriginal title insurance policy was not delivered pursuant to clause (iv) above, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its best reasonable efforts to promptly deliver or secure the delivery of such originals and shall cause such originals to be delivered to the Trustee Purchaser or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was Custodian promptly upon receipt thereof. If any such document is not so delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from Purchaser or the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and Custodian within two hundred seventy (c270) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after days following the Closing Date, deliver the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased or cause substituted for by the Seller at the price and in the manner specified in Section 5(c). If the Purchaser finds any document or documents constituting a part of a Mortgage File to be delivered to the Trustee or the Custodian each document described defective in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording officematerial respect, the applicable Depositor Purchaser shall deliver promptly so notify the Seller. The Seller shall have a certified copy period of ninety (90) days 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, the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to Seller will, not later than the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage cure period described above, repurchase or Assignment of Mortgage upon delivery to substitute for the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All related Mortgage Loan documents held by at the Trustee or price and in the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form manner set forth in Section 2.04(a)(i5(c), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each . No Assignment of Mortgage shall be recorded so long as MLCC is the Company under the Master Servicing Agreement unless the Purchaser is required to record Assignments of Mortgage pursuant to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest terms of a securitization of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentLoans.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase Agreement (Merrill Lynch Mort Inv Inc Mo Pass THR Ce Se MLCC 2003f)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First National Firstar Bank of BostonMilwaukee, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such Mortgage Loan to following form: "Firstar Bank Milwaukee, N.A. as Trustee under the applicable Depositor pursuant to the Transfer Agreement by assignment to agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund, the original Assignment of Beneficial Interest, or, if Trustee or the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian Administrator under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of Seller promptly shall prepare a substitute Assignment or cure such defect, as the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, with respect to a maximum of approximately 1.0% of the Mortgage Loans, by aggregate principal balance of the Mortgage Loans, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit 7 attached hereto. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser or any assignee, transferee or designee of the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable Depositor public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentoriginal.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Broth Mo Se Vii Inc Fl Rt Mor Pa Th Cer Ser 1999 Nc2)
Delivery of Mortgage Loan Documents. Contemporaneously (a) In connection with the delivery transfer and assignment of this Agreementthe Mortgage Loans, the Depositors delivered Sponsor shall on or caused before the Closing Date, with respect to the Initial Mortgage Loans, and shall on or before the Subsequent Transfer Date with respect to Subsequent Mortgage Loans, deliver, or cause to be delivered hereunder to the Indenture Trustee (as pledgee of the Certificate Insurance Policy, and each Depositor has delivered Trust pursuant to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of Indenture), the following documents for or instruments constituting the Indenture Trustee's Mortgage File with respect to each Mortgage LoanLoan so transferred or assigned:
(Ai) The the original Mortgage Note, with any intervening endorsementsendorsed without recourse in blank by the Sponsor, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with including all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, endorsement;
(ii) the related original Mortgage with respect to manufactured housing units, evidence of recording indicated thereon or a copy thereof certified by the certificate of title, if anyapplicable recording office;
(biii) Either: (i) the original Mortgageeach intervening mortgage assignment, with evidence of recording indicated thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) not available, a copy of the Mortgage thereof certified by the public applicable recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignmentsoffice, if any, showing a complete chain of assignment from the originator of the related Mortgage Loan to the applicable OriginatorSponsor (which assignment may, including any recorded warehousing assignmentsat the Sponsor's option, be combined with evidence of recording thereonthe assignment referred to in subpart (iv) hereof, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsin which case it must be in recordable form, but need not have been previously recorded);
(fiv) A copy of all assumption and modification agreementsa mortgage assignment in recordable form (which, if anyacceptable for recording in the relevant jurisdiction, certified as may be included in a true copy by a Responsible Officer blanket assignment or assignments) of each Mortgage from the applicable OriginatorSponsor to the Indenture Trustee;
(gv) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments assumption, modification and substitution agreements in those instances where the terms or provisions of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of Mortgage or Mortgage Note have been modified or such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land TrustMortgage or Mortgage Note has been assumed; and
(jvi) If the Mortgaged Property is held in an Illinois Land Trust, original title insurance policy or title opinion (or (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trusttitle insurance policy or title opinion, with evidence of filing thereon, and or (CB) the related binder, commitment or preliminary report, or copy thereof in which case the Sponsor hereby certifies that the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be has been delivered to the Trustee title insurance company that issued such binder, commitment or the Custodian: (a) preliminary report). In instances where the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with or any intervening assignments of Mortgage, evidences mortgage assignment or a complete chain of completed assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of in recordable form cannot be delivered by the Assignment from Sponsor to the appropriate recording office Indenture Trustee prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously concurrently with the issuance execution and delivery of the Certificatesthis Agreement (or, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land TrustSubsequent Mortgage Loans, execute a Reassignment of Assignment of Beneficial Interest prior to or on the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(hrelated Subsequent Transfer Date), due to a delay in connection with appropriate alterations to reflect recording, the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Sponsor may:
Appears in 1 contract
Samples: Sale and Servicing Agreement (Accredited Home Lenders Inc)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan:
(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September March 1, 19961999, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the The original Assignment of Mortgage from the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September March 1, 19961999, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The Except with respect to any Mortgage Loan secured by a second priority lien and having a Principal Balance not in excess of $50,000 and listed in EXHIBIT V, the original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same, or original documents of assurance of title;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September March 1, 19961999, Series 19961999-A1" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: .
(a) the original recorded Mortgage in those instances
instances where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy or assurance required in paragraph PARAGRAPH (dD) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses CLAUSES (aA), (bB) and AND (cC); providedPROVIDED, howeverHOWEVER, that if a document described in the preceding clause CLAUSE (aA) or clause OR CLAUSE (bB) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section SECTION 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section SECTION 2.04. Contemporaneously with As promptly as practicable following the issuance occurrence of the CertificatesRecordation Trigger, but in no event more than 90 days following the occurrence of the Recordation Trigger, the Trustee Servicer shall cause the Custodian to at its own expense either (Ai) endorse each Mortgage Note to the order record in favor of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest referred to in paragraphs (c) and (h) of this Section 2.04 with respect to all of the Mortgage Loans in the appropriate real property or other records, or (ii) deliver to the Trustee for an Opinion of Counsel satisfactory to the benefit Rating Agencies and the Certificate Insurer to the effect that recording is not required and no other action on the part of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations such Depositor is required (other than such actions as have been taken) to reflect the interest of protect the Trustee. The Servicer shall promptly cause each Assignment of 's right, title and interest in and to the related Mortgage to be recorded in the applicable recording office in the name of the Trusteeand Note. All recording required pursuant to this Section SECTION 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Home Equity Loan Trust 1999-1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to by manual or facsimile signature without recourse by the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile Originator or manual signature, in the name an Affiliate of the Originator transferring such Mortgage Loan in blank or to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements Trustee showing a complete chain of endorsement endorsements from the originator named payee to such Originator, if the Trustee or from the named payee to the Affiliate of the Originator and from whom such Affiliate to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing unitsThe original recorded Mortgage, noting the certificate presence of titlethe MIN of the Mortgage Loan, if any;
(b) Either: (i) applicable, and language indicating that the original MortgageMortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those jurisdictions where the public recording office retains the original;
(iii) Unless the Mortgage Loan is registered on the MERS® System, an assignment from the Originator or an Affiliate of the Originator to the Trustee in blank or in recordable form of the Mortgage which may be included, where permitted by local law, in a blanket assignment or assignments of the Mortgage to the Trustee, including any intervening assignments and showing a complete chain of title from the original mortgagee named under the Mortgage to the Person assigning the Mortgage Loan to the Trustee (or to MERS, noting the presence of the MIN, if the Mortgage Loan is registered on the MERS® System);
(iv) Any original assumption, modification, buydown or conversion-to- fixed-interest-rate agreement applicable to the Mortgage Loan; and
(v) The original or a copy of the title insurance policy (which may be a certificate or a short form policy relating to a master policy of title insurance) pertaining to the Mortgaged Property, or in the event such original title policy is unavailable, a copy of the preliminary title report and the lender’s recording instructions, with the original to be delivered within 180 days of the Closing Date or an attorney’s opinion of title in jurisdictions where such is the customary evidence of title; or in the event such original or copy of the title insurance policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. In instances where an original recorded Mortgage cannot be delivered by the Seller to the Purchaser prior to or concurrently with the execution and delivery of this Agreement, due to a delay in connection with the recording of such Mortgage, the Seller may, (a) in lieu of delivering such original recorded Mortgage referred to in clause (b)(ii) above, deliver to the Purchaser a copy thereof, provided that the Seller certifies that the original Mortgage has been delivered to a title insurance company for recordation after receipt of its policy of title insurance or binder therefor (which may be a certificate relating to a master policy of title insurance), and (b) in lieu of delivering the completed assignment in recordable form referred to in clause (b)(iii) above to the Purchaser, deliver such assignment to the Purchaser completed except for recording information. In all such instances, the Seller will deliver the original recorded Mortgage and completed assignment (if applicable) to the Purchaser promptly upon receipt of such Mortgage. In instances where an original recorded Mortgage has been lost or not yet returned;
(c) misplaced, the Seller or the related title insurance company may deliver, in lieu of such Mortgage, a copy of such Mortgage bearing recordation information and certified as true and correct by the office in which recordation thereof was made. In instances where the original Assignment or a copy of Mortgage from the Originator transferring such Mortgage Loan title insurance policy referred to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage clause (b)(v) above (which may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original a certificate relating to a master policy of title insurance or insurance) pertaining to the Mortgaged Property relating to a true copy thereof or, if such policy has Mortgage Loan cannot yet been be delivered by the insurerSeller to the Purchaser prior to or concurrently with the execution and delivery of this Agreement because such policy is not yet available, the commitment Seller may, in lieu of delivering the original or binder a copy of such title insurance referred to issue same;
in clause (eb)(v) All intervening assignmentsabove, if any, showing a complete chain of assignment from the originator deliver to the applicable Originator, including any recorded warehousing assignments, Purchaser a binder with evidence respect to such policy (which may be a certificate relating to a master policy of recording thereon, certified by title insurance) and deliver the original or a Responsible Officer copy of such policy (which may be a certificate relating to a master policy of title insurance) to the Purchaser within 180 days of the applicable Originator as a true copy Closing Date. In instances where an original assumption, modification, buydown or conversion-to-fixed- interest-rate agreement cannot be delivered by the Seller to the Purchaser prior to or concurrently with the execution and delivery of this Agreement, the Seller may, in lieu of delivering the original of such intervening assignments;
agreement referred to in clause (fb)(iv) A above, deliver a certified copy of all assumption and modification agreementsthereof. To the extent not already recorded, if any, certified as except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a true copy by a Responsible Officer properly recorded assignment of the applicable Originator;
(g) If Mortgage as the Mortgaged Property is held in an Illinois Land Trustmortgagee of record, the original Servicer, at the expense of the Seller shall promptly (and in no event later than five Business Days following the later of the Closing Date and the date of receipt by the Servicer of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to any Trust REMIC, in the appropriate public office for real property records, each Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
delivered to it pursuant to (hb)(iii) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankabove. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Mortgage Loan was acquired Servicer, at the expense of the Seller, shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, but without limiting the requirement that such Assignments be in recordable form, neither the Servicer nor the Trustee shall be required to submit or cause to be submitted for recording any Assignment delivered to it or a Custodian pursuant to (b)(iii) above if such recordation shall not, as of the Closing Date, be required by the applicable Originator in Rating Agencies, as a mergercondition to their assignment on the Closing Date of their initial ratings to the Certificates, as evidenced by the delivery by the Rating Agencies of their ratings letters on the Closing Date; provided, however, notwithstanding the foregoing, the Reassignment of the Servicer shall submit each Assignment of Beneficial Interest must be by "Originatorfor recording, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust at no expense to the applicable Originator of all of such beneficiaries' rightTrust Fund or the Servicer, title, and interest in, to, and under upon the trust agreement with respect earliest to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, occur of: (A) a certified copy reasonable direction by Holders of Certificates entitled to at least 25% of the instrument creating the Illinois Land TrustVoting Rights, (B) the occurrence of a copy Servicer Event of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land TrustDefault, with evidence of filing thereon, and (C) the original personal guaranty occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (D) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (E) with respect to any one Assignment the occurrence of a foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Seller fails to pay the cost of recording the Assignments, such expense will be paid by the Servicer and such Servicer shall be reimbursed for such expenses by the Trust as Servicing Advances. With respect to a maximum of approximately 5.00% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in (b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Trustee or a Custodian on behalf of the Trustee (as designee of the Purchaser) of a photocopy of such Mortgage Note, executed by each beneficiary if available, with a lost note affidavit. If any of the Illinois Land Trustoriginal Mortgage Notes for which a lost note affidavit was delivered to the Trustee or a Custodian on behalf of the Trustee (as designee of the Purchaser) is subsequently located, such original Mortgage Note shall be delivered to the Trustee or a Custodian on behalf of the Trustee (as designee of the Purchaser) within three Business Days. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or a Custodian on behalf of the Custodian: Trustee (aas designee of the Purchaser) the promptly upon receipt thereof any other original recorded documents constituting a part of a Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the File received with respect to any Mortgage Loan, including, but not limited to, any original recorded Assignment documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan. All original documents relating to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be Mortgage Loans that are not delivered to the Trustee or the a Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order behalf of the Trustee (as designee of the Purchaser) are and shall be held by or on behalf of the Seller, the Purchaser or the 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 this Section to be a part of a Mortgage File, which endorsement such document shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest delivered promptly to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest or a Custodian on behalf of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage Any such original document delivered to be recorded in or held by the applicable recording office in the name of the Trustee. All recording Seller that is not required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, shall be accomplished by and at the expense of delivered promptly to the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Opx1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form "Pay to the order of The First National Bank of BostonXxxxx Fargo Bank, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender's title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.0% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit H attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a the Responsible Officer Party in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Responsible Party, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustPurchaser, the Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Responsible Party) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: "Xxxxx Fargo Bank, N.A., as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Responsible Party and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) written direction by Holders of Certificates entitled to at least 25% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Carrington Mortgage Loan Trust, Series 2006-Opt1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, an accompanying Lost Note Affidavit executed by the certificate of title, if anySeller;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon (andthereon, in the case of and a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trustcopy, signed certified by the trustee of such Illinois Land Trust)appropriate recording office, (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer recorded power of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS® System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the MIN) as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) as an original, photocopy or in electronic form, lender's title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, without recourse." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each such Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund, the Trustee or the Delaware Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Seller further agrees that it shall cause, within 30 Business Days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Purchaser to the Trust in accordance with the Pooling and Servicing Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trust and (b) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it shall not, and shall not permit the Servicer to alter the codes referenced in this paragraph with respect to any recorded warehousing assignmentsMortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement and the Pooling and Servicing Agreement. If any document referred to in Section 4(b)(ii), with evidence Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer's Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer's Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-11)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form "Pay to the order of The First National Bank of BostonXxxxx Fargo Bank, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender's title insurance policy or certified copy thereof or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.0% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit H attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a mergertrue and complete copy of the original. Notice shall be provided to the Purchaser, the Reassignment of Trustee and the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated Rating Agencies by the applicable Originator while doing business under another name, Seller if delivery pursuant to clause (2) above will be made more than 180 days after the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Closing Date. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) or the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after a certified copy or the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Responsible Party) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: "Xxxxx Fargo Bank, N.A., as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Responsible Party and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) written direction by Holders of Certificates entitled to at least 25% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Carrington Mortgage Loan Trust, Series 2006-Fre1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(A1) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank without recourse or in the following form: “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed with respect to any lost Mortgage Note, an original Destroyed Mortgage Lost Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (Affidavit; provided, however, that such Responsible Officer substitutions of Lost Note Affidavits for original Mortgage Notes may complete one occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or more blanket certificates attaching copies equal to 2.00% of one or more Mortgages relating theretothe Pool Balance as of the Cut-off Date;
(2) or the original Mortgage with evidence of recording thereon, and a copy, certified by the closing attorneyappropriate recording office, or by an officer of the title insurer or agent recorded power of the title insurer which issued the related title insurance policy, or commitment thereforattorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(3) an original has been transmitted for recording until such time as the original is returned by the public recording office or Assignment assigned in blank without recourse;
(iii4) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost intervening Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of immediately preceding clause (3) or the original of such unrecorded intervening assignmentsAssignments;
(f5) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(g6) If the original lender’s title insurance policy or an attorney’s opinion of title or similar guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien or second lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired such original title policy is unavailable, a written commitment or originated uniform binder or preliminary report of title issued by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required or escrow company. If any document referred to in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (aSection 4(b)(2), (b) and (c); provided, however, that if a document described in the preceding clause (a4(b)(3) or clause 4(b)(4) above has been submitted for recording but either (bx) has not been returned from the appropriate applicable public recording officeoffice or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor shall deliver a certified copy obligations of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Seller promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Seller in the case of (x) above or Assignment the public recording office in the case of Mortgage(y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Seller, as applicablethen in addition thereto, delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereoflender’s title insurance policy has not yet been issued, the Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. From time Promptly upon receipt by the Seller of any such original title insurance policy, the Seller shall deliver such to time the applicable Depositor may forward Purchaser or any assignee, transferee or designee of the Purchaser. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Seller of the recording information for a Mortgage) submit or cause to be forwarded submitted for recording, at no expense to the Trustee Trust Fund or the Custodian additional Trustee, in the appropriate public office for real property records, each Assignment referred to in (3) and (4) above and shall execute each original documents evidencing an assumption Assignment referred to in (3) in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable agreement”. In the event that any such Assignment is lost or modification returned unrecorded because of a Mortgage Loandefect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. All Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, so long as recordation of an Assignment is not necessary to protect the Trustee’s and the Certificateholders’ interests in the related Mortgage Loan documents held by under the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits laws of the lien and security interest jurisdiction in each manufactured or mobile home and which the related Mortgaged Property is located, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; provided further, however, each Assignment shall be submitted for recording by the Seller (at the direction of the Master Servicer) in the manner described above, at no expense to the Trust Fund or the Trustee, includingupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights or the NIMS Insurer, without limitation(ii) a failure of the Master Servicer Termination Test as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment or Mortgage, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note insolvency or foreclosure relating to the order of Mortgagor under the Trustee related Mortgage. Each original document relating to any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Seller, shall be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with Not less than three (3) Business days prior to the delivery of this Agreementrelated Closing Date, the Depositors delivered or caused Seller shall, with respect to be delivered hereunder to the Trustee the Certificate Insurance Policyeach Mortgage Loan, and each Depositor has delivered to the Trustee (which may be by delivery deliver to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loandocuments:
(Ai) The original Mortgage NoteNote endorsed, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996________, without recourse" and signed, by facsimile or manual signature, signed in the name of the Originator transferring such Seller by an authorized officer. The Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with Note shall include all prior and intervening endorsements showing a complete chain of endorsement title from the originator to such Originatorthe Seller.
(ii) The original recorded Mortgage, with evidence of recording thereon, or, if the Originator original Mortgage has not yet been returned from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Noterecording office, an original Destroyed Mortgage Note Affidavit together with a copy of such the original Mortgage Note attached thereto and, (ii) with respect certified by the Seller to manufactured housing units, be a true copy of the certificate original of title, if any;the Mortgage which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(biii) Either: The original Assignment of each Mortgage, executed in blank.
(iiv) The original policy of title insurance (or a preliminary title report if the original title insurance policy has not been received from the title insurance company).
(v) Originals of any intervening assignments of the Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment thereforor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by intervening assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered returned from the recording office, a copy of such assignment certified by the insurer, the commitment or binder Seller to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as be a true copy of the original of such intervening assignments;the assignment which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(fvi) A copy The original Primary Insurance Policy, if any.
(vii) Originals of all assumption and modification agreements, if any.
(viii) An original assignment in the form of Exhibit __ attached hereto, certified as a true copy by a Responsible Officer of the applicable Originator;
(grelated Mortgage 100(sm) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(hPledge Agreement or Parent Power(R) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of BostonAgreement, as Custodian under the Custodial Agreement dated as of September 1case may be, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property each Mortgage Loan that is held in an Illinois Land TrustAdditional Collateral Mortgage Loan, (A) together with a certified copy of the instrument creating related Mortgage 100(sm) Pledge Agreement or Parent Power(R) Agreement, as the Illinois Land Trustcase may be.
(ix) With respect to each Additional collateral Mortgage Loan, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trustand an original form UCC-3, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, whichif applicable, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage applicable notice of assignment to and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04acknowledgment by Xxxxxxx Lynch, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgagePierce, as applicableXxxxxx & Xxxxx Incorporated, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the same form set forth in Section 2.04(a)(i)as Exhibit __ attached hereto.
(x) An original assignment, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h)of Exhibit A to the Pledged Asset Mortgage Servicing Agreement, with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded related Equity Access(R) mortgage made in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether connection with a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Parent Power(R)
Appears in 1 contract
Samples: Master Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Investors Inc)
Delivery of Mortgage Loan Documents. Contemporaneously with (a) On or prior to the delivery of this AgreementClosing Date or each Subsequent Transfer Date, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered Seller shall deliver to the Trustee (which may be by delivery as assignee of the Depositor pursuant to the Custodian on behalf of the Trustee) Pooling and Servicing Agreement), each of the following documents for each applicable Mortgage Loan:
(Ai) The original Mortgage Note, with any intervening endorsements, endorsed by the holder of record without recourse in the following form: "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996________, without recourse" and signedsigned in the name of the holder of record, and if by the Seller, by facsimile or manual signaturean authorized officer;
(ii) The original Mortgage with evidence of recording indicated thereon; provided, that if such Mortgage has not been returned from the applicable recording office, then such recorded Mortgage shall be delivered when so returned;
(iii) An assignment of the original Mortgage, in suitable form for recordation in the jurisdiction in which the related Mortgaged Property is located, in the name of the Originator transferring such holder of record of the Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or an authorized officer (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, submission for recordation of such assignment in the case of a Mortgage Loan secured by a appropriate real estate recording office for such Mortgaged Property held in an Illinois Land Trust, signed to be received by the trustee of such Illinois Land Trust), (ii) a copy Trustee within 14 days of the Mortgage certified Closing Date or Subsequent Transfer Date, as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (applicable); provided, however, that assignments of mortgages shall not be required to be submitted for recording with respect to any Mortgage Loan if there shall have been delivered on the Closing Date an opinion of counsel in form and substance satisfactory to the Purchaser, the Depositor, the Trustee, each of the Rating Agencies and the Certificate Insurer stating that, in such Responsible Officer may complete one counsel's opinion, the failure to record such assignment shall not have a materially adverse effect on the security interest of the Depositor or more blanket certificates attaching copies the Trustee in the Mortgage; provided, further, that any assignment not submitted for recordation shall be recorded upon the earlier to occur of one or more Mortgages relating thereto(i) or receipt by the closing attorney, or by an officer Trustee of the title insurer or agent Certificate Insurer's written direction to record such Mortgage, (ii) the occurrence of any Event of Default, as such term is defined in the title insurer which issued the related title insurance policyPooling and Servicing Agreement, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy bankruptcy or insolvency proceeding involving the Mortgagor is initiated or foreclosure proceedings are initiated against the Mortgaged Property as a consequence of an event of default under the Mortgage Loan provided, further, that if the related Mortgage has not been returned from the applicable recording office, then such assignment shall be delivered when so returned (and a blanket assignment with respect to such unrecorded Mortgage Loan shall be delivered on the Closing Date);
(iv) Any intervening assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(fv) A copy Any assumption, modification, consolidation or extension agreements; and
(vi) The policy of all assumption title insurance (or a commitment for title insurance, if the policy is being held by the title insurance company pending recordation of the Mortgage) and modification agreementsthe certificate of primary mortgage guaranty insurance, if any, certified issued with respect to such Mortgage Loan, provided, however, that Mortgage Loans with a principal balance under $15,000 as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held Cut-Off Date which are not in an Illinois Land Trusta first lien position and have been submitted for review of title after July 10, the original Assignment of Beneficial Interest1995 shall be exempt from this requirement; and provided, orfurther, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, that Mortgage Loans with a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian principal balance under the Custodial Agreement dated $25,000 as of the Cut-Off Date which are not in a first lien position, which are submitted for review after September 1, 1996, Series 1996-A" or in blank. 1996 and have a second lien ratio of less than 25% shall also be exempt from this requirement.
(b) In the event that the any such Assignment of Mortgage Loan was acquired by the applicable Originator referred to in clause (a)(iii) above is not in a mergersuitable form for recording or is lost or, upon an attempt to record such Assignment of Mortgage, is returned unrecorded because of a defect therein, the Reassignment of the Seller shall promptly prepare a substitute Assignment of Beneficial Interest must be by "OriginatorMortgage or cure such defect, successor by merger to [name of predecessor]"; as the case may be.
(c) The Seller shall, within five Business Days after the receipt thereof, and in any event, no later than 120 days after the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another nameClosing Date, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or its designee (as assignee of the Custodian: Depositor pursuant to the Pooling and Servicing Agreement): (ai) the original recorded Mortgage and related power of attorney, if any, in those instances
instances where a copy thereof certified by the Seller was delivered hereunderto the Trustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement); (bii) the original recorded Assignment of Mortgage from the Seller to the applicable OriginatorTrustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement) delivered pursuant to the foregoing clause (a)(iii) above, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator of the Mortgage Loan to the applicable Originator Trustee in those instances where copies of such Assignments certified by the Seller were delivereddelivered to the Trustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement); and (ciii) the title insurance policy or title opinion required in paragraph clause (da)(vi) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.042.4, in those instances where the public recording office retains the original Mortgage, power of attorney, if any, assignment or Assignment of Mortgage after it has been recorded or such original has been lost, the applicable Depositor Seller shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage hereunder upon delivery to the Trustee or (as assignee of the Custodian Depositor pursuant to the Pooling and Servicing Agreement) of a copy of such Mortgage Mortgage, power of attorney, if any, assignment or Assignment of Mortgage, as applicable, Mortgage certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor Seller may forward or cause to be forwarded to the Trustee or (as assignee of the Custodian Depositor pursuant to the Pooling and Servicing Agreement) additional original documents evidencing an assumption or modification of a Mortgage Loan. .
(d) All original documents relating to the Mortgage Loan documents Loans that are not delivered to the Trustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement) as permitted by this Section 2.4 are and shall be held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest Seller in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee trust for the benefit of the CertificateholdersTrustee on behalf of the Certificateholders and the Certificate Insurer. In the event that any such original document is required pursuant to the terms of this Section 2.4 to be a part of a Mortgage File, which endorsement such document shall be delivered promptly to the Trustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement). From and after the sale of the Mortgage Loans to the Depositor pursuant hereto, to the extent that the Seller retains legal title of record to any Mortgage Loans prior to the vesting of legal title in substantially the form set forth in Section 2.04(a)(iTrustee (as assignee of the Depositor pursuant to the Pooling and Servicing Agreement), with appropriate alterations to reflect such title shall be retained in trust for the interest Depositor as the owner of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer Mortgage Loans and the Trustee, (B) execute (or complete) each Assignment of Mortgage to as the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentDepositor's assignee.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Prudential Securities Secured Financing Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with Note (including any intervening endorsementsriders thereto), endorsed in blank or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if anyTrustee;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon (andthereon, in and the case original recorded power of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS(R)System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller (at the expense of the Originator) promptly shall (within sixty days following the later of the Closing Date and the date of the receipt by the Originator of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund or the Trustee under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute or cause to be executed each original Assignment in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller (at the expense of the Originator) promptly shall prepare or cause to be prepared a substitute Assignment or cure such defect, including as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit K to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator or its agent in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All In connection with the assignment of any Mortgage Loan documents held registered on the MERS(R) System, the Seller further agrees that it will cause (at the expense of the Originator), within 30 Business Days after the Closing Date, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property Purchaser to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously Trustee in accordance with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee Pooling and Servicing Agreement for the benefit of the Certificateholders, Certificateholders by including in such computer files (a) the code in the field which endorsement shall be in substantially identifies the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the specific Trustee and (Cb) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with respect such Mortgage Loans. Each original document relating to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest Mortgage Loan which is not delivered to the Trustee Purchaser or its assignee, transferee or designee, if held by the Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which reassignment shall be substantially in the form set forth in Section 2.04(h)its assignee, with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument transferee or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Broth Mort Sec Vii Inc Citi Hm Eq Ln Tr Se 2003-He1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, with an accompanying Lost Note Affidavit executed by the Seller;
(ii) the original Mortgage with respect to manufactured housing unitsevidence of recording thereon, and a copy, certified by the certificate appropriate recording office, of titlethe recorded power of attorney, if any;
(b) Either: (i) the original MortgageMortgage was executed pursuant to a power of attorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, (or a copy of the above, in the case of any Washington Mutual Mortgage Loans) together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, including without recourse." In the event that any recorded warehousing assignmentssuch Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with evidence respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. If any document referred to in Section 4(b)(ii), Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer's Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer's Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl2 Asset-Backed Certificates)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form: “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, with an accompanying Lost Note Affidavit executed by the Seller;
(ii) the original Mortgage with respect to manufactured housing unitsevidence of recording thereon, and a copy, certified by the certificate appropriate recording office, of titlethe recorded power of attorney, if any;
(b) Either: (i) the original MortgageMortgage was executed pursuant to a power of attorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender’s title insurance policy, (or a copy of the above, in the case of any Washington Mutual Mortgage Loans) together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, including without recourse.” In the event that any recorded warehousing assignmentssuch Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with evidence respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. If any document referred to in Section 4(b)(ii), Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer’s Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer’s Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl3)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form: “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, an accompanying Lost Note Affidavit executed by the certificate of title, if anySeller;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon (andthereon, in the case of and a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trustcopy, signed certified by the trustee of such Illinois Land Trust)appropriate recording office, (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer recorded power of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS® System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the MIN) as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) as an original, photocopy or in electronic form, lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, without recourse.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each such Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund, the Trustee or the Delaware Trustee, upon the earliest to occur of:
(i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights,
(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Seller further agrees that it shall cause, within 30 Business Days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Purchaser to the Trust in accordance with the Pooling and Servicing Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trust and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it shall not, and shall not permit the Servicer to alter the codes referenced in this paragraph with respect to any recorded warehousing assignmentsMortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement and the Pooling and Servicing Agreement. If any document referred to in Section 4(b)(ii), with evidence Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer of the Seller in the case of
(x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer’s Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer’s Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such Mortgage Loan to following form: "U.S. Bank National Association as Trustee under the applicable Depositor pursuant to the Transfer Agreement by assignment to agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the original Assignment of Beneficial Interest, or, if Purchaser (or the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If Fund or the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian Trustee under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of Seller promptly shall prepare a substitute Assignment or cure such defect, as the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, with respect to a maximum of approximately 1.0% of the Mortgage Loans, by aggregate principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit 7 attached hereto. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser or any assignee, transferee or designee of the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable Depositor public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Seller shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. The Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt by the Seller of any such original documents evidencing an assumption or modification of title insurance policy. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 1999-NCC)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan:
(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September December 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September December 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September December 1, 1996, Series 1996-A4" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: .
(a) the original recorded Mortgage in those instances
instances where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Asset Backed Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors Each Transferor has delivered or caused to be delivered hereunder to the Trustee related Transferee or its designee in accordance with the Certificate Insurance Policyinstructions of such Transferee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loanreferred to in Section 2.04 of the Pooling and Servicing Agreement, as follows:
(i) (A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of BostonBankBoston, N.A., as Custodian under the Custodial Agreement dated as of September May 1, 19961997, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement Transferor by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator of such Mortgage Note to such Originatorthe related Transferor, if the Originator from whom the Depositor acquired such Mortgage Loan applicable Transferor was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto andhereto, and (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a an Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy (A) by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement Transferor (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or (B) by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the The original Assignment of Mortgage in recordable form from the Originator transferring such Mortgage Loan applicable Transferor in blank or to the order of the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local lawTransferee;
(d) The Except with respect to any Mortgage Loan secured by a second priority lien and having a Principal Balance not in excess of $30,000, the original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same, or original documents of assurance of title;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator thereof to the applicable OriginatorTransferor, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator Transferor as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable OriginatorTransferor;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator Transferor in blank or to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment order of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]"Transferee;
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator Transferor of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Transferor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the CustodianTransferees: (a) the original recorded Mortgage in those instances
instances where a copy thereof certified by such Transferor was delivered hereunderto the related Transferee; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.intervening
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(A1) The the original Mortgage Note, with any intervening endorsements, endorsed in blank without recourse or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed with respect to any lost Mortgage Note, an original Destroyed Mortgage Lost Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (Affidavit; provided, however, that such Responsible Officer substitutions of Lost Note Affidavits for original Mortgage Notes may complete one occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or more blanket certificates attaching copies equal to 2.00% of one or more Mortgages relating theretothe Pool Balance as of the Cut-off Date;
(2) or the original Mortgage with evidence of recording thereon, and a copy, certified by the closing attorneyappropriate recording office, or by an officer of the title insurer or agent recorded power of the title insurer which issued the related title insurance policy, or commitment thereforattorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(3) an original has been transmitted for recording until such time as the original is returned by the public recording office or Assignment assigned in blank, without recourse;
(iii4) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost intervening Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of immediately preceding clause (3) or the original of such unrecorded intervening assignmentsAssignments;
(f5) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(g6) If the original lender's title insurance policy or an attorney's opinion of title or similar guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired such original title policy is unavailable, a written commitment or originated uniform binder or preliminary report of title issued by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required or escrow company. If any document referred to in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (aSection 4(b)(2), (b) and (c); provided, however, that if a document described in the preceding clause (a4(b)(3) or clause 4(b)(4) above has been submitted for recording but either (bx) has not been returned from the appropriate applicable public recording officeoffice or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor shall deliver a certified copy obligations of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Seller promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Seller in the case of (x) above or Assignment the public recording office in the case of Mortgage(y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Seller, as applicablethen in addition thereto, delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereoflender's title insurance policy has not yet been issued, the Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. From time Promptly upon receipt by the Seller of any such original title insurance policy the Seller shall deliver such to time the applicable Depositor may forward Purchaser or any assignee, transferee or designee of the Purchaser. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Seller of the recording information for a Mortgage) submit or cause to be forwarded submitted for recording, at no expense to the Trustee Trust Fund or the Custodian additional Trustee, in the appropriate public office for real property records, each Assignment referred to in (3) and (4) above and shall execute each original documents evidencing an assumption Assignment referred to in (3) in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement". In the event that any such Assignment is lost or modification returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage Loan. All shall not be required to be submitted for recording (except with respect to any Mortgage Loan documents located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates (without regard to the Policy); provided further, however, each Assignment shall be submitted for recording by the Seller in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, the Certificate Insurer or the NIMS Insurer, if any, (ii) a failure of the Master Servicer Termination Test as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one assignment or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with Note (including any intervening endorsementsriders thereto), endorsed in blank or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if anyTrustee;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon (andthereon, in and the case original recorded power of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS(R)System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller (at the expense of the Originator) promptly shall (within sixty days following the later of the Closing Date and the date of the receipt by the Originator of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund or the Trustee under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute or cause to be executed each original Assignment in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller (at the expense of the Originator) promptly shall prepare or cause to be prepared a substitute Assignment or cure such defect, including as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit K to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator or its agent in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All In connection with the assignment of any Mortgage Loan documents held registered on the MERS(R) System, the Seller further agrees that it will cause (at the expense of the Originator), within 30 Business Days after the Closing Date, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property Purchaser to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously Trustee in accordance with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee Pooling and Servicing Agreement for the benefit of the Certificateholders, Certificateholders by including in such computer files (a) the code in the field which endorsement shall be in substantially identifies the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the specific Trustee and (Cb) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with respect such Mortgage Loans. Notwithstanding the foregoing, the Originator shall not be responsible for the expense of more than one transfer on the MERS(R) System at the direction of the Seller or the Purchaser. Each original document relating to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest Mortgage Loan which is not delivered to the Trustee Purchaser or its assignee, transferee or designee, if held by the Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which reassignment shall be substantially in the form set forth in Section 2.04(h)its assignee, with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument transferee or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Broth Mort Sec Vii Inc Citi Hm Eq Ln Tr Se 2003-He1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if anyTrustee;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon (andthereon, in and the case original recorded power of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS(R)System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Originator promptly shall (within sixty Business Days following the later of the Closing Date and the date of receipt by the Originator of the recording thereoninformation for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in Section 4(b)(iii) and (iv) above and in connection therewith, the Originator shall execute each original Assignment in the following form: "U.S. Bank National Association, as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, to the extent that the Originator has performed the duties with the respect to any Mortgage Loan referenced in this paragraph in connection with the transfer of such Mortgage Loan to the Seller, references to the Originator in this paragraph shall be deemed to be references to the Seller. In connection with the assignment of any Mortgage Loan registered on the MERS(R) System, the Originator further agrees that it will cause, within 30 Business Days after the Closing Date, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Purchaser to the Trustee in accordance with the Pooling and Servicing Agreement for the benefit of the Certificateholders by including in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. Notwithstanding the foregoing, the Originator shall not be responsible for the expense of more than one transfer on the MERS(R) System at the direction of the Seller or the Purchaser. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. The Originator shall provide notice to the Illinois Land Trust, Seller and the Seller shall provide such notice to the Trustee and the Rating Agencies if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cert Se 03 WMC)
Delivery of Mortgage Loan Documents. Contemporaneously (a) In connection with the delivery transfer and assignment of this Agreement(1) the Initial Mortgage Loans, on or before the Closing Date, and (2) the Subsequent Mortgage Loans, on or prior to the Subsequent Transfer Date, the Depositors delivered last assignee thereof shall deliver, or caused cause to be delivered hereunder delivered, to the Indenture Trustee (as pledgee of the Certificate Insurance Policy, and each Depositor has delivered Trust pursuant to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of Indenture), the following documents for or instruments constituting the Indenture Trustee's Mortgage File with respect to each Mortgage LoanLoan so transferred or assigned:
(Ai) The the original Mortgage Note, with any intervening endorsementsendorsed without recourse in blank by the Sponsor, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with including all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, endorsement;
(ii) the related original Mortgage with respect to manufactured housing units, evidence of recording indicated thereon or a copy thereof certified by the certificate of title, if anyapplicable recording office;
(biii) Either: (i) the original Mortgageeach intervening mortgage assignment, with evidence of recording indicated thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) not available, a copy of the Mortgage thereof certified by the public applicable recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignmentsoffice, if any, showing a complete chain of assignment from the originator of the related Mortgage Loan to the applicable OriginatorSponsor (which assignment may, including any recorded warehousing assignmentsat the Sponsor's option, be combined with evidence of recording thereonthe assignment referred to in subpart (iv) hereof, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsin which case it must be in recordable form, but need not have been previously recorded);
(fiv) A copy of all assumption and modification agreementsa mortgage assignment in recordable form (which, if anyacceptable for recording in the relevant jurisdiction as evidenced by an opinion of counsel addressed to the Indenture Trustee, certified as may be included in a true copy by a Responsible Officer blanket assignment or assignments) of each Mortgage from the applicable OriginatorSponsor to the Indenture Trustee;
(gv) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments assumption, modification and substitution agreements in those instances where the terms or provisions of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of Mortgage or Mortgage Note have been modified or such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land TrustMortgage or Mortgage Note has been assumed (if any); and
(jvi) If the Mortgaged Property is held in an Illinois Land Trust, original title insurance policy or title opinion (or (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trusttitle insurance policy or title opinion, with evidence of filing thereon, and or (CB) the related binder, commitment or preliminary report, or copy thereof in which case the Sponsor hereby certifies that the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be has been delivered to the Trustee title insurance company that issued such binder, commitment or the Custodian: (a) preliminary report). In instances where the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with or any intervening assignments of Mortgage, evidences mortgage assignment or a complete chain of completed assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of in recordable form cannot be delivered by the Assignment from Sponsor to the appropriate recording office Indenture Trustee prior to or concurrently with the expiration execution and delivery of such twelve-month period. Notwithstanding anything this Agreement due to the contrary contained a delay in this Section 2.04connection with recording, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Sponsor may:
Appears in 1 contract
Samples: Sale and Servicing Agreement (Accredited Home Lenders Accredited Mort Loan Trust 2002-2)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form “Pay to the order of The First National Bank of BostonXxxxx Fargo Bank, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender’s title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.0% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustPurchaser, the Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Responsible Party) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: “Xxxxx Fargo Bank, N.A., as Trustee under the applicable agreement.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Responsible Party and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Carrington Mortgage Loan Trust, Series 2006-Nc5)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form: “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, with an accompanying Lost Note Affidavit executed by the Seller;
(ii) the original Mortgage with respect to manufactured housing unitsevidence of recording thereon, and a copy, certified by the certificate appropriate recording office, of titlethe recorded power of attorney, if any;
(b) Either: (i) the original MortgageMortgage was executed pursuant to a power of attorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, including without recourse.” In the event that any recorded warehousing assignmentssuch Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with evidence respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. If any document referred to in Section 4(b)(ii), Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer’s Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer’s Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender’s title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund or the Trustee under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute each original Assignment in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, including the Seller promptly shall prepare a substitute Assignment or cure such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording thereon(except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates (which in the case of the Insured Certificates shall be without regard to the Policy); provided, however, each Assignment shall be submitted for recording by the Seller in the manner described above, at no expense to the Purchaser, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iii) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (iv) with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (v) any Mortgage Loan that is 90 days or more Delinquent. Upon (a) receipt of written notice that recording of the Assignments is required pursuant to one or more of the conditions (excluding condition (v) above) set forth in the preceding sentence or (b) upon the occurrence of condition (vi) in the preceding sentence, the Seller shall be required to deliver such Assignments within 30 days following receipt of such notice. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser or its assignee, transferee or designee of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser or its assignee, transferee or designee promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee Purchaser or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originatorits assignee, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days transferee or designee promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee Purchaser or the Custodian each document described in its assignee, transferee or designee promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-B)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form "Pay to the order of The First National Bank of BostonWells Fargo Bank, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1applicable agreemenx, 1996, without xxthout recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender's title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.0% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustPurchaser, the Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Responsible Party) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: "Wells Fargo Bank, N.A., as Trustee under the applicable agreement." Ix xxx event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Responsible Party and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Carrington Mortgage Loan Trust, Series 2006-Nc2)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "Pay to in one of the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, following forms: (i) in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible OfficerTrustee or (ii) in blank, in each case, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan in recordable form in blank or to the applicable Depositor pursuant to the Transfer Agreement Trustee;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage in blank or to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original of or a copy of each related assumption, including any recorded warehousing assignmentsmodification, consolidation or extension agreement, with evidence of recording thereon, if any;
(vi) with respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject to a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance Policy or certificate;
(vii) the original mortgagee title insurance policy or an attorney’s opinion of title where customary; and
(viii) any of the following that are in the possession of the Seller or a document custodian on its behalf: (A) the original of or a copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage or (B) the original of or a copy of any power of attorney, if applicable. With respect to a maximum of approximately 5.00% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Trust Administrator (as designee of the Purchaser) of a photocopy of such Mortgage Note, if available, with a lost note affidavit. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Trust Administrator is subsequently located, such original Mortgage Note shall be delivered to the Trust Administrator within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trust Administrator of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Trust Administrator promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator public recording office to "The First National Bank be a true and complete copy of Bostonthe original. To the extent not already recorded, as Custodian under the Custodial Trust Administrator, at the expense of the Seller shall pursuant to the Pooling and Servicing Agreement dated as promptly (and in no event later than three months following the later of September 1the Closing Date and the date of receipt by the Trust Administrator of the recording information for a Mortgage) submit or cause to be submitted for recording, 1996at no expense to the Trust Estate or the Trust Administrator, Series 1996-A" or in blankthe appropriate public office for real property records, each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) above. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Mortgage Loan was acquired Trust Administrator, at the expense of the Seller, shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, but without limiting the requirement that such Assignments be in recordable form, neither the Trust Administrator nor the Trustee shall be required to submit or cause to be submitted for recording each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) if such recordation shall not, as of the Closing Date, be required by the applicable Originator in Rating Agencies, as a mergercondition to their assignment on the Closing Date of their initial ratings to the Certificates, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated as evidenced by the applicable Originator while doing business under another name, delivery by the Reassignment Rating Agencies of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If their ratings letters on the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land TrustClosing Date. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the Trust Administrator promptly upon receipt thereof any other original recorded Mortgage in those instances
where documents constituting a copy thereof was delivered hereunder; (b) the original recorded Assignment part of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption assumption, modification, consolidation or modification extension of a any Mortgage Loan. All original documents relating to the Mortgage Loan documents Loans that are not delivered to the Trust Administrator are and shall be held by or on behalf of the Trustee Seller, each Servicer or the Custodian as to each Mortgage Loan are referred to herein Purchaser, as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest case may be, in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee trust for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit on behalf of the Certificateholders, which reassignment shall be substantially in . In the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished delivered promptly to the Trust Administrator. Any such original document delivered to or held by and at the expense Seller or the Purchaser that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or documentMortgage File, stapling of an attachment shall be a sufficient affixation delivered promptly to cause the attachment to constitute part of the instrument or documentrelated Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-He2)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form: “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, an accompanying Lost Note Affidavit executed by the certificate of title, if anySeller;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon (andthereon, in the case of and a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trustcopy, signed certified by the trustee of such Illinois Land Trust)appropriate recording office, (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer recorded power of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS® System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the MIN) as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, without recourse.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each such Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Seller further agrees that it shall cause, within 30 Business Days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Purchaser to the Trustee in accordance with the Pooling and Servicing Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it shall not, and shall not permit the Master Servicer to alter the codes referenced in this paragraph with respect to any recorded warehousing assignmentsMortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement and the Pooling and Servicing Agreement. If any document referred to in Section 4(b)(ii), with evidence Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer of the Seller in the case of
(x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer’s Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer’s Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or ----------------------------------- prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form "Pay to the order of The First National Bank of BostonWells Fargo Bank, as Custodian N.A., xx Xrustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender's title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.0% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 2(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit H attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustPurchaser, the Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Originator) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: "Wells Fargo Bank, N.A., xx Xrustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to each be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland, Florida, Hawaii and Mississippi) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Originator and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more Delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Opt1)
Delivery of Mortgage Loan Documents. Contemporaneously (a) .
(a) In connection with the delivery transfer and assignment of this Agreementthe Mortgage Loans, the Depositors delivered Depositor does hereby with respect to the Mortgage Loans, deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyCollateral Agent, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of Trustee the following documents for or instruments with respect to each Mortgage LoanLoan so transferred or assigned:
(Ai) The the original Mortgage Note, with any intervening endorsementsendorsed without recourse in blank by the related Originator, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with including all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, endorsement;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, related Mortgage with evidence of recording indicated thereon (and, in the case of or a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed copy thereof certified by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or office;
(iii) a the recorded Assignment of Mortgage, or copy of the Mortgage thereof certified by the public applicable recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignmentsoffice, if any, showing a complete chain of assignment from the originator original mortgagee/secured party of the related Mortgage Loan to the applicable related Originator (which assignment may, at such Originator's option, including any recorded warehousing assignments, be combined with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsassignment referred to in subpart (iv) hereof);
(fiv) A copy an Assignment of all assumption and modification agreementsMortgage in recordable form (which, if anyacceptable for recording in the relevant jurisdiction, certified as may be included in a true copy by a Responsible Officer blanket assignment or assignments) of each Mortgage from the applicable Originatorrelated Originator to the Trustee;
(gv) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments assumption, modification and substitution agreements in those instances where the terms or provisions of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of Mortgage or Mortgage Note have been modified or such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land TrustMortgage or Mortgage Note has been assumed; and
(jvi) If the Mortgaged Property is held in an Illinois Land Trust, original title insurance policy (or (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing title insurance policy, or (B) a binder thereof or copy of such binder together with a certificate from the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) related Originator that the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be has been delivered to the Trustee or the Custodian: (a) title insurance company that issued such binder for recordation). In instances where the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the and any original recorded Assignment of Mortgage thereof pursuant to clause (iii) above cannot be delivered by the Depositor to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations Collateral Agent on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order behalf of the Trustee for prior to or concurrently with the benefit execution and delivery of the Certificateholdersthis Agreement, which endorsement shall be due to a delay in substantially the form set forth in Section 2.04(a)(i), connection with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositorsrecording, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Depositor may:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors delivered or caused to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan:
(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston[Trustee], as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September 1_____, 1996199_, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the The original Assignment of Mortgage from the Originator transferring that transferred such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston[Trustee], as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September 1_____, 1996199_, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The Except with respect to any Mortgage Loan secured by a second priority lien and having a Principal Balance not in excess of $50,000 and listed in Exhibit V, the original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same, or original documents of assurance of title;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston[Trustee], as Custodian Trustee under the Custodial Pooling and Servicing Agreement dated as of September 1_____, 1996199_, Series 1996-A199_-_" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: .
(a) the original recorded Mortgage in those instances
instances where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy or assurance required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with As promptly as practicable following the issuance occurrence of the CertificatesRecordation Trigger, but in no event more than 90 days following the occurrence of the Recordation Trigger, the Trustee Servicer shall cause the Custodian to at its own expense either (Ai) endorse each Mortgage Note to the order record in favor of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest referred to in paragraphs (c) and (h) of this Section 2.04 with respect to all of the Mortgage Loans in the appropriate real property or other records, or (ii) deliver to the Trustee for an Opinion of Counsel satisfactory to the benefit Rating Agencies and the Certificate Insurer to the effect that recording is not required and no other action on the part of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations such Depositor is required (other than such actions as have been taken) to reflect the interest of protect the Trustee. The Servicer shall promptly cause each Assignment of 's right, title and interest in and to the related Mortgage to be recorded in the applicable recording office in the name of the Trusteeand Note. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Eqcc Receivables Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with The Originator will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First Norwest Bank Minnesota, National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement in blank;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(gvi) If the original lender's title insurance policy or an attorney's opinion of title or similar, guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is held unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. The Originator shall promptly (and in an Illinois Land Trustno event later than thirty (30) Business Days, an original Reassignment subject to extension upon mutual agreement between the Originator and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment of Beneficial Interest from the applicable Custodian and (iii) the date of receipt by the Originator of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund or the Trustee, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in (iii) in the following form: "The First Norwest Bank Minnesota, National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankapplicable agreement". In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver prepare or cause to be delivered to the Trustee prepared a substitute Assignment or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver cure or cause to be delivered cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); providedforegoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the assignments of Mortgage shall not be required to be submitted for recording with respect to any Mortgage Loan if the Trustee and each Rating Agency has received an opinion of counsel, satisfactory in form and substance to each Rating Agency, to the effect that if the recordation of such Assignments in any specific jurisdiction is not necessary to protect the Trustee's interest in the related Mortgage Note; provided further, however, notwithstanding the delivery of any opinion of counsel, each assignment of Mortgage shall be submitted for recording by the Originator in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of the Originator, (iv) the occurrence of a document servicing transfer as described in Section 7.02 of the preceding clause Pooling and Servicing Agreement , (av) or clause (b) has if the Originator is not been returned from the appropriate public recording officeMaster Servicer and with respect to any one Assignment of Mortgage, the applicable Depositor shall deliver occurrence of a certified copy of bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and a receipted copy (vi) any Mortgage Loan that is 90 days or more delinquent. Notwithstanding the foregoing, if the Originator is unable to pay the cost of recording the Assignment from Assignments of Mortgage, such expense will be paid by the appropriate recording office prior to the expiration of such twelve-month periodTrustee. Notwithstanding anything to the contrary contained in this Section 2.044, if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor obligations of the Originator hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Originator promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Originator in the case of (x) above or Assignment the public recording office in the case of Mortgage, as applicable, (y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Originator shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. Promptly upon receipt by the Originator of any such original documents evidencing an assumption title insurance policy the Originator shall deliver such to the Purchaser or modification any assignee, transferee or designee of the Purchaser. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeOriginator, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Floating Rate Mort Pass Through Cert Series 2000-1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form “Pay to the order of The First National Bank of BostonXxxxx Fargo Bank, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender’s title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.00% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 2(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit H attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustPurchaser, the Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Originator) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: “Xxxxx Fargo Bank, N.A., as Trustee under the applicable agreement.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland and Florida) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Originator and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25.00% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more Delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-Opt4)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender's title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.0% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustPurchaser, the Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Responsible Party) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Responsible Party and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form “Pay to the order of The First National Bank of BostonXxxxx Fargo Bank, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender’s title insurance policy or certified copy thereof or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.0% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a mergertrue and complete copy of the original. Notice shall be provided to the Purchaser, the Reassignment of Trustee and the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated Rating Agencies by the applicable Originator while doing business under another name, Seller if delivery pursuant to clause (2) above will be made more than 180 days after the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Closing Date. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) or the original personal guaranty of lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after a certified copy or the Closing Date, original lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Responsible Party) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: “Xxxxx Fargo Bank, N.A., as Trustee under the applicable agreement.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Responsible Party and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) written direction by Holders of Certificates entitled to at least 25% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Carrington Mortgage Loan Trust, Series 2007-Fre1)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsementsall riders, endorsed "in blank, without recourse, or in the following form: “Pay to the order of The First National Bank of BostonNew York, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed with respect to any lost Mortgage Note, an original Destroyed Mortgage Lost Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (Affidavit; provided, however, that such Responsible Officer substitutions of Lost Note Affidavits for original Mortgage Notes may complete one occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or more blanket certificates attaching copies equal to 2% of one or more Mortgages relating theretothe aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date;
(ii) or in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, with all riders, with evidence of recording thereon, and a copy, certified by the closing attorneyappropriate recording office, or by an officer of the title insurer or agent recorded power of the title insurer which issued the related title insurance policy, or commitment thereforattorney, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) in the case of each Mortgage Loan that is not a copy MERS Mortgage Loan, an original Assignment assigned in blank, without recourse;
(iv) in the case of the each Mortgage certified by the public recording office in those instances where Loan that is not a MERS Mortgage Loan, the original recorded Mortgage has been lost intervening Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii) or the original unrecorded intervening Assignments;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender’s title insurance policy or an attorney’s opinion of title or similar guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is located, together with all endorsements or riders which were issued with or subsequent to the issuance of such policy, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. In addition, in connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will cause, at its expense, the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Purchaser, or its designee, 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 series of Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it will not alter the information referenced in this paragraph with respect to any recorded warehousing assignmentsrelated Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased is accordance with the terms of this Agreement. If any document referred to in Section 4(b)(ii), with evidence of recording thereon4(b)(iii) or 4(b)(iv) above has, certified by a Responsible Officer as of the Closing Date, been submitted for recording but either (x) has not been returned from the applicable Originator as a true copy of public recording office or (y) has been lost or such public recording office has retained the original of such intervening assignments;
(f) A copy of all assumption and modification agreementsdocument, if any, certified as a true copy by a Responsible Officer the obligations of the applicable Originator;
Seller to deliver such documents shall be deemed to have been satisfied upon (g1) If delivery by or on behalf of the Mortgaged Property is held in an Illinois Land TrustSeller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
the Seller or the Originator in the case of (hx) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from above or the applicable public recording office in the case of (y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Seller or the Originator then in addition thereto deliver promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to "The First National Bank be a true and complete copy of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankoriginal. In the event that the Mortgage Loan original lender’s title insurance policy was acquired by the applicable Originator in a mergernot delivered pursuant to 4(b)(vi) above, the Reassignment Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another namePurchaser promptly after receipt thereof, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trustlender’s title insurance policy. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee Purchaser or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originatorany assignee, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver transferee or cause to be delivered to the Trustee or the Custodian each document described in any designee of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if promptly upon receipt thereof any other original documents constituting a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy part of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Seller receives the Assignment from the Purchaser or the Trustee and (iii) the date of receipt by the Seller of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Purchaser, the Trust Fund, the Servicer or the Trustee, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in (iii) in the following form: “The Bank of New York, as Trustee under the applicable agreement”. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan documents located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; provided further, however, each Assignment shall be submitted for recording by the Seller (at the direction of the Servicer) in the manner described above, at no expense to the Purchaser, the Trust Fund, the Servicer or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights or the NIMS Insurer, if any, (ii) [reserved], (iii) the occurrence of the bankruptcy or insolvency of the Originator, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (vi) with respect to any Assignments, the payment in full of the related Mortgage Note. Each original document relating to any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GE-WMC Asset-Backed Pass Through Certificates, Series 2005-1)
Delivery of Mortgage Loan Documents. Contemporaneously with Not less than three (3) Business Days prior to the delivery of this Agreementrelated Closing Date, the Depositors delivered or caused Seller shall, with respect to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan, deliver to the Custodian, the following documents:
(Ai) The original Mortgage NoteNote endorsed, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996____________________________, without recourse" and signed, by facsimile or manual signature, signed in the name of the Originator transferring such Seller by an authorized officer. The Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with Note shall include all prior and intervening endorsements showing a complete chain of endorsement title from the originator to such Originatorthe Seller.
(ii) The original recorded Mortgage, with evidence of recording thereon, or, if the Originator original Mortgage has not yet been returned from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Noterecording office, an original Destroyed Mortgage Note Affidavit together with a copy of such the original Mortgage Note attached thereto and, (ii) with respect certified by the Seller to manufactured housing units, be a true copy of the certificate original of title, if any;the Mortgage which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(biii) Either: The original Assignment of each Mortgage, executed in blank and in recordable form.
(iiv) The original policy of title insurance (or a preliminary title report if the original title insurance policy has not been received from the title insurance company).
(v) Originals of any intervening assignments of the Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment thereforor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by intervening assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered returned from the recording office, a copy of such assignment certified by the insurer, the commitment or binder Seller to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as be a true copy of the original of such intervening assignments;the assignment which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(fvi) A copy The original Primary Insurance Policy, if any.
(vii) Originals of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;.
(gviii) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with With respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land TrustAdditional Collateral Mortgage Loans, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing Mortgage 100 Pledge Agreement or Parent Power(R) Agreement, as the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and case maybe. If (Ca) the original personal guaranty of Mortgage was not delivered pursuant to clause (ii) above, (b) any intervening assignment was not delivered pursuant to clause (v) above or (c) the Mortgage Noteoriginal title insurance policy was not delivered pursuant to clause (iv) above, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its best reasonable efforts to promptly deliver or secure the delivery of such originals and shall cause such originals to be delivered to the Trustee Purchaser or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was Custodian promptly upon receipt thereof. If any such document is not so delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from Purchaser or the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and Custodian within two hundred seventy (c270) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after days following the Closing Date, deliver the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased or cause substituted for by the Seller at the price and in the manner specified in Section 5(c). If the Purchaser finds any document or documents constituting a part of a Mortgage File to be delivered to the Trustee or the Custodian each document described defective in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording officematerial respect, the applicable Depositor Purchaser shall deliver promptly so notify the Seller. The Seller shall have a certified copy period of ninety (90) days 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, the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to Seller will, not later than the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage cure period described above, repurchase or Assignment of Mortgage upon delivery to substitute for the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All related Mortgage Loan documents held by at the Trustee or price and in the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form manner set forth in Section 2.04(a)(i5(c), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each . No Assignment of Mortgage shall be recorded so long as MLCC is the Company under the Master Servicing Agreement unless the Purchaser is required to record Assignments of Mortgage pursuant to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest terms of a securitization of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentLoans.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Investors Inc)
Delivery of Mortgage Loan Documents. Contemporaneously (a) In connection with the delivery transfer and assignment of this Agreementthe Mortgage Loans, the Depositors delivered Depositor does hereby with respect to the Initial Mortgage Loans, and will, on or caused before each Subsequent Transfer Date, if any, with respect to Subsequent Mortgage Loans, deliver or cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyCollateral Agent, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of Trustee the following documents for or instruments with respect to each Mortgage LoanLoan so transferred or assigned:
(Ai) The the original Mortgage Note, with any intervening endorsementsendorsed without recourse in blank by the related Originator, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with including all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, endorsement;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the related original Mortgage, Mortgage with evidence of recording indicated thereon (and, in and the case original recorded power of attorney or a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed copy thereof certified by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or office;
(iii) a the original recorded Assignment of Mortgage, or copy of the Mortgage thereof certified by the public applicable recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignmentsoffice, if any, showing a complete chain of assignment from the originator original mortgagee/secured party of the related Mortgage Loan to the applicable related Originator (which assignment may, at such Originator's option, including any recorded warehousing assignments, be combined with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsassignment referred to in subpart (iv) hereof);
(fiv) A copy an Assignment of all assumption and modification agreementsMortgage in recordable form (which, if anyacceptable for recording in the relevant jurisdiction, certified as may be included in a true copy by a Responsible Officer blanket assignment or assignments) of each Mortgage from the applicable Originatorrelated Originator to the Trustee;
(gv) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments assumption, modification and substitution agreements in those instances where the terms or provisions of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of Mortgage or Mortgage Note have been modified or such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land TrustMortgage or Mortgage Note has been assumed; and
(jvi) If the Mortgaged Property is held in an Illinois Land Trust, original title insurance policy (or (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing title insurance policy, or (B) a binder thereof or copy of such binder together with a certificate from the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) related Originator that the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be has been delivered to the Trustee or the Custodian: (a) title insurance company that issued such binder for recordation). In instances where the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the and any original recorded Assignment of Mortgage thereof pursuant to clause (iii) above cannot be delivered by the Depositor to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations Collateral Agent on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order behalf of the Trustee for prior to or concurrently with the benefit execution and delivery of the Certificateholdersthis Agreement (or, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trustany Subsequent Mortgage Loans, execute a Reassignment of Assignment of Beneficial Interest prior to or on the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(hSubsequent Transfer Date), due to a delay in connection with appropriate alterations to reflect recording, the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Depositor may:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Delivery of Mortgage Loan Documents. Contemporaneously In connection with the delivery of this Agreementeach conveyance pursuant to Section 2.01 hereof, the Depositors Depositor has delivered or caused does hereby agree to deliver or cause to be delivered hereunder to the Trustee the Certificate Insurance Policy, Policy and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan:Loan sold by the Originator to the Depositor and sold by the Depositor to the Trust.
(Aa) The original Mortgage Note, with any all prior and intervening endorsementsendorsements showing a complete chain of endorsements from the originator of the Mortgage Loan to the Person so endorsing the Mortgage Loan to the Trustee, endorsed by such Person "Pay to the order of The First National Bank Bankers Trust Company of BostonCalifornia, N.A., as Custodian under the Custodial Agreement dated as of September Trustee, Home Loan Trust Mortgage Pass-Through Certificates, Series 2000-1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) EitherAny of: (i) the original Mortgage, and related power of attorney, if any, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust)thereon, (ii) a copy of the Mortgage and related power of attorney, if any, certified as a true copy of the original Mortgage or power of attorney by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorneyattorney by facsimile or manual signature, or by an officer of the title insurer or agent of the title insurer which that issued the related title insurance policy, or commitment therefor, policy if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage and related power of attorney, if any, certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returnedoffice;
(c) the The original Assignment of Mortgage in recordable form, from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank Bankers Trust Company of BostonCalifornia, N.A., as Custodian under the Custodial Agreement dated as of September Trustee, Home Loan Trust Mortgage Pass-Through Certificates, Series 2000-1, 1996, without recourse" or in blank; any ". Any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county county, if permitted by applicable local law;
(d) The original lender's policy of title insurance or a true copy thereof orthereof, or if such original lender's title insurance policy has been lost, a copy thereof certified by the appropriate title insurer to be true and complete, or if such lender's title insurance policy has not yet been delivered by issued as of the insurerClosing Date, the a marked up commitment or binder (binder) to issue samesuch policy;
(e) All intervening assignments, if any, showing a complete chain of assignment assignments from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator by facsimile or manual signature as a true copy of the original of such intervening assignments;; and
(f) A copy Originals of all assumption assumption, written assurance, substitution and modification agreements, if any. Within 60 days of the Closing Date, certified the Master Servicer shall, at the expense of the Master Servicer, either (i) prepare and send for recordation, and deliver a copy thereof to the Trustee for recordation at the expense of the Master Servicer in the appropriate public office for real property records, each Assignment referred to in (c) above or (ii) deliver to the Trustee each Assignment referred to in clause (c) above in form for recordation, together with an Opinion of Counsel to the effect that recording is not required to protect the Trustee's right, title and interest in and to the related Mortgage Loan (to the extent provided herein) or, in the event a court should recharacterize the conveyance of the Mortgage Loans (to the extent provided herein) as a true copy by loan or pledge of security for a Responsible Officer loan, to perfect a first priority security interest in favor of the applicable Originator;
Trustee in the related Mortgage Loan. With respect to any Assignment referred to in (gc) If above which has been submitted for recordation, as to which the Mortgaged Property related recording information is held in an Illinois Land Trustunavailable within 30 days following the Closing Date, the original such Assignment of Beneficial Interest, or, if the trustee shall be submitted for recording within 30 days after receipt of such Illinois Land Trust retains such original Assignment of Beneficial Interest, information but in no event later than one year after the Closing Date. The Trustee shall retain a certified true copy of such each Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blanksubmitted for recording. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator shall, pursuant to the Purchase Agreement, be required to promptly prepare a substitute Assignment or cure such defect, as the case may be, and thereafter the Master Servicer shall submit each such Assignment for recording. All original documents relating to the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event Loans that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be are not delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; are and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee Originator pursuant to the Purchase Agreement or the Custodian as to each Mortgage Loan are referred to herein Master Servicer, as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest case may be, in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee trust for the benefit of the CertificateholdersTrustee on behalf of the Certificateholders and the Certificate Insurer. In the event that any such original document is required pursuant to the terms of this Section 2.02 to be a part of a Mortgage File, which endorsement such document shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest delivered promptly to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentPurchase Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Funding Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(A1) The the original Mortgage Note, with any intervening endorsements, endorsed in blank without recourse or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed with respect to any lost Mortgage Note, an original Destroyed Mortgage Lost Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (Affidavit; provided, however, that such Responsible Officer substitutions of Lost Note Affidavits for original Mortgage Notes may complete one occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or more blanket certificates attaching copies equal to 2.00% of one or more Mortgages relating theretothe Pool Balance as of the Cut-off Date;
(2) or the original Mortgage with evidence of recording thereon, and a copy, certified by the closing attorneyappropriate recording office, or by an officer of the title insurer or agent recorded power of the title insurer which issued the related title insurance policy, or commitment thereforattorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(3) an original has been transmitted for recording until such time as the original is returned by the public recording office or Assignment assigned in blank, without recourse;
(iii4) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost intervening Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of immediately preceding clause (iii) or the original of such unrecorded intervening assignmentsAssignments;
(f5) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(g6) If the original lender's title insurance policy or an attorney's opinion of title or similar guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property is held represented therein as a fee interest vested in an Illinois Land Trustthe Mortgagor, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired such original title policy is unavailable, a written commitment or originated uniform binder or preliminary report of title issued by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required or escrow company. If any document referred to in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (aSection 4(b)(2), (b) and (c); provided, however, that if a document described in the preceding clause (a4(b)(3) or clause 4(b)(4) above has been submitted for recording but either (bx) has not been returned from the appropriate applicable public recording officeoffice or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor shall deliver a certified copy obligations of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Seller promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Seller in the case of (x) above or Assignment the public recording office in the case of Mortgage(y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Seller, as applicablethen in addition thereto, delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereoflender's title insurance policy has not yet been issued, the Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. From time Promptly upon receipt by the Seller of any such original title insurance policy the Seller shall deliver such to time the applicable Depositor may forward Purchaser or any assignee, transferee or designee of the Purchaser. The Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Seller of the recording information for a Mortgage) submit or cause to be forwarded submitted for recording, at no expense to the Trustee Trust Fund or the Custodian additional Trustee, in the appropriate public office for real property records, each Assignment referred to in (3) and (4) above and shall execute each original documents evidencing an assumption Assignment referred to in (3) in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement". In the event that any such Assignment is lost or modification returned unrecorded because of a Mortgage Loandefect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. All Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, so long as recordation of an Assignment is not necessary to protect the Trustee's and the Certificateholders' interests in the related Mortgage Loan documents held by under the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits laws of the lien and security interest jurisdiction in each manufactured or mobile home and which the related Mortgaged Property is located, as evidenced by an Opinion of Counsel reasonably satisfactory to the Guarantor delivered by the Master Servicer to the Trustee and the Guarantor, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; provided further, however, each Assignment shall be submitted for recording by the Seller (at the direction of the Master Servicer) in the manner described above, at no expense to the Trust Fund or the Trustee, including, without limitationupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, the filing of UCC-3 assignmentsGuarantor or the NIMS Insurer, notations on the certificates of title and recordation (ii) a failure of the Assignment of Mortgage within Master Servicer Termination Test as set forth in the time periods required by this Section 2.04. Contemporaneously with Pooling and Servicing Agreement, (iii) the issuance occurrence of the Certificatesbankruptcy or insolvency of the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one assignment or Mortgage, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note occurrence of a bankruptcy, insolvency or foreclosure relating to the order of Mortgagor under the Trustee related Mortgage. Each original document relating to any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Seller, shall be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates, Series 2004-R12)
Delivery of Mortgage Loan Documents. Contemporaneously (a) In connection with the delivery transfer and assignment of this Agreementthe Mortgage Loans, the Depositors delivered or caused to be delivered hereunder Originators shall, no less than one (1) Business Day prior to the Trustee the Certificate Insurance Policyrelated Transfer Date, and each Depositor has delivered deliver to the Trustee (which may be by delivery to the Custodian Collateral Agent, on behalf of the Trustee) Indenture Trustee (as Collateral Agent and secured party on behalf of and for the benefit of the Noteholders), a Mortgage Loan Schedule and each of the following documents for or instruments with respect to each Mortgage LoanLoan (other than any Wet-Ink Mortgage Loan covered by Section 2.06(b) hereof) so transferred or assigned:
(Ai) The the original Mortgage NoteNote and related power of attorney, with any intervening endorsementsif any, endorsed "Pay to without recourse from the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, Originators in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with blank; including all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, endorsement;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the related original Mortgage, Mortgage with evidence of recording indicated thereon (and, in the case of or a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed copy thereof certified by the trustee of such Illinois Land Trust), applicable recording office;
(iiiii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time Mortgage does not show the related Originator (or MERS with respect to any MERS Mortage Loans) as the original is returned by mortgagee thereon, the public recording office recorded mortgage assignment, or (iii) a copy of the Mortgage thereof certified by the public applicable recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if anyoffice, showing a complete chain of assignment from the originator of the related Mortgage Loan to the applicable related Originator (or MERS with respect to any MERS Mortgage Loan) (which assignment may, at such Originator's option, including any recorded warehousing assignmentsbe combined with the assignment referred to in subpart (iv) hereof, with evidence in which case it must be in recordable form, but need not have been previously recorded);
(iv) an Assignment of recording thereonMortgage in recordable form of each Mortgage endorsed from the related Originator to "JPMorgan Chase Bank, certified by a Responsible Officer as collateral agent for the holder of the applicable Originator as related mortgage note from time to time" (except with respect to any MERS Mortgage Loan);
(v) originals of all assumption, modification and substitution agreements in those instances where the terms or provisions of a true Mortgage or Mortgage Note have been modified or such Mortgage or Mortgage Note has been assumed; and
(vi) an original title insurance policy (or (A) a copy of the original of such intervening assignments;
title insurance policy, or (fB) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true binder thereof or copy of such binder together with a certificate from the related Originator that the original Mortgage has been delivered to the title insurance company that issued such binder for recordation). In instances where the original recorded Mortgage and a completed assignment thereof in recordable form cannot be delivered by the related Originator to the Collateral Agent, on behalf of the Indenture Trustee on or prior to such Business Day prior to the related Transfer Date (or, with respect to Wet-Ink Mortgage Loans, within five (5) Business Days following such Transfer Date), due to a delay in connection with recording, the related Originator may:
1) in lieu of delivering such original recorded Mortgage, deliver to the Collateral Agent, on behalf of the Indenture Trustee, a copy thereof; provided, that the related Originator certifies that the original Mortgage has been delivered to a title insurance company for recordation after receipt of its policy of title insurance or binder therefor; and
2) in lieu of delivering the completed Assignment of Beneficial Interest so certified Mortgage in recordable form, deliver to the Collateral Agent, on behalf of the Indenture Trustee, the Assignment of Mortgage in recordable form, otherwise complete except for recording information. The Collateral Agent, on behalf of the Indenture Trustee, shall promptly upon receipt thereof, with respect to each Mortgage Note described in Section 2.06(a)(i) hereof and each Assignment of Mortgage described in Section 2.06(a)(iv) hereof, if requested by such trustee;the Note Purchaser, fill in the name of the Collateral Agent.
(hb) If With respect to each Wet-Ink Mortgage Loan, within five (5) Business Days following the Mortgaged Property is held related Transfer Date, the related Originator shall have delivered or caused to be delivered to the Collateral Agent, on behalf of the Indenture Trustee, the Custodial Loan File documents.
(c) Notwithstanding anything contrary in an Illinois Land TrustSection 2.06(a), an original Reassignment all documents sent out for correction will be returned to the Collateral Agent within ten (10) calendar days.
(d) As promptly as practicable, but in any event within thirty (30) days from the request of the Note Purchaser, the related Originator shall promptly submit for recording in the appropriate public office for real property records, each Assignment of Beneficial Interest from Mortgage referred to in Section 2.06(a)(iv); provided, however, that, for administrative convenience and facilitation of servicing and to reduce costs, Assignments of Mortgage shall not be required to be submitted for recording with respect to any MERS Mortgage Loan or any Mortgage Loan with respect to which the applicable Originator Collateral Agent, the Indenture Trustee and the Note Purchaser has received an Opinion of Counsel, satisfactory in form and substance to "each of them, to the effect that the recordation of such Assignments of Mortgage in any specific jurisdiction is not necessary to protect the Indenture Trustee's interest in the related Mortgage. The First National Bank Collateral Agent, while serving as such, on behalf of Bostonthe Indenture Trustee, as Custodian under the Custodial Agreement dated as shall retain a copy, after receipt thereof, of September 1, 1996, Series 1996-A" or in blankeach Assignment of Mortgage submitted for recording. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, such Originator shall promptly prepare a substitute Assignment of Mortgage or cure such defect, as the case may be, and thereafter such Originator shall submit each such Assignment of Mortgage for recording. The costs relating to the delivery and recordation of the documents in connection with the Mortgage Loan was acquired Loans as specified in this Article II shall be borne by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "related Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";.
(ie) If The related Originator shall, within five (5) Business Days after the Mortgaged Property is held in an Illinois Land Trustreceipt thereof, originals of all intervening Reassignments of Assignment of Beneficial Interestdeliver, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered delivered, to the Trustee or Collateral Agent, on behalf of the CustodianIndenture Trustee: (ai) the original recorded Mortgage and related power of attorney, if any, in those instances
instances where a copy thereof certified by the related Originator was delivered hereunderto the Collateral Agent, on behalf of the Indenture Trustee; (bii) if applicable, the original recorded Assignment of Mortgage from the related Originator to the applicable OriginatorCollateral Agent, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator of the Mortgage Loan to the applicable Originator Collateral Agent, in those instances where copies of such Assignments assignments certified by the applicable recording office were delivereddelivered to the Collateral Agent, on behalf of the Indenture Trustee; and (ciii) the title insurance policy or title opinion required in paragraph (dSection 2.06(a)(vi) above. The applicable Depositor shall, within five (5) Business Days after in those instances where a copy thereof certified by the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be related Originator was delivered to the Trustee or the Custodian each document described in any Collateral Agent, on behalf of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodIndenture Trustee. Notwithstanding anything to the contrary contained in this Section 2.042.06, in those instances where the public recording office retains the original Mortgage, power of attorney, if any, assignment or Assignment of Mortgage after it has been recorded or such original has been lost, the applicable Depositor related Originator shall be deemed to have satisfied its obligations hereunder upon delivery to deliver the Collateral Agent, on behalf of the Indenture Trustee, of a Mortgage copy of such Mortgage, power of attorney, if any, assignment or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor related Originator may forward forward, or cause to be forwarded forwarded, to the Trustee or Collateral Agent, on behalf of the Custodian Indenture Trustee, additional original documents evidencing an any assumption or modification of a Mortgage Loan. .
(f) All original documents relating to the Mortgage Loan documents Loans that are not delivered to the Collateral Agent, on behalf of the Indenture Trustee, as permitted by Section 2.06(a) hereof are, and shall be, held by the Trustee Servicer or the Custodian as to each Mortgage Loan are referred to herein related Originator, as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest case may be, in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee trust for the benefit of the CertificateholdersIndenture Trustee, which endorsement on behalf of the Noteholders. In the event that any such original document is required pursuant to the terms of this Section 2.06 to be a part of a Custodial Loan File, such document shall be in substantially delivered promptly to the form set forth in Section 2.04(a)(i)Collateral Agent, with appropriate alterations to reflect the interest on behalf of the Trustee Indenture Trustee. From and after the sale of the Mortgage Loans to the Trust pursuant hereto, to the extent that the related Originator retains legal title of record to any Mortgage Loans prior to the vesting of legal title in the Trust, such title shall be retained in trust for the Trust as the owner of the Mortgage Loans, and the limited nature Indenture Trustee, as the pledgee of the Custodian's interest therein Trust under the Indenture. In acting as may be acceptable to custodian of any original document which is part of the DepositorsCustodial Loan Files, the Servicer agrees further that it does not and will not have or assert any beneficial ownership interest in the related Mortgage Loans or the Servicer's Loan Files. Promptly upon the Servicer's receipt of any such original document, the Servicer, on behalf of the Trust, shall xxxx conspicuously each such original document, and its master data processing records with a legend evidencing that the Trust has purchased the related Mortgage Loan and all right and title thereto and interest therein, and pledged such Mortgage Loan and all right and title thereto and interest therein to the Indenture Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest on behalf of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentNoteholders.
Appears in 1 contract
Samples: Sale and Servicing Agreement (American Business Financial Services Inc /De/)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in the following form: "Pay to the order of The First National Norwest Bank of BostonMinnesota, N.A., as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourseTrustee," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the an original Assignment of Mortgage from executed in the Originator transferring such Mortgage Loan to following form: "Firstar Bank Milwaukee, N.A. as Trustee under the applicable Depositor pursuant to the Transfer Agreement by assignment to pooling and servicing agreement"The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(div) The the original policy recorded Assignment or Assignments of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, Mortgage showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, certified together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a true copy by a Responsible Officer of the applicable Originator;
(g) If first or second lien on the Mortgaged Property is held represented therein as a fee interest vested in the Mortgagor. Within thirty (30) Business Days following the Closing Date, Option One will prepare, execute and deliver to the Trust Administrator an Illinois Land Trustendorsement for each of the Mortgage Loans endorsing each Mortgage Note in the following form: "Pay to the order of Firstar Bank Milwaukee, N.A., as Trustee under the applicable agreement, without recourse" and the endorsement provided for in Section 4(b)(i) hereof will be voided by the Trust Administrator. The Seller, at the expense of the Originator, promptly shall (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Seller or the Purchaser (or the Trust Fund, the original Assignment of Beneficial InterestCertificate Insurer, or, if the trustee of such Illinois Land Trustee or the Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian Administrator under the Custodial Agreement dated as Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of September 1, 1996, Series 1996-A" or in blankthis Section 4. In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment Originator on behalf of the Assignment Seller, at the expense of Beneficial Interest must be by "the Originator, successor by merger to [name of predecessor]"; and in promptly shall prepare a substitute Assignment or cure such defect, as the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, titlecase may be, and interest in, to, and under the trust agreement with respect to thereafter cause each such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause Assignment to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month periodduly recorded. Notwithstanding anything to the contrary contained in this Section 2.044, with respect to a maximum of approximately 1.0% of the Mortgage Loans, by aggregate principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser or any assignee, transferee or designee of the Purchaser of a photocopy of such Mortgage Note, if available, with a lost note affidavit substantially in the form of Exhibit 6 hereto. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser or any assignee, transferee or designee of the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable Depositor public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such Mortgage or Assignment of Mortgage, as applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Seller shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. The Seller shall deliver to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt by the Seller of any such original documents evidencing an assumption title insurance policy or modification of original Primary Mortgage Insurance Policy. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee Seller or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeOriginator, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros MRT Sec Vii Inc MRT PSS THR Cert Ser 1998 Nc7)
Delivery of Mortgage Loan Documents. Contemporaneously The Depositor, contemporaneously with the delivery of this Agreement, the Depositors has delivered or caused to be delivered hereunder to the Trustee or, if a Custodian has been appointed pursuant to Section 12.12, to the Custodian, the Certificate Insurance Policy, Policy and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Initial Mortgage Loan:. The Depositor, contemporaneously with delivery of a Subsequent Transfer Instrument, shall deliver or cause to be delivered to the Trustee or, if a Custodian has been appointed pursuant to Section 12.12, to the Custodian, each of the following documents for each related Subsequent Mortgage Loan.
(Aa) The original Mortgage Note, with any intervening endorsementsshowing a complete chain of endorsements and endorsed by the last endorsee thereof, endorsed "Pay to the order of The First _____________________ [or LaSalle National Bank of BostonBank, as Custodian Trustee under the Custodial Agreement Pooling and Servicing Agreement, dated as of September 1, 19961997, Series 1997-3,] without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring by such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;last endorsee.
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust)thereon, (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returnedlost;
(c) Either: (i) (A) the original Assignment of Mortgage from the Originator transferring such last assignee of the related Mortgage Loan assigned to the applicable Depositor pursuant Trustee, with evidence of recording thereon, or (B) an original assignment of mortgage from the last assignee of the related Mortgage assigned in blank, or (ii) if an original Assignment of Mortgage has not yet been provided in accordance with clause (i), an Assignment of Mortgage to the Transfer Agreement Trustee, certified by assignment to "The First National Bank an appropriate officer or approved signatory of Bostonthe Depositor or the closing attorney or any officer of the title insurer that issued the related title insurance policy, or commitment therefor, or its duly authorized agent, as Custodian under being a true and complete copy of the Custodial Agreement dated as original of September 1such Assignment of Mortgage to the Trustee submitted for recording (provided, 1996however, without recourse" that an appropriate officer or approved signatory of the Depositor may complete one or more blanket certificates attaching copies of one or more Assignments of Mortgage to the Trustee relating thereto) or (iii) a copy of such original Assignment of Mortgage to the Trustee, with evidence of recording thereon, certified to be true and complete by the Depositor or the appropriate public recording office, in blankthose instances where such original Assignment of Mortgage has been recorded but subsequently lost; any such Assignments Assignment of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county county, if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignmentssame and, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois a Manufactured Home Loan, a manufactured housing unit (American Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Title
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Superior Bank FSB)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "Pay to in one of the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, following forms: (i) in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible OfficerTrustee or (ii) in blank, in each case, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, Trustee;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, Mortgage with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan in recordable form in blank or to the applicable Depositor pursuant to the Transfer Agreement Trustee;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage in blank or to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original of or a copy of each related assumption, including any recorded warehousing assignmentsmodification, consolidation or extension agreement, with evidence of recording thereon, if any;
(vi) with respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject to a Primary Mortgage Insurance Policy, the original Primary Mortgage Insurance Policy or certificate;
(vii) the original mortgagee title insurance policy or an attorney's opinion of title where customary; and
(viii) any of the following that are in the possession of the Seller or a document custodian on its behalf: (A) the original of or a copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage or (B) the original of or a copy of any power of attorney, if applicable. With respect to a maximum of approximately 5.00% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Trust Administrator (as designee of the Purchaser) of a photocopy of such Mortgage Note, if available, with a lost note affidavit. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Trust Administrator is subsequently located, such original Mortgage Note shall be delivered to the Trust Administrator within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trust Administrator of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Trust Administrator promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator public recording office to "The First National Bank be a true and complete copy of Bostonthe original. To the extent not already recorded, as Custodian under the Custodial Trust Administrator, at the expense of the Seller shall pursuant to the Pooling and Servicing Agreement dated as promptly (and in no event later than three months following the later of September 1the Closing Date and the date of receipt by the Trust Administrator of the recording information for a Mortgage) submit or cause to be submitted for recording, 1996at no expense to the Trust Estate or the Trust Administrator, Series 1996-A" or in blankthe appropriate public office for real property records, each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) above. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Mortgage Loan was acquired Trust Administrator, at the expense of the Seller, shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, but without limiting the requirement that such Assignments be in recordable form, neither the Trust Administrator nor the Trustee shall be required to submit or cause to be submitted for recording each Assignment delivered to it pursuant to Sections 4(b)(iii) and (iv) if such recordation shall not, as of the Closing Date, be required by the applicable Originator in Rating Agencies, as a mergercondition to their assignment on the Closing Date of their initial ratings to the Certificates, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated as evidenced by the applicable Originator while doing business under another name, delivery by the Reassignment Rating Agencies of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If their ratings letters on the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land TrustClosing Date. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the Trust Administrator promptly upon receipt thereof any other original recorded Mortgage in those instances
where documents constituting a copy thereof was delivered hereunder; (b) the original recorded Assignment part of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption assumption, modification, consolidation or modification extension of a any Mortgage Loan. All original documents relating to the Mortgage Loan documents Loans that are not delivered to the Trust Administrator are and shall be held by or on behalf of the Trustee Seller, the Servicer, the Purchaser or the Custodian as to each Mortgage Loan are referred to herein Master Servicer, as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest case may be, in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee 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 this Section to be a part of a Mortgage File, which endorsement such document shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable delivered promptly to the Depositors, Trust Administrator. Any such original document delivered to or held by the Servicer and Seller or the Trustee, (B) execute (or complete) each Assignment of Mortgage Purchaser that is not required pursuant to the Trusteeterms of this Section to be a part of a Mortgage File, which assignment shall be in substantially delivered promptly to the form set forth in Section 2.04(c)related Servicer. Notwithstanding the foregoing, with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trustany materially defective document in, execute or any document missing from, a Reassignment Mortgage File, if the Seller would not be in breach of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required any obligation pursuant to this Section 2.04 4 but for a breach by WFHM pursuant to the Seller's Warranties and Servicing Agreement (the "Xxxxx Servicing Agreement"), dated March 1, 2004, between the Seller and WFHM, by National City pursuant to the Master Seller's Warranties and Servicing Agreement (the "National City Servicing Agreement"), dated September 1, 2003, as amended, between the Seller and National City, or by Countrywide pursuant to the Master Mortgage Loan Purchase and Servicing Agreement (the "Countrywide Servicing Agreement"; the Countrywide Servicing Agreement, the Xxxxx Servicing Agreement and the National City Servicing Agreement, in each case as assigned to the Trustee pursuant to an assignment, assumption and recognition agreement, the "Servicing Agreements"), dated December 15, 2003, between Countrywide and the Seller, then the applicable Originator thereunder, in the manner and to the extent set forth therein, and not the Seller hereunder, shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation required to cause the attachment to constitute part of the instrument or documentremedy such breach.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Hyb2)
Delivery of Mortgage Loan Documents. Contemporaneously (a) In connection with the delivery of this Agreementeach conveyance pursuant to Section 2.01 hereof, the Depositors Company has delivered or caused does hereby agree to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan:
(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee on or before the CustodianClosing Date, the Mortgage Loan Schedule and each of the following documents (the "Mortgage Loan Documents") for each Mortgage Loan sold by the Seller to the Company and sold by the Company to the Trust Fund:
(i) The original Mortgage Note bearing all intervening endorsements showing a complete chain of endorsements from the originator of such Mortgage Loan to the Seller, endorsed by the Seller without recourse in the following form: "Pay to the order of _________, without recourse" and signed in the name of the Seller by an authorized officer;
(aii) The original Mortgage with evidence of recording indicated thereon;
(iii) An original assignment of the original recorded Mortgage, in suitable form for recordation in the jurisdiction in which the related Mortgaged Property is located, such assignment to be in blank and signed in the name of the Seller by an authorized officer;
(iv) The originals of all intervening assignments of the Mortgage (with evidence of recording thereon) showing a complete chain of assignments from the originator of such Mortgage Loan to the Seller;
(v) Any assumption, modification (with evidence of recording thereon), consolidation or extension agreements;
(vi) The original policy of title insurance (or a commitment for title insurance, if the policy is being held by the title insurance company pending recordation of the Mortgage); and
(vii) The certificate of primary mortgage guaranty insurance, if any, issued with respect to such Mortgage Loan; PROVIDED, HOWEVER, that as to certain Mortgages or assignments thereof which have been delivered or are being delivered to recording offices for recording and have not been returned to the Seller in those instances
where time to permit their delivery hereunder at the time of such transfer, in lieu of delivering such original documents, the Company shall deliver to the Trustee a true copy thereof was delivered hereunder; (b) with a certification by the Seller on the face of such copy substantially as follows: "certified true and correct copy of original recorded Assignment of Mortgage which has been transmitted for recordation". The Company will cause the Seller to the applicable Originator, whichdeliver such original documents, together with any intervening assignments related policy of Mortgagetitle insurance not previously delivered, evidences a complete chain on behalf of assignment from the originator Company to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shallTrustee promptly after they are received, within five (5) Business Days after the receipt thereof, and but in any event, within twelve months event no later than 120 days after the Closing Date. The Company agrees, deliver or cause at its own expense, to be delivered complete each assignment to the Trustee and to record (or to provide the Custodian Trustee with evidence of recordation thereof) each document described assignment referred to in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (aiii) or clause (b) has not been returned from above promptly after the Closing Date in the appropriate public recording officeoffice for real property records, provided that such assignments are redelivered by the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior Trustee to the expiration of such twelve-month period. Notwithstanding anything to Seller upon the contrary contained in this Section 2.04Seller's written request and at the Seller's expense, unless the applicable Depositor shall be deemed to have satisfied Seller (at its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery expense) furnishes to the Trustee or and the Custodian a copy Rating Agencies an unqualified Opinion of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded Counsel reasonably acceptable to the Trustee or to the Custodian additional original documents evidencing an assumption or modification effect that recordation of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action such assignment is not necessary or desirable under applicable state law to transfer preserve the benefits of the lien and security Trustee's interest in each manufactured or mobile home and the related Mortgaged Property to Mortgage Loan against the Trusteeclaim of any subsequent transferee of such Mortgage Loan or any successor to, including, without limitationor creditor of, the filing Seller. Within a period of UCC-3 assignments, notations on 14 days from the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the CertificatesClosing Date, the Trustee shall cause complete the Custodian to (A) endorse endorsement of each Mortgage Note such that the final endorsement appears in the following form: "Pay to the order of Norwest Bank Minnesota, N.A., as Trustee under that certain Pooling and Servicing Agreement dated as of June 1, 1997, for Southern Pacific Secured Assets Corp., Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1997-2, without recourse." Within a period of 14 days from the Closing Date, the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) also complete each Assignment of Mortgage such that the final Assignment of Mortgage appears in the following form: "Norwest Bank Minnesota, N.A., as Trustee under that certain Pooling and Servicing Agreement dated as of June 1, 1997, for Southern Pacific Secured Assets Corp., Mortgage Loan AssetBacked Pass-Through Certificates, Series 1997-2."
(b) In the event that any such original document is required pursuant to the terms of this Section 2.03 to be a part of a Mortgage File, such document shall be delivered promptly by the Company to the Trustee. In acting as custodian of any such original document, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the Master Servicer agrees further that it does not and will not have or assert any beneficial ownership interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect Mortgage Loans or the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentFiles.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with Not less than three (3) Business Days prior to the delivery of this Agreementrelated Closing Date, the Depositors delivered or caused Seller shall, with respect to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for each Mortgage Loan, deliver to the Custodian, the following documents:
(Ai) The original Mortgage NoteNote endorsed, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996_______________, without recourse" and signed, by facsimile or manual signature, signed in the name of the Originator transferring such Seller by an authorized officer. The Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with Note shall include all prior and intervening endorsements showing a complete chain of endorsement title from the originator to such Originatorthe Seller.
(ii) The original recorded Mortgage, with evidence of recording thereon, or, if the Originator original Mortgage has not yet been returned from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Noterecording office, an original Destroyed Mortgage Note Affidavit together with a copy of such the original Mortgage Note attached thereto and, (ii) with respect certified by the Seller to manufactured housing units, be a true copy of the certificate original of title, if any;the Mortgage which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(biii) Either: The original Assignment of each Mortgage, executed in blank and in recordable form.
(iiv) The original policy of title insurance (or a preliminary title report if the original title insurance policy has not been received from the title insurance company).
(v) Originals of any intervening assignments of the Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment thereforor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by intervening assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered returned from the recording office, a copy of such assignment certified by the insurer, the commitment or binder Seller to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as be a true copy of the original of such intervening assignments;the assignment which has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located.
(fvi) A copy The original Primary Insurance Policy, if any.
(vii) Originals of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;.
(gviii) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with With respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land TrustAdditional Collateral Mortgage Loans, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing Mortgage 100 Pledge Agreement or Parent Power(R) Agreement, as the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and case maybe. If (Ca) the original personal guaranty of Mortgage was not delivered pursuant to clause (ii) above, (b) any intervening assignment was not delivered pursuant to clause (v) above or (c) the Mortgage Noteoriginal title insurance policy was not delivered pursuant to clause (iv) above, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its best reasonable efforts to promptly deliver or secure the delivery of such originals and shall cause such originals to be delivered to the Trustee Purchaser or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was Custodian promptly upon receipt thereof. If any such document is not so delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from Purchaser or the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and Custodian within two hundred seventy (c270) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after days following the Closing Date, deliver the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased or cause substituted for by the Seller at the price and in the manner specified in Section 5(c). If the Purchaser finds any document or documents constituting a part of a Mortgage File to be delivered to the Trustee or the Custodian each document described defective in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording officematerial respect, the applicable Depositor Purchaser shall deliver promptly so notify the Seller. The Seller shall have a certified copy period of ninety (90) days 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, the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to Seller will, not later than the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage cure period described above, repurchase or Assignment of Mortgage upon delivery to substitute for the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All related Mortgage Loan documents held by at the Trustee or price and in the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form manner set forth in Section 2.04(a)(i5(c), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each . No Assignment of Mortgage shall be recorded so long as MLCC is the Company under the Master Servicing Agreement unless the Purchaser is required to record Assignments of Mortgage pursuant to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest terms of a securitization of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentLoans.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2003-G)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "in blank or in the following form “Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, ,” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable OriginatorPerson assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, including modification or substitution agreement, if any; and
(vi) the original lender’s title insurance policy or, if the original title policy has not been issued, the irrevocable commitment to issue the same. With respect to a maximum of approximately 2.00% of the Original Mortgage Loans, by outstanding principal balance of the Original Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 2(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit H attached to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustPurchaser, the Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Mortgage Loan documents held The Seller shall (at the expense of the Originator) promptly (within sixty Business Days following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage, but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Custodian Purchaser, in the appropriate public office for real property records, each Assignment referred to in Sections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment or cause each original Assignment to be executed in the following form: “Deutsche Bank National Trust Company, as Trustee under the applicable agreement.” In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be submitted for recording (except with respect to any Mortgage Loan are referred located in Maryland and Florida) unless the Trustee or the Purchaser receives notice that such failure to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary record would result in a withdrawal or desirable under applicable state law to transfer the benefits a downgrading by any Rating Agency of the lien rating on any Class of Certificates; provided, however, the Seller shall submit or cause to be submitted each Assignment for recording in the manner described above, at the expense of the Originator and security interest in each manufactured at no expense to the Trust Fund or mobile home and the related Mortgaged Property to the Trustee, includingupon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25.00% of the Voting Rights, without limitation(ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the filing occurrence of UCC-3 assignmentsa bankruptcy, notations on insolvency or foreclosure relating to the certificates Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more Delinquent. Upon receipt of title and recordation written notice that recording of the Assignment of Mortgage within the time periods Assignments is required by this Section 2.04. Contemporaneously with the issuance pursuant to one or more of the Certificatesconditions set forth in the preceding sentence, the Trustee Seller shall be required to deliver such Assignments or shall cause the Custodian such Assignments to (A) endorse each be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Note Loan which is not delivered to the order of Purchaser or its assignee, transferee or designee, if held by the Trustee Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-Opt3)
Delivery of Mortgage Loan Documents. Contemporaneously (a) In connection with the delivery transfer and assignment of this Agreementthe Mortgage Loans, the Depositors delivered Depositor does hereby with respect to the Initial Mortgage Loans, and will on or caused before the Subsequent Transfer Date with respect to Subsequent Mortgage Loans, deliver or cause to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of the following documents for or instruments with respect to each Mortgage LoanLoan so transferred or assigned:
(Ai) The the original Mortgage Note, with any intervening endorsementsendorsed without recourse in blank by the related Originator, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with including all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, endorsement;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, related Mortgage with evidence of recording indicated thereon (and, in the case of or a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed copy thereof certified by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or office;
(iii) a the recorded mortgage assignment, or copy of the Mortgage thereof certified by the public applicable recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignmentsoffice, if any, showing a complete chain of assignment from the originator of the related Mortgage Loan to the applicable related Originator (which assignment may, at such Originator's option, including any recorded warehousing be combined with the assignment referred to in subpart
(iv) hereof); (iv) a mortgage assignment in recordable form (which, if acceptable for recording in the relevant jurisdiction, may be included in a blanket assignment or assignments, with evidence ) of recording thereon, certified by a Responsible Officer of each Mortgage from the applicable related Originator as a true copy of to the original of such intervening assignmentsTrustee;
(fv) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments assumption, modification and substitution agreements in those instances where the terms or provisions of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of Mortgage or Mortgage Note have been modified or such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land TrustMortgage or Mortgage Note has been assumed; and
(jvi) If the Mortgaged Property is held in an Illinois Land Trust, original title insurance policy (or (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing title insurance policy, or (B) a binder thereof or copy of such binder together with a certificate from the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) related Originator that the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be has been delivered to the Trustee or the Custodian: (a) title insurance company that issued such binder for recordation). In instances where the original recorded Mortgage and a completed assignment thereof in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to recordable form cannot be delivered by the Depositor to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously concurrently with the issuance execution and delivery of the Certificatesthis Agreement (or, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land TrustSubsequent Mortgage Loans, execute a Reassignment of Assignment of Beneficial Interest prior to or on the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(hSubsequent Transfer Date), due to a delay in connection with appropriate alterations to reflect recording, the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Depositor may:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this Agreement, the Depositors delivered Closing Date deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) or their designee each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee, under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator Trustee or (Bin the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such original Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, an accompanying Lost Note Affidavit executed by the certificate of title, if anySeller;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon (andthereon, in the case of and a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trustcopy, signed certified by the trustee of such Illinois Land Trust)appropriate recording office, (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer recorded power of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS® System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the MIN) as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of the title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon a mutual agreement between the Seller and the Purchaser) following the later of the Closing Date and the date of receipt by the Seller of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Purchaser, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in clause (iii) above in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable Originatoragreement, without recourse." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller shall promptly prepare or cause to be prepared a substitute Assignment or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Assignments referred to in (iii) and (iv) above shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates and the Class B Certificates; provided, however, each such Assignment referred to in (iii) and (iv) above shall be submitted for recording by the Seller, in the manner described above, at no expense to the Purchaser, Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Seller further agrees that it shall cause, within 30 Business Days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Purchaser to the Trustee in accordance with the Pooling and Servicing Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it shall not, and shall not permit the Master Servicer to alter the codes referenced in this paragraph with respect to any recorded warehousing assignmentsMortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement and the Pooling and Servicing Agreement. If any document referred to in Section 4(b)(ii), with evidence Section 4(b)(iii), Section 4(b)(iv), or Section 4(b)(v) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such Recording Documents shall be deemed to be satisfied upon (1) delivery to the Purchaser, the Trustee or their designee of a copy of each such Recording Document certified by a Responsible Officer the Seller in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Purchaser, the Trustee or their designee upon receipt thereof, and in any event no later than one year after the Closing Date (except as provided below), of either the original or a copy of such intervening assignments;
(f) A Recording Document certified by the applicable public recording office to be a true and complete copy of all assumption and modification agreementsthe original. In instances where, if any, certified as due to a true copy by a Responsible Officer delay on the part of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trustrecording office where any such Recording Documents have been delivered for recordation, the original Assignment of Beneficial InterestRecording Documents cannot be delivered to the Purchaser, orthe Trustee or their designee within one year after the Closing Date, if the trustee of Seller shall deliver to the Purchaser, the Trustee or their designee within such Illinois Land Trust retains time period an Officer's Certificate stating the date by which the Seller expects to receive such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest Recording Documents from the applicable Originator to "The First National Bank of Boston, as Custodian under recording office. If the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired Recording Documents have still not been received by the applicable Originator in a mergerSeller and delivered to the Purchaser, the Reassignment of Trustee or their designee by such date, the Assignment of Beneficial Interest must Seller shall deliver to the Purchaser, the Trustee or their designee by such date an additional Officer's Certificate stating a revised date by which Seller expects to receive the applicable Recording Documents. This procedure shall be by "Originator, successor by merger to [name of predecessor]"; and in repeated until the event that the Mortgage Loan was acquired or originated Recording Documents have been received by the applicable Originator while doing business under another nameSeller and delivered to the Purchaser, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) Trustee or their designee. If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified original or copy of the instrument creating lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Purchaser, the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days their designee promptly after the receipt thereof, and in any event, event within twelve months 120 days after the Closing Date, Date such title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a)Purchaser, (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian their designee promptly upon receipt thereof any other original documents constituting a copy part of such a Mortgage or Assignment of MortgageFile received with respect to any Mortgage Loan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser, the Trustee or their designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and or their designees. In the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording event that any such original document is required pursuant to the terms of this Section 2.04 to be a part of a Mortgage File, such document shall be accomplished by and at delivered promptly to the expense Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of the Servicer. For purposes this Section to be a part of determining whether a signature is made on an instrument or document, stapling of an attachment Mortgage File shall be a sufficient affixation to cause held by the attachment to constitute part of the instrument or documentSeller in its capacity as Master Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-A)
Delivery of Mortgage Loan Documents. Contemporaneously with the delivery of this Agreement, the Depositors delivered Each Seller shall deliver or caused cause to be delivered hereunder within 120 days of the Closing Date to the Purchaser or its designee, in accordance with the instructions of the Purchaser and pursuant to Section 2.01(b) of the Pooling and Servicing Agreement, each original Mortgage Note, endorsed at the direction of the Purchaser by the applicable Seller, on its face or by allonge attached thereto, without recourse, in blank or to the order of the Trustee in the following form: "Pay to the order of The Bank of New York, as trustee for the registered holders of Xxxx Xxx XXXXX Xxxxx 0000-0, XXXXX Asset-Backed Certificates, Series 1999-1, without recourse, representation or warranty, express or implied," and an original Assignment of Mortgage endorsed in blank prepared in recordable form (together, the "Related Documents"); provided, however, that as to any Mortgage Loan, if (a) as evidenced by an Opinion of Counsel delivered to and in form and substance satisfactory to the Trustee and the Certificate Insurance Credit Enhancer, (x) an optical image or other representation of each Related Document is enforceable in the relevant jurisdictions to the same extent as the original of such document and (y) such optical image or other representation does not impair the ability of an owner of such Mortgage Loan to transfer its interest in such Mortgage Loan, and (b) the retention of the Related Documents in such format will not result in a reduction in the then current rating of the Investor Certificates, without regard to the Policy, and each Depositor has then such optical image or other representation may be delivered to the Trustee (which may be by delivery to the or any Custodian on behalf of the Trustee) each or assignee in lieu of physical copies of the following documents for each Related Documents. Each Seller agrees not to notify the obligors on the Mortgage Loan:
(A) The original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name Loans of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy transfer of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan Loans to the applicable Depositor pursuant to the Transfer Agreement (providedPurchaser, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or unless required by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy terms of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost Loans or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Banc One Abs Corp)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with Note (including any intervening endorsementsriders thereto), endorsed in blank or in the following form: "Pay to the order of The First Deutsche Bank National Bank of BostonTrust Company, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom Person so endorsing to the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if anyTrustee;
(b) Either: (iii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon (andthereon, in and the case original recorded power of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for Mortgage was executed pursuant to a power of attorney, with evidence of recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of unless the Mortgage certified by Loan is registered on the public recording office MERS(R) System, an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Seller (at the expense of the Originator) promptly shall (within sixty days following the later of the Closing Date and the date of the receipt by the Originator of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund, the Trustee or the Trust Administrator under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute or cause to be executed each original Assignment in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Seller (at the expense of the Originator) promptly shall prepare or cause to be prepared a substitute Assignment or cure such defect, including as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit K to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator or its agent in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustTrustee, the Trust Administrator and the Rating Agencies by the Seller if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All In connection with the assignment of any Mortgage Loan documents held registered on the MERS(R) System, the Seller further agrees that it will cause (at the expense of the Originator), within 30 Business Days after the Closing Date, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property Purchaser to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously Trustee in accordance with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee Pooling and Servicing Agreement for the benefit of the Certificateholders, Certificateholders by including in such computer files (a) the code in the field which endorsement shall be in substantially identifies the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the specific Trustee and (Cb) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with respect such Mortgage Loans. Each original document relating to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest Mortgage Loan which is not delivered to the Trustee Purchaser or its assignee, transferee or designee, if held by the Seller, shall be so held for the benefit of the CertificateholdersPurchaser, which reassignment shall be substantially in the form set forth in Section 2.04(h)its assignee, with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument transferee or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mort Loan Trust Inc Asset Bk Pas THR Ce Se 03 He2)
Delivery of Mortgage Loan Documents. Contemporaneously (a) In connection with the delivery transfer and assignment of this Agreement(1) the Initial Mortgage Loans, the Depositors delivered Seller shall, on or caused before the Closing Date, and (2) the Subsequent Mortgage Loans, the Seller shall, on or prior to the Subsequent Transfer Date, deliver, or cause to be delivered hereunder delivered, to the Indenture Trustee (as pledgee of the Certificate Insurance Policy, and each Depositor has delivered Trust pursuant to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of Indenture), the following documents for or instruments constituting the Indenture Trustee's Mortgage File with respect to each Mortgage LoanLoan so transferred or assigned:
(Ai) The the original Mortgage Note, with any intervening endorsementsendorsed without recourse in blank by the Sponsor, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with including all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, endorsement;
(ii) the related original Mortgage with respect to manufactured housing units, evidence of recording indicated thereon or a copy thereof certified by the certificate of title, if anyapplicable recording office;
(biii) Either: (i) the original Mortgageeach intervening mortgage assignment, with evidence of recording indicated thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) not available, a copy of the Mortgage thereof certified by the public applicable recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignmentsoffice, if any, showing a complete chain of assignment from the originator of the related Mortgage Loan to the applicable OriginatorSponsor (which assignment may, including any recorded warehousing assignmentsat the Sponsor's option, be combined with evidence of recording thereonthe assignment referred to in subpart (iv) hereof, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsin which case it must be in recordable form, but need not have been previously recorded);
(fiv) A copy of all assumption and modification agreementsa mortgage assignment in recordable form (which, if anyacceptable for recording in the relevant jurisdiction as evidenced by an opinion of counsel addressed to the Indenture Trustee, certified as may be included in a true copy by a Responsible Officer blanket assignment or assignments) of each Mortgage from the applicable OriginatorSponsor to the Indenture Trustee;
(gv) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments assumption, modification and substitution agreements in those instances where the terms or provisions of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of Mortgage or Mortgage Note have been modified or such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land TrustMortgage or Mortgage Note has been assumed (if any); and
(jvi) If the Mortgaged Property is held in an Illinois Land Trust, original title insurance policy or title opinion (or (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trusttitle insurance policy or title opinion, with evidence of filing thereon, and or (CB) the related binder, commitment or preliminary report, or copy thereof in which case the Sponsor hereby certifies that the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be has been delivered to the Trustee title insurance company that issued such binder, commitment or the Custodian: (a) preliminary report). In instances where the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with or any intervening assignments of Mortgage, evidences mortgage assignment or a complete chain of completed assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of in recordable form cannot be delivered by the Assignment from Sponsor to the appropriate recording office Indenture Trustee prior to or concurrently with the expiration execution and delivery of such twelve-month period. Notwithstanding anything this Agreement due to the contrary contained a delay in this Section 2.04connection with recording, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Sponsor may:
Appears in 1 contract
Samples: Sale and Servicing Agreement (Accredited Home Lenders Accredited Mort Loan Trust 2002-2)
Delivery of Mortgage Loan Documents. Contemporaneously with The Originator will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First National Bank Bankers Trust Company of BostonCalifornia, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete com plete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon thereon;
(and, in the case of a Mortgage Loan secured by a Mortgaged Property held in iii) an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy original Assignment of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement in blank;
(provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating theretoiv) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office recorded Assignment or (iii) a copy Assignments of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified Person assigning the Mortgage to the Trustee as contemplated by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsimmediately preceding clause (iii);
(fv) A copy the original or copies of all assumption and modification agreementseach assumption, modification, written assurance or substitution agreement, if any, certified as a true copy by a Responsible Officer of the applicable Originator;; and
(gvi) If the original lender's title insurance policy or an attorney's opinion of title or similar, guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is held in an Illinois Land Trustlocated, together with all endorsements or riders which were issued with or subsequent to the original Assignment of Beneficial Interest, or, if the trustee issuance of such Illinois Land Trust retains such original Assignment policy, insuring the priority of Beneficial Interest, the Mortgage as a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is held unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. The Originator shall promptly (and in an Illinois Land Trustno event later than thirty (30) Business Days, an original Reassignment subject to extension upon mutual agreement between the Originator and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment of Beneficial Interest from the applicable Trustee and (iii) the date of receipt by the Originator of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund or the Trustee, in the appropriate public office for real property records, each Assignment referred to in (iii) and (iv) above and shall execute each original Assignment referred to in (iii) in the following form: "The First National Bank Bankers Trust Company of BostonCalifornia, N.A., as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blankapplicable agreement". In the event that the Mortgage Loan was acquired by the applicable Originator in any such Assignment is lost or returned unrecorded because of a mergerdefect therein, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver prepare or cause to be delivered to the Trustee prepared a substitute Assignment or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver cure or cause to be delivered cured such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); providedforegoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the assignments of Mortgage shall not be required to be submitted for recording with respect to any Mortgage Loan if the Trustee and each Rating Agency has received an opinion of counsel, satisfactory in form and substance to each Rating Agency, to the effect that if the recordation of such Assignments in any specific jurisdiction is not necessary to protect the Trustee's interest in the related Mortgage Note; provided further, however, notwithstanding the delivery of any opinion of counsel, each assignment of Mortgage shall be submitted for recording by the Originator in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of the Originator, (iv) the occurrence of a document servicing transfer as described in Section 7.02 of the preceding clause Pooling and Servicing Agreement and (av) or clause (b) has if the Originator is not been returned from the appropriate public recording officeMaster Servicer and with respect to any one Assignment of Mortgage, the applicable Depositor shall deliver occurrence of a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior bankruptcy, insolvency or foreclosure relating to the expiration Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Originator is unable to pay the cost of recording the Assignments of Mortgage, such twelve-month periodexpense will be paid by the Trustee. Notwithstanding anything to the contrary contained in this Section 2.044, if any document referred to in Section 4(b)(ii) or 4(b)(iv) above has been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the applicable Depositor obligations of the Originator hereunder shall be deemed to have been satisfied its obligations to deliver a Mortgage upon (1) delivery by or Assignment on behalf of Mortgage the Originator promptly upon delivery receipt thereof to the Trustee Purchaser or any assignee, transferee or designee of the Custodian Purchaser of either the original or a copy of such Mortgage document certified by the Originator in the case of (x) above or Assignment the public recording office in the case of Mortgage, as applicable, (y) above to be a true and complete copy of the recorded original thereof and (2) if such delivered copy is certified by the Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the public recording office to be a true and complete copy of the recorded original. In the event that the original thereof. From time to time lender's title insurance policy has not yet been issued, the applicable Depositor may forward or cause to be forwarded Originator shall deliver to the Trustee Purchaser or any assignee, transferee or designee of the Custodian additional Purchaser a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company. Promptly upon receipt by the Originator of any such original documents evidencing an assumption title insurance policy the Originator shall deliver such to the Purchaser or modification any assignee, transferee or designee of the Purchaser. Each original document relating to a Mortgage Loan. All Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeOriginator, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser or its assignee, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Float Rate Mort Pa Th Cer Ser 2001-1)
Delivery of Mortgage Loan Documents. Contemporaneously [and Note Insurance Policy]. In connection with the delivery of this Agreementeach conveyance pursuant to Section 2.01 hereof, the Depositors Depositor has delivered or caused does hereby agree to deliver or cause to be delivered hereunder to the Trustee the Certificate Insurance Policy, and each Depositor has delivered to the Indenture Trustee (which may be by delivery to or the Custodian or the Administrator, as applicable, on behalf of the Indenture Trustee) on or before the Closing Date, [the Note Insurance Policy,] the Mortgage Loan Schedule and each of the following documents for each Mortgage LoanLoan sold by the Seller to the Depositor and sold by the Depositor to the Issuer:
(Ai) The original Mortgage Note, with any Note bearing all intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston[ ], as Custodian under the Custodial Agreement dated as of September 1Indenture Trustee for Finance America Securities, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgage, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or (iii) a copy of the Mortgage certified by the public recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996LLC [ ] Trust [ ], without recourse" or in blank; any such Assignments of Mortgage may be made , and signed manually or by blanket assignments for Mortgage Loans secured facsimile by the Mortgaged Properties located in the same county if permitted by applicable local lawan authorized officer;
(dii) The original Mortgage with evidence of recording thereon, or a copy thereof;
(iii) An original assignment of the Mortgage, in form acceptable for recordation in the jurisdiction in which the related Mortgaged Property is located (except for the assignee's name and recordation information not yet received), such assignment to be in blank and signed by an authorized officer;
(iv) The originals of all intervening assignments of the Mortgage (with evidence of recording thereon) showing a complete chain of assignments from the originator of such Mortgage Loan;
(v) Any assumption, modification, consolidation or extension agreements (with evidence of recording thereon);
(vi) The original policy of title insurance (or a true copy thereof orthe original commitment for title insurance, if such the policy has not yet been delivered is being held by the insurer, title insurance company pending recordation of the commitment or binder to issue same;Mortgage); and
(evii) All intervening assignmentsThe certificate of primary mortgage guaranty insurance, if any, showing a complete chain of assignment from the originator to the applicable Originator, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement issued with respect to such Illinois Land TrustMortgage Loan. With respect to each Mortgage Loan, the Depositor shall cause, promptly following the Closing Date, but in no event later than [30] days following the Closing Date, Assignments of Mortgages to "[ _______________________________________________ ], as Indenture Trustee of Finance America Securities, LLC Mortgage Loan Trust [ _____________ ]" to be submitted for recording in the appropriate jurisdictions; and
PROVIDED, that the Depositor shall not be required to record an Assignment of Mortgage if the Depositor furnishes to the Indenture Trustee [and the Note Insurer], on or before the Closing Date, at the Depositor's expense, an Opinion of Counsel with respect to the relevant jurisdiction that such recording is not necessary to protect the Indenture Trustee's interest in the related Mortgage Loans (jin form and substance satisfactory to the Indenture Trustee, the Note Insurer and the Rating Agencies); PROVIDED FURTHER, notwithstanding the delivery of any legal opinions, each Assignment of Mortgage shall be recorded by the Indenture Trustee upon the earliest to occur of: [(i) If reasonable direction by the Mortgaged Property is held Note Insurer,] (ii) the occurrence of an Event of Default, or (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller. The Depositor shall deliver the title insurance policy or title searches, the original Mortgages and such recorded assignments, together with originals or duly certified copies of any and all prior assignments (other than unrecorded warehouse assignments), to the Indenture Trustee or its Custodian, within [15] days of receipt thereof (but in an Illinois Land Trustany event, with respect to any Mortgage as to which original recording information has been made available, within 12 months after the Closing Date). In instances where the original recorded Mortgage or intervening assignment (Aother than the Assignment of Mortgage) cannot be delivered to the Indenture Trustee or its Custodian prior to or concurrently with the execution and delivery of this Agreement due to a certified delay in connection with recording, the Depositor may in lieu of delivering such original recorded Mortgage or intervening assignment (other than the Assignment of Mortgage), deliver to the Indenture Trustee or its Custodian a copy of thereof, provided that the instrument creating the Illinois Land Trust, (B) Seller provides a copy of the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, such document and (C) certifies that the original personal guaranty Mortgage or intervening assignment (other than the Assignment of Mortgage) has been delivered to the Mortgage Noteappropriate party for recordation. In all such instances, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly will deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; or intervening assignment (bother than the Assignment of Mortgage) to the Indenture Trustee or its Custodian promptly upon receipt by the Seller of the original recorded Mortgage (other than the Assignment of Mortgage to the applicable Originator, which, together with any Mortgage) or intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator but in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve no event later than 12 months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.042.03, in those instances where the public recording office retains the original Mortgage, the applicable Assignment of Mortgage or the intervening assignments of the Mortgage after it has been recorded, the Depositor shall be deemed to have satisfied its obligations hereunder (and the Seller shall be deemed to deliver a have satisfied its obligations under the Mortgage or Assignment of Mortgage Loan Purchase Agreement) upon delivery to the Indenture Trustee or the its Custodian of a copy of such Mortgage or Assignment of Mortgage, as applicable, such Assignment or intervening assignments of Mortgage certified by the public recording office to be a true copy of the recorded original thereof. From time to time Within a period of [30] days from the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitationClosing Date, the filing of UCC-3 assignmentsIndenture Trustee shall, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee or shall cause the Custodian to (A) endorse to, complete the endorsement of each Mortgage Note to the order of the Trustee for the benefit of the Certificateholders, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Indenture Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Finance America Securities LLC)
Delivery of Mortgage Loan Documents. Contemporaneously (a).
(a) In connection with the delivery transfer and assignment of this Agreementthe Mortgage Loans, the Depositors delivered Depositor does hereby with respect to the Initial Mortgage Loans, and will, on or caused before each Subsequent Transfer Date, if any, with respect to Subsequent Mortgage Loans, deliver or cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyCollateral Agent, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf of the Trustee) each of Trustee the following documents for or instruments with respect to each Mortgage LoanLoan so transferred or assigned:
(Ai) The the original Mortgage Note, with any intervening endorsementsendorsed without recourse in blank by the related Originator, endorsed "Pay to the order of The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with including all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originator, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy of such Mortgage Note attached thereto and, endorsement;
(ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the related original Mortgage, Mortgage with evidence of recording indicated thereon (and, in and the case original recorded power of attorney or a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed copy thereof certified by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or office;
(iii) a the original recorded Assignment of Mortgage, or copy of the Mortgage thereof certified by the public applicable recording office in those instances where the original recorded Mortgage has been lost or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignmentsoffice, if any, showing a complete chain of assignment from the originator original mortgagee/secured party of the related Mortgage Loan to the applicable related Originator (which assignment may, at such Originator's option, including any recorded warehousing assignments, be combined with evidence of recording thereon, certified by a Responsible Officer of the applicable Originator as a true copy of the original of such intervening assignmentsassignment referred to in subpart (iv) hereof);
(fiv) A copy an Assignment of all assumption and modification agreementsMortgage in recordable form (which, if anyacceptable for recording in the relevant jurisdiction, certified as may be included in a true copy by a Responsible Officer blanket assignment or assignments) of each Mortgage from the applicable Originatorrelated Originator to the Trustee;
(gv) If the Mortgaged Property is held in an Illinois Land Trust, the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, a certified true copy of such Assignment of Beneficial Interest so certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments assumption, modification and substitution agreements in those instances where the terms or provisions of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of Mortgage or Mortgage Note have been modified or such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land TrustMortgage or Mortgage Note has been assumed; and
(jvi) If the Mortgaged Property is held in an Illinois Land Trust, original title insurance policy (or (A) a certified copy of the instrument creating the Illinois Land Trust, (B) a copy of the UCC-1 Financing Statement evidencing title insurance policy, or (B) a binder thereof or copy of such binder together with a certificate from the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) related Originator that the original personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor shall use its reasonable efforts to promptly deliver or cause to be has been delivered to the Trustee or the Custodian: (a) title insurance company that issued such binder for recordation). In instances where the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the and any original recorded Assignment of Mortgage thereof pursuant to clause (iii) above cannot be delivered by the Depositor to the applicable Originator, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or cause to be delivered to the Trustee or the Custodian each document described in any of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of Mortgage, as applicable, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional original documents evidencing an assumption or modification of a Mortgage Loan. All Mortgage Loan documents held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the Trustee, including, without limitation, the filing of UCC-3 assignments, notations Collateral Agent on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order behalf of the Trustee for prior to or concurrently with the benefit execution and delivery of the Certificateholdersthis Agreement (or, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i), with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trustany Subsequent Mortgage Loans, execute a Reassignment of Assignment of Beneficial Interest prior to or on the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(hSubsequent Transfer Date), due to a delay in connection with appropriate alterations to reflect recording, the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or document.Depositor may:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (American Business Financial Services Inc /De/)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed in blank or in the following form: "Pay to the order of The First U.S. Bank National Bank of BostonAssociation, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund or the Trustee under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and shall execute each original Assignment in the following form: "U.S. Bank National Association, as Trustee under the applicable Originatoragreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, including the Seller promptly shall prepare a substitute Assignment or cure such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any recorded warehousing assignmentsoriginal Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit K to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Seller promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land Trust, Trustee and the Rating Agencies by the Originator if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2001-Nc2)
Delivery of Mortgage Loan Documents. Contemporaneously with The Seller will, on or prior to the delivery of this AgreementClosing Date, the Depositors delivered deliver or caused cause to be delivered hereunder to the Trustee the Certificate Insurance PolicyPurchaser or any assignee, and each Depositor has delivered to the Trustee (which may be by delivery to the Custodian on behalf transferee or designee of the Trustee) Purchaser each of the following documents for each Mortgage Loan:
(Ai) The the original Mortgage Note, with any intervening endorsements, endorsed "Pay to the order of The First National Bank of Boston_________________, as Custodian Trustee under the Custodial Agreement dated as of September 1, 1996applicable agreement, without recourse," and signed, by facsimile or manual signature, in the name of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to such Originatorthe Person so endorsing to the Trustee;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded power of attorney, if the Originator from whom the Depositor acquired such Mortgage Loan was not the originator or (B) if such Mortgage Note is executed pursuant to a Destroyed Mortgage Note, an original Destroyed Mortgage Note Affidavit together with a copy power of such Mortgage Note attached thereto and, (ii) with respect to manufactured housing units, the certificate of title, if any;
(b) Either: (i) the original Mortgageattorney, with evidence of recording thereon (and, in the case of a Mortgage Loan secured by a Mortgaged Property held in an Illinois Land Trust, signed by the trustee of such Illinois Land Trust), (ii) a copy of the Mortgage certified as a true copy by a Responsible Officer of the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement (provided, however, that such Responsible Officer may complete one or more blanket certificates attaching copies of one or more Mortgages relating thereto) or by the closing attorney, or by an officer of the title insurer or agent of the title insurer which issued the related title insurance policy, or commitment therefor, if the original has been transmitted for recording until such time as the original is returned by the public recording office or thereon;
(iii) a copy of the Mortgage certified by the public recording office an original Assignment in those instances where blank;
(iv) the original recorded Mortgage has been lost Assignment or not yet returned;
(c) the original Assignment of Mortgage from the Originator transferring such Mortgage Loan to the applicable Depositor pursuant to the Transfer Agreement by assignment to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, without recourse" or in blank; any such Assignments of Mortgage may be made by blanket assignments for Mortgage Loans secured by the Mortgaged Properties located in the same county if permitted by applicable local law;
(d) The original policy of title insurance or a true copy thereof or, if such policy has not yet been delivered by the insurer, the commitment or binder to issue same;
(e) All intervening assignments, if any, showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original lender's title insurance policy, together with all endorsements or riders that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. Promptly following the Trustee Transfer Date, the Seller shall cause each Mortgage Note to be endorsed as follows: "Pay to the order of U.S. Bank National Association, as Trustee, without recourse." The Seller promptly shall (within sixty Business Days following the later of the Closing Date and the date of the receipt by the Seller of the recording information for a Mortgage but in no event later than ninety days following the Closing Date) submit or cause to be submitted for recording, at no expense to the Purchaser (or the Trust Fund, the Trust Administrator or the Trustee under the Pooling and Servicing Agreement), in the appropriate public office for real property records, each Assignment referred to in clauses (b)(iii) and (b)(iv) of this Section 4 and promptly following the Trustee Transfer Date, shall execute each original Assignment in the following form: "U.S. Bank National Association, as Trustee under the applicable Originatoragreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, including the Seller promptly shall prepare a substitute Assignment or cure such defect, as the case may be, and thereafter cause each such Assignment to be duly recorded. Notwithstanding the foregoing, the Seller need not cause to be recorded any recorded warehousing assignmentsAssignment which relates to a Mortgage Loan in any jurisdiction where the Rating Agencies do not require recordation in order to receive the ratings on the Certificates at the time of their initial issuance; PROVIDED, HOWEVER, each Assignment shall be submitted for recording by the Seller in the manner described above, at no expense to the Purchaser, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Master Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Master Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, (v) with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (vi) any Mortgage Loan that is 90 days or more Delinquent. Upon (a) receipt of written notice that recording of the Assignments is required pursuant to one or more of the conditions (excluding (vi) above) set forth in the preceding sentence or (b) upon the occurrence of condition (vi) in the preceding sentence, the Seller shall be required to deliver such Assignments within 30 days following receipt of such notice. With respect to a maximum of approximately 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any original Mortgage Note referred to in Section 4(b)(i) above cannot be located, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon delivery to the Purchaser of a photocopy of such Mortgage Note, if available, with evidence a lost note affidavit substantially in the form of Exhibit I to the Pooling and Servicing Agreement. If any of the original Mortgage Notes for which a lost note affidavit was delivered to the Purchaser is subsequently located, such original Mortgage Note shall be delivered to the Purchaser within three Business Days. If any of the documents referred to in Sections 4(b)(ii), (iii) or (iv) above has, as of the Closing Date, been submitted for recording thereonbut either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Purchaser of a copy of each such document certified by a Responsible Officer the Originator in the case of (x) above or the applicable Originator as public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of such intervening assignments;
(f) A copy of all assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Originator;
(g) If the Mortgaged Property is held in an Illinois Land Trust, either the original Assignment of Beneficial Interest, or, if the trustee of such Illinois Land Trust retains such original Assignment of Beneficial Interest, or a certified true copy of such Assignment of Beneficial Interest so document certified by such trustee;
(h) If the Mortgaged Property is held in an Illinois Land Trust, an original Reassignment of Assignment of Beneficial Interest from the applicable Originator to "The First National Bank of Boston, as Custodian under the Custodial Agreement dated as of September 1, 1996, Series 1996-A" or in blank. In the event that the Mortgage Loan was acquired by the applicable Originator in public recording office to be a merger, the Reassignment of the Assignment of Beneficial Interest must be by "Originator, successor by merger to [name of predecessor]"; true and in the event that the Mortgage Loan was acquired or originated by the applicable Originator while doing business under another name, the Reassignment of Assignment of Beneficial Interest must be by "Originator, formerly known as [previous name]";
(i) If the Mortgaged Property is held in an Illinois Land Trust, originals of all intervening Reassignments of Assignment of Beneficial Interest, showing a complete chain of assignment from the beneficiaries of such Illinois Land Trust to the applicable Originator of all of such beneficiaries' right, title, and interest in, to, and under the trust agreement with respect to such Illinois Land Trust; and
(j) If the Mortgaged Property is held in an Illinois Land Trust, (A) a certified copy of the instrument creating original. Notice shall be provided to the Illinois Land TrustTrustee, the Trust Administrator and the Rating Agencies by the Originator if delivery pursuant to clause (B2) a copy of above will be made more than 180 days after the UCC-1 Financing Statement evidencing the assignment of the Mortgagor's beneficial interest in the Illinois Land Trust, with evidence of filing thereon, and (C) Closing Date. If the original personal guaranty of lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Depositor Seller shall use its reasonable efforts to promptly deliver or cause to be delivered to the Trustee or the Custodian: (a) the original recorded Mortgage in those instances
where a copy thereof was delivered hereunder; (b) the original recorded Assignment of Mortgage to the applicable OriginatorPurchaser, which, together with any intervening assignments of Mortgage, evidences a complete chain of assignment from the originator to the applicable Originator in those instances where copies of such Assignments were delivered; and (c) the title insurance policy required in paragraph (d) above. The applicable Depositor shall, within five (5) Business Days promptly after the receipt thereof, and in any event, within twelve months after the Closing Date, original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the Trustee or the Custodian each document described in Purchaser promptly upon receipt thereof any other original documents constituting a part of the preceding clauses (a), (b) and (c); provided, however, that if a document described in the preceding clause (a) or clause (b) has not been returned from the appropriate public recording office, the applicable Depositor shall deliver a certified copy of the Mortgage and a receipted copy of the Assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the applicable Depositor shall be deemed to have satisfied its obligations to deliver a Mortgage or Assignment of File received with respect to any Mortgage upon delivery to the Trustee or the Custodian a copy of such Mortgage or Assignment of MortgageLoan, as applicableincluding, certified by the public recording office to be a true copy of the recorded original thereof. From time to time the applicable Depositor may forward or cause to be forwarded to the Trustee or the Custodian additional but not limited to, any original documents evidencing an assumption or modification of a any Mortgage Loan. All Each original document relating to a Mortgage Loan documents which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Trustee or the Custodian as to each Mortgage Loan are referred to herein as the "Mortgage File". The Servicer covenants and agrees to take all action necessary or desirable under applicable state law to transfer the benefits of the lien and security interest in each manufactured or mobile home and the related Mortgaged Property to the TrusteeSeller, including, without limitation, the filing of UCC-3 assignments, notations on the certificates of title and recordation of the Assignment of Mortgage within the time periods required by this Section 2.04. Contemporaneously with the issuance of the Certificates, the Trustee shall cause the Custodian to (A) endorse each Mortgage Note to the order of the Trustee be so held for the benefit of the CertificateholdersPurchaser, which endorsement shall be in substantially the form set forth in Section 2.04(a)(i)its assignee, with appropriate alterations to reflect the interest of the Trustee and the limited nature of the Custodian's interest therein as may be acceptable to the Depositors, the Servicer and the Trustee, (B) execute (transferee or complete) each Assignment of Mortgage to the Trustee, which assignment shall be in substantially the form set forth in Section 2.04(c), with appropriate alterations to reflect the interest of the Trustee and (C) with respect to each Illinois Land Trust, execute a Reassignment of Assignment of Beneficial Interest to the Trustee for the benefit of the Certificateholders, which reassignment shall be substantially in the form set forth in Section 2.04(h), with appropriate alterations to reflect the interest of the Trustee. The Servicer shall promptly cause each Assignment of Mortgage to be recorded in the applicable recording office in the name of the Trustee. All recording required pursuant to this Section 2.04 shall be accomplished by and at the expense of the Servicer. For purposes of determining whether a signature is made on an instrument or document, stapling of an attachment shall be a sufficient affixation to cause the attachment to constitute part of the instrument or documentdesignee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2002-1)