Delivery of Mortgage Loan Documents. The Originator will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan: (i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date; (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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon; (iii) an original Assignment of the Mortgage assigned in blank, without recourse; (iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2003-4), Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asst Back Ps THR Cert Ser 2003-2), Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset BCK Ps THR Cert Ser 2003-3)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 lenderlenders's title insurance policy or an attorney's opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.escrow
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2003-W4), Pooling and Servicing Agreement (Argent Securities Inc Asset Backed Pass THR Cert Ser 2003-W8), Pooling and Servicing Agreement (Argent Securities Inc Asst Back Pass THR Certs Ser 20003-W10)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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, without regard to the Policy; provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc as Bk Pas THR Cers Ser 2004 Fr1), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset Back Ser 2004-R1), Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset Back Pass THR Ser 2003-13)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i1) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(ii2) 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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii3) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv4) the original recorded intervening Assignment or Assignments of the Mortgage 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) or the original unrecorded intervening Assignments;
(v5) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi6) the original lender's title insurance policy or an attorney's opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii4(b)(2), 4(b)(iii4(b)(3) or 4(b)(iv4(b)(4) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller, then in addition thereto 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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 (iii3) and (iv4) above and shall execute each original Assignment referred to in (iii3) in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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, so long as recordation of an Assignment is not necessary to protect the Trustee's and the Certificateholders' interests in the related Mortgage Loan under the laws of the jurisdiction in which the related Mortgaged Property is located, 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 further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator 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 a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates Series 2005-R2), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Series 2005-R1), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Series 2005-R3)
Delivery of Mortgage Loan Documents. The Originator will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (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, and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Series 2003-6), Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asst Back Pas THR Certs Ser 2003-9), Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Back Pas THR Certs Ser 03 8)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser Purchaser, the Trustee or any assignee, transferee or their designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "“Pay to the order of Deutsche Bank National Trust Company, as Trustee Trustee, under the applicable agreement, without recourse," ” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, Trustee or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions (in the case of Lost Note Affidavits for original Mortgage Notes may occur only with respect to not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the aggregate Cut-off Date Principal Balance Date) a copy of which is less than or equal to 2.00% of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Pool Balance as of the Cut- off DateSeller;
(ii) 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, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS® System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 as an original, photocopy or in electronic form, lender's ’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 locatedpolicy, 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 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 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 agreement, 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 Mortgage 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), Section 4(b)(iii) ), Section 4(b)(iv), or 4(b)(ivSection 4(b)(v) above (collectively, the “Recording Documents”) 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 Originator hereunder Seller to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser Purchaser, the Trustee or any assignee, transferee or their designee of the Purchaser of either the original or a copy of each such document Recording Document certified by the Originator Seller in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto Seller, delivery promptly to the Purchaser, the Trustee or their designee upon receipt thereof 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 document Recording Document certified by the applicable public recording office to be a true and complete copy of the original. In instances where, due to a delay on the event that part of the original lender's title insurance policy has not yet applicable recording office where any such Recording Documents have been issueddelivered for recordation, the Originator Recording Documents cannot be delivered to the Purchaser, the Trustee or their designee within one year after the Closing Date, the Seller shall deliver to the Purchaser Purchaser, the Trustee or any assigneetheir designee within such time period an Officer’s Certificate stating the date by which the Seller expects to receive such Recording Documents from the applicable recording office. If the Recording Documents have still not been received by the Seller and delivered to the Purchaser, transferee the Trustee or their designee by such date, the 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 repeated until the Recording Documents have been received by the Seller and delivered to the Purchaser, the Trustee or their designee. If the original or copy of the 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 lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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 delivered 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect thereinPurchaser, the Originator Trustee or their designee promptly after receipt thereof, and in any event within 120 days after the Closing Date such title insurance policy. The Seller shall promptly prepare deliver or cause to be prepared a substitute Assignment or cure or cause delivered 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 costsPurchaser, the Assignments Trustee or their designee promptly upon receipt thereof any other original documents constituting a part of a Mortgage shall not be required to be submitted for recording (except File received with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal Loan, including, but not limited to, any original documents evidencing an assumption or a downgrading by modification of any Rating Agency of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageLoan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser Purchaser, the Trustee or its assignee, transferee or their designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser Purchaser, the Trustee or their designees. 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, such document shall be delivered promptly to the Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of this Section to be a part of a Mortgage File shall be held by the Seller in its assignee, transferee or designeecapacity as Servicer.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-9), Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-10), Mortgage Loan Purchase Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser Purchaser, the Trustee or any assignee, transferee or their designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "“Pay to the order of Deutsche Bank National Trust Company, as Trustee Trustee, under the applicable agreement, without recourse," ” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, Trustee or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions (in the case of Lost Note Affidavits for original Mortgage Notes may occur only with respect to not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the aggregate Cut-off Date Principal Balance Date) a copy of which is less than or equal to 2.00% of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Pool Balance as of the Cut- off DateSeller;
(ii) 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, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS® System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 as an original, photocopy or in electronic form, lender's ’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 locatedpolicy, 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 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 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 agreement, 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 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 Mortgage 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), Section 4(b)(iii) ), Section 4(b)(iv), or 4(b)(ivSection 4(b)(v) above (collectively, the “Recording Documents”) 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 Originator hereunder Seller to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser Purchaser, the Trustee or any assignee, transferee or their designee of the Purchaser of either the original or a copy of each such document Recording Document certified by the Originator Seller in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto Seller, delivery promptly to the Purchaser, the Trustee or their designee upon receipt thereof 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 document Recording Document certified by the applicable public recording office to be a true and complete copy of the original. In instances where, due to a delay on the event that part of the original lender's title insurance policy has not yet applicable recording office where any such Recording Documents have been issueddelivered for recordation, the Originator Recording Documents cannot be delivered to the Purchaser, the Trustee or their designee within one year after the Closing Date, the Seller shall deliver to the Purchaser Purchaser, the Trustee or any assigneetheir designee within such time period an Officer’s Certificate stating the date by which the Seller expects to receive such Recording Documents from the applicable recording office. If the Recording Documents have still not been received by the Seller and delivered to the Purchaser, transferee the Trustee or their designee by such date, the 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 repeated until the Recording Documents have been received by the Seller and delivered to the Purchaser, the Trustee or their designee. If the original or copy of the 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 lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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 delivered 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect thereinPurchaser, the Originator Trustee or their designee promptly after receipt thereof, and in any event within 120 days after the Closing Date such title insurance policy. The Seller shall promptly prepare deliver or cause to be prepared a substitute Assignment or cure or cause delivered 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 costsPurchaser, the Assignments Trustee or their designee promptly upon receipt thereof any other original documents constituting a part of a Mortgage shall not be required to be submitted for recording (except File received with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal Loan, including, but not limited to, any original documents evidencing an assumption or a downgrading by modification of any Rating Agency of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageLoan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser Purchaser, the Trustee or its assignee, transferee or their designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser Purchaser, the Trustee or their designees. 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, such document shall be delivered promptly to the Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of this Section to be a part of a Mortgage File shall be held by the Seller in its assignee, transferee or designeecapacity as Servicer.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-6), Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-8), Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-7)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 lenderlenders's title insurance policy or an attorney's opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a an Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates Series 2003-W7), Pooling and Servicing Agreement (Argent Securities Inc Assset Back Pass THR Certs Ser 2003-W5), Pooling and Servicing Agreement (Argent Securities Inc Asset Backed Pass Thru Cer Ser 2003-W9)
Delivery of Mortgage Loan Documents. The Originator will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Assignment of Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to bankruptcy of the Mortgagor mortgagor under the related Mortgage or a foreclosure of related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc as Bk Ps THR CRTS Se 02-4), Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset Back Cert Ser 2003 Ar1), Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset Backed Thru Cer Ser 2002-5)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "“Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," ” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, blank without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 ’s title insurance policy or an attorney's ’s opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller, then in addition thereto 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 original. In the event that the original lender's ’s title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "“Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse"agreement”. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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, so long as recordation of an Assignment is not necessary to protect the Trustee’s and the Certificateholders’ interests in the related Mortgage Loan under the laws of the jurisdiction in which the related Mortgaged Property is located, 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 further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator Seller is not the Master Servicer and with respect to any one assignment Assignment or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Argent Securities Inc. Series 2006-W3 Trust), Pooling and Servicing Agreement (Argent Securities Inc. Series 2006-W3 Trust), Pooling and Servicing Agreement (Argent Securities Trust 2006-M1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche U. S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Sal Home Equ Ln Tr Ser 2002 Wmc1), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Sal Home Equ Ln Tr Ser 2002 Wmc1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser Purchaser, the Trustee or any assignee, transferee or their designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "“Pay to the order of Deutsche Bank National Trust CompanyCitibank, N.A., as Trustee Trustee, under the applicable agreement, without recourse," ” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, Trustee or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions (in the case of Lost Note Affidavits for original Mortgage Notes may occur only with respect to not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the aggregate Cut-off Date Principal Balance Date) a copy of which is less than or equal to 2.00% of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Pool Balance as of the Cut- off DateSeller;
(ii) 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, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS® System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 as an original, photocopy or in electronic form, lender's ’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 locatedpolicy, 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 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 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 agreement, 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 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 Mortgage 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), Section 4(b)(iii) ), Section 4(b)(iv), or 4(b)(ivSection 4(b)(v) above (collectively, the “Recording Documents”) 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 Originator hereunder Seller to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser Purchaser, the Trustee or any assignee, transferee or their designee of the Purchaser of either the original or a copy of each such document Recording Document certified by the Originator Seller in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto Seller, delivery promptly to the Purchaser, the Trustee or their designee upon receipt thereof 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 document Recording Document certified by the applicable public recording office to be a true and complete copy of the original. In instances where, due to a delay on the event that part of the original lender's title insurance policy has not yet applicable recording office where any such Recording Documents have been issueddelivered for recordation, the Originator Recording Documents cannot be delivered to the Purchaser, the Trustee or their designee within one year after the Closing Date, the Seller shall deliver to the Purchaser Purchaser, the Trustee or any assigneetheir designee within such time period an Officer’s Certificate stating the date by which the Seller expects to receive such Recording Documents from the applicable recording office. If the Recording Documents have still not been received by the Seller and delivered to the Purchaser, transferee the Trustee or their designee by such date, the 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 repeated until the Recording Documents have been received by the Seller and delivered to the Purchaser, the Trustee or their designee. If the original or copy of the 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 lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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 delivered 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect thereinPurchaser, the Originator Trustee or their designee promptly after receipt thereof, and in any event within 120 days after the Closing Date such title insurance policy. The Seller shall promptly prepare deliver or cause to be prepared a substitute Assignment or cure or cause delivered 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 costsPurchaser, the Assignments Trustee or their designee promptly upon receipt thereof any other original documents constituting a part of a Mortgage shall not be required to be submitted for recording (except File received with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal Loan, including, but not limited to, any original documents evidencing an assumption or a downgrading by modification of any Rating Agency of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageLoan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser Purchaser, the Trustee or its assignee, transferee or their designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser Purchaser, the Trustee or their designees. 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, such document shall be delivered promptly to the Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of this Section to be a part of a Mortgage File shall be held by the Seller in its assignee, transferee or designeecapacity as Servicer.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He3), Mortgage Loan Purchase Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "(Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," , with all prior and intervening endorsements showing a complete chain of endorsement from the originator Originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) 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, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS® System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator Originator to the Person assigning the Mortgage to the Trustee (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) 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 ’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 locatedpolicy, together with all endorsements or riders which 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. If With respect to a maximum of 1.0% of the Mortgage Loans, by outstanding Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, if any document 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. 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 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 Seller 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 Seller shall pro mptly 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® System, the Seller further agrees that it will 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 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), 4(b)(iii(iii) or 4(b)(iv(iv) above has 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 Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of each such document certified by the Originator in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto Originator, delivery to the Purchaser promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the originalorigina l. The Seller shall provide such notice to the Trustee and the Rating Agencies if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. In the event that If the original lender's ’s title insurance policy has was not yet been issueddelivered pursuant to Section 4(b)(vi) above, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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 delivered to the Trust Fund or the TrusteePurchaser, 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect thereinpromptly after receipt thereof, the Originator original lender’s title insurance policy. The Seller shall promptly prepare deliver or cause to be prepared delivered to the Purchaser promptly upon receipt thereof any other original documents constituting 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 part of servicing and to reduce closing costs, the Assignments of a Mortgage shall not be required to be submitted for recording (except File received with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal Loan, including, but not limited to, any original documents evidencing an assumption or a downgrading by modification of any Rating Agency of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageLoan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "“Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," ” with all prior and intervening endorsements showing a complete chain of endorsement from the originator Originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) 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, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS® System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator Originator to the Person assigning the Mortgage to the Trustee (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) 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 locatedpolicy, together with all endorsements or riders which 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. If With respect to a maximum of approximately 1.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any document 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. 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, NC Capital promptly shall (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, to the extent that NC Capital 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 NC Capital 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® System, the Seller agrees that it will 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 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), 4(b)(iii(iii) or 4(b)(iv(iv) above has 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 Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of each such document certified by the Originator NC Capital in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by NC Capital, delivery to the Originator then in addition thereto delivery Purchaser promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In NC Capital shall provide notice to the event that Seller and the Seller shall provide such notice to the Trustee and the Rating Agencies if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. If the original lender's title insurance policy has was not yet been issueddelivered pursuant to Section 4(b)(vi) above, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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 delivered to the Trust Fund or the TrusteePurchaser, 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect thereinpromptly after receipt thereof, the Originator original lender's title insurance policy. The Seller shall promptly prepare deliver or cause to be prepared delivered to the Purchaser promptly upon receipt thereof any other original documents constituting 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 part of servicing and to reduce closing costs, the Assignments of a Mortgage shall not be required to be submitted for recording (except File received with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal Loan, including, but not limited to, any original documents evidencing an assumption or a downgrading by modification of any Rating Agency of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageLoan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2006-Nc1, Mortgage Pass-Through Certificates, Series 2006-Nc1), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-Nc2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust CompanyWells Fargo Bank, X.X., as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. If 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 document original Mortgage Note referred to in Section 4(b)(ii), 4(b)(iii) or 4(b)(iv4(b)(i) above has been submitted for recording but either (x) has cannot been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such documentbe located, the obligations of the Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or 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 assignee, transferee or designee of the Purchaser of either the original or Mortgage Notes for which a copy of such document certified by the Originator in the case of (x) above or the 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 lost note affidavit was 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator shall deliver to the Purchaser or any assigneeis subsequently located, 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator Mortgage Note shall deliver such be delivered to the Purchaser or any assignee, transferee or designee of the Purchaserwithin three Business Days. The Originator shall promptly (and in no event later than thirty (30) within sixty Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, Days following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee Date and (iii) 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 Trust Fund or the TrusteePurchaser, in the appropriate public office for real property records, each Assignment referred to in (iiiSection 4(b)(iii) and (iv) above and in connection therewith, the Originator shall execute each original Assignment referred to in (iii) in the following form: "Deutsche Bank National Trust CompanyWells Fargo Bank, X.X., as Trustee under the applicable agreement without recourse". 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, 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 (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 furtherprovided, however, each Assignment of Mortgage shall be submitted for recording by the Originator Originator, in the manner described above, at no expense to the Trust Fund or the TrusteePurchaser, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates entitled to at least 25% of the Voting RightsRights or the NIMS Insurer, (ii) failure the occurrence of the a Master Servicer Termination TestEvent of Default, (iii) the occurrence of the bankruptcy a bankruptcy, insolvency or insolvency of foreclosure relating to the Originator, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator is not upon receipt of notice from the Master Servicer and with respect to any one assignment or MortgageServicer, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageMortgage and (vi) upon receipt of notice from the Master Servicer, any Mortgage Loan that is 90 days or more delinquent. Upon the occurrence of one of the events set forth in the immediately preceding sentence, 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 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 Originator in the case of (x) above or the applicable 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 either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. Notice shall be provided to the Trustee and the Rating Agencies by the Originator if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. If the original lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Seller shall deliver or cause to be delivered to the Purchaser, promptly after receipt thereof, the original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the 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 modification of any Mortgage Loan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Opt1), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Opt1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust CompanyWells Fargo Bank, X.X., as Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust CompanyWells Fargo Bank, N.A., as Trustee Xxxxxee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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, without regard to the Policy; provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the Originator, Seller and (iv) the 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 Agreement 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 a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-Whq2), Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-Whq2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or one of the following forms: (i) in the following form: "Pay to name of the order of Deutsche Bank National Trust CompanyIndenture Trustee or (ii) in blank, as Trustee under the applicable agreementin each case, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Indenture Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourserecordable form in blank or to the Indenture Trustee;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator to the Person assigning the Mortgage in blank or to the Indenture Trustee as contemplated by the immediately preceding clause (iii) or the original unrecorded intervening Assignments);
(v) the original of or copies a copy of each related assumption, modification, written assurance consolidation or substitution extension agreement, with evidence of recording thereon, if any; and;
(vi) with respect to any Mortgage Loan listed on the Mortgage Loan Schedule as subject to a Primary Mortgage Insurance Policy, the original lender's Primary Mortgage Insurance Policy or certificate;
(vii) the original mortgagee title insurance policy or an attorney's ’s opinion of title or similar, guarantee where customary; and
(viii) any of title acceptable to mortgage lenders generally the following that are 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, insuring the priority 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 a first lien on of the Mortgaged Property represented therein as a fee interest vested in the MortgagorCut-off Date, or in the event such if any original title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. If any document 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), 4(b)(iii(iii) or 4(b)(iv(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 Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee Securities Administrator of the Purchaser of either the original or a copy of each such document certified by the Originator in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto Originator, delivery to the Securities Administrator promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In To the event that the original lender's title insurance policy has extent not yet been issuedalready recorded, the Originator Securities Administrator, at the expense of the Seller shall deliver pursuant 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Indenture promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, three months following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee Date and (iii) the date of receipt by the Originator Securities Administrator of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund Estate or the TrusteeSecurities Administrator, in the appropriate public office for real property records, each Assignment referred delivered to in (iiiit pursuant to Sections 4(b)(iii) and (iv) above and shall execute each original Assignment referred to in (iii) in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse"above. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator Securities 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, howeverbut without limiting the requirement that such Assignments be in recordable form, for administrative convenience and facilitation of servicing and to reduce closing costs, neither the Assignments of Mortgage Securities Administrator nor the Indenture Trustee shall not be required to submit or cause to be submitted for recording each Assignment delivered to it pursuant to Sections 4(b)(iii) and (except iv) if such recordation shall not, as of the Closing Date, be required by the Rating Agencies, as a condition to their assignment on the Closing Date of their initial ratings to the Notes, as evidenced by the delivery by the Rating Agencies of their ratings letters on the Closing Date. The Seller shall deliver or cause to be delivered to the Securities Administrator promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal Loan, including, but not limited to, any original documents evidencing an assumption, modification, consolidation or a downgrading by extension of any Rating Agency of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure Loan. All original documents relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is Loans that are not delivered to the Securities Administrator are and shall be held by or on behalf of the Seller, the Servicer, the Purchaser or its assigneethe Master Servicer, transferee or designeeas the case may be, if held by the Originator, shall be so held in trust for the benefit of the Indenture Trustee on behalf of the Noteholders. 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, such document shall be delivered promptly to the Securities Administrator. Any such original document delivered to or held by the Seller or the Purchaser or its assigneethat is not required pursuant to the terms of this Section to be a part of a Mortgage File, transferee or designeeshall be delivered promptly to the related Servicer.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Citigroup Mortgage Loan Trust 2005-6), Mortgage Loan Purchase Agreement (Citigroup Mortgage Loan Trust 2005-11)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust CompanyWells Fargo Bank, as N.A., xx Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust CompanyWells Fargo Bank, N.A., as Trustee Xxxxxee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the Originator, Seller and (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator is not the Master Servicer and with respect to any one assignment or MortgageAssignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator Seller (at the direction of the 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the Originator, Seller and (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator is not the Master Servicer and with respect to any one assignment or MortgageAssignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. In the event that the Servicer does not receive or act on notices related to an improperly recorded or unrecorded assignment, the Servicer shall have no liability therefore. The Seller shall forward all notices it receives promptly to the Servicer. The Seller shall reimburse the trust and/or Servicer to the extent that the Seller's failure to forward such notices results in a loss to the trust or the Servicer. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Indenture Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Indenture Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Indenture 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Indenture Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Indenture Trustee and (iii) the date of receipt by the Originator Seller of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund or the Indenture 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: "Deutsche Bank National Trust Company, as Indenture Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 either Class of CertificatesNotes, without regard to the Policy; provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator Seller in the manner described above, at no expense to the Trust Fund or the Indenture Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates Notes 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, Seller and (iv) the occurrence of a servicing transfer as described in Section 7.02 6.02 of the Pooling Sale and Servicing Agreement, and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Argent Securities Inc)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Initial Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Initial Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 shall not be required to be submitted for recording (except with respect to any Initial 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a an Initial Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Sec Inc Asset Backed Pas THR Cer Ser 2003-Wi)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "“Pay to the order of Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement, without recourse," , “with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 ’s title insurance policy or an attorney's ’s opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's ’s title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company“Xxxxx Fargo Bank, N.A., as Trustee under the applicable agreement without recourse"agreement”. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the Originator, Seller and (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator is not the Master Servicer and with respect to any one assignment or MortgageAssignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Wcw1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "(Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," , with all prior and intervening endorsements showing a complete chain of endorsement from the originator Originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) 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, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS® System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator Originator to the Person assigning the Mortgage to the Trustee (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) 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 ’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 locatedpolicy, together with all endorsements or riders which 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. If With respect to a maximum of approximately 1.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any document original Mortgage Note referred to in Section 4(b)(ii), 4(b)(iii) or 4(b)(iv4(b)(i) above has been submitted for recording but either (x) has cannot been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such documentbe located, the obligations of the Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by 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. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or on behalf a properly recorded assignment of the Mortgage as the mortgagee of record, the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of shall (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) within sixty Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, Days following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee Date and (iii) 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 Trust Fund or the TrusteePurchaser, in the appropriate public office for real property records, each Assignment referred to in (iiiSection 4(b)(iii) and (iv) above and in connection therewith, the Originator shall execute each original Assignment referred to in (iii) in the following form: "Deutsche “U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement without recourse". 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, 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 (except extent that the Originator has performed the duties with respect to any Mortgage Loan located referenced in Maryland) unless this paragraph in connection with the transfer of such failure Mortgage Loan to record would result the Seller, references to the Originator in a withdrawal or a downgrading this paragraph shall be deemed to be references to the Seller. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Seller further agrees that it will cause, within 30 Business Days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by any Rating Agency the Purchaser to the Trustee in accordance with the Pooling and Servicing Agreement for the benefit of the rating on 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 Class of Certificates; provided furtherthe documents referred to in Sections 4(b)(ii), however(iii) or (iv) above has, each Assignment as of Mortgage shall be 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 Originator in the manner described above, at no expense to the Trust Fund case of (x) above or the Trustee, upon applicable public recording office in the earliest case of (y) above to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% be a true and complete copy of the Voting Rights, original that was submitted for recording and (ii2) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of if such copy is certified by the Originator, delivery to the Purchaser promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. The Originator shall provide notice to the Seller and the Seller shall provide such notice to the Trustee and the Rating Agencies if delivery pursuant to clause (iv2) above will be made more than 180 days after the occurrence Closing Date. If the original lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Seller shall deliver or cause to be delivered to the Purchaser, promptly after receipt thereof, the original lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the Purchaser promptly upon receipt thereof any other original documents constituting a part 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 Mortgage File received with respect to any one assignment Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or Mortgage, the occurrence modification of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgageany Mortgage Loan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage LoanLoan [MUST UPDATE WHAT IS BEING CERTIFIED IF THERE IS A CUSTODIAN]:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee for the registered holders of Salomon Brothers Mortgage Securities VII, Inc., under the applicable pooling and servicing agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of Mortgage executed in the following form: "U.S. Bank National Association, as Trustee for the registered holders of Salomon Brothers Mortgage assigned in blankSecurities VII, without recourseInc., under the applicable pooling and servicing agreement";
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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, 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 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. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator on behalf of the Seller, at the expense of the Originator, 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 anything to the contrary contained in this Section 4, 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 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), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator The Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Purchaser promptly (and in no event later than thirty (30) Business Days, 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 from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost original title insurance policy 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, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of original Primary 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 further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageInsurance Policy. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Seller or the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Floating Rate Certificates Series 1998-Opt2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 lenderlenders's title insurance policy or an attorney's opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 CertificatesCertificates (without regard to the Policy); provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a an Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004 W3)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreementPooling and Servicing Agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 lenderlenders's title insurance policy or an attorney's opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.escrow
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Thru Cert Series 203-W6)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "“Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," ” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, blank without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 ’s title insurance policy or an attorney's ’s opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller, then in addition thereto 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 original. In the event that the original lender's ’s title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "“Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse"agreement”. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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, so long as recordation of an Assignment is not necessary to protect the Trustee’s and the Certificateholders’ interests in the related Mortgage Loan under the laws of the jurisdiction in 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 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 further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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, the Guarantor or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator Seller is not the Master Servicer and with respect to any one assignment Assignment or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset Back Pass THR Cer Se 03 12)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i1) the original Mortgage Note, with all riders, endorsed in blank blank, without recourse recourse, or in the following form: "“Pay to the order of Deutsche The Bank National Trust Companyof New York, as Trustee under the applicable agreement, without recourse," ” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.002% of the Pool aggregate Stated Principal Balance of the Mortgage Loans as of the Cut- Cut-off Date;
(ii2) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage Mortgage, with all riders, with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii3) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv4) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded intervening Assignment or Assignments of the Mortgage 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) or the original unrecorded intervening Assignments;
(v5) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi6) the original lender's ’s title insurance policy or an attorney's ’s opinion of title or similar, 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, 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. 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 related 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), 4(b)(iii) or 4(b)(iv) above has 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 Originator hereunder Seller to deliver such documents shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) 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 Originator Seller then in addition thereto delivery deliver promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In the event that the original lender's ’s title insurance policy has was not yet been issueddelivered pursuant to 4(b)(vi) above, the Originator 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 promptly after receipt thereof, the original lender’s title insurance or escrow companypolicy. Promptly upon receipt by the Originator of any such original title insurance policy the Originator The Seller shall deliver such or cause to be delivered to the Purchaser or any assignee, transferee or designee of the 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 modification of any Mortgage Loan. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Purchaser or the Trustee and (iii) the date of receipt by the Originator Seller of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Purchaser, the Depositor, the Servicer, 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: "Deutsche “The Bank National Trust Companyof New York, as Trustee under the applicable agreement without recourse"agreement”. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator Seller (at the direction of the Servicer) in the manner described above, at no expense to the Purchaser, the Depositor, the Trust Fund 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 RightsRights or the NIMS Insurer, if any, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the 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 or MortgageAssignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageMortgage and (vi) with respect to any Assignments, the payment in full of the related Mortgage Note. The Seller shall forward all notices it receives promptly to the Servicer. In the event that the Servicer does not receive notices related to an improperly recorded or unrecorded assignment, the Servicer shall have no liability therefore. The Seller shall reimburse the Trust Fund and/or Servicer to the extent that the Seller’s failure to forward such notices results in a loss to the Trust Fund or the Servicer. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GE-WMC Asset-Backed Pass Through Certificates, Series 2005-1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank Wachovia Bank, National Trust Company, Association as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund 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: "Deutsche Bank Wachovia Bank, National Trust Company, Association as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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, without regard to the Policy; provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator Seller in the manner described above, at no expense to the Trust Fund 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the Originator, Seller and (iv) the 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 Agreement 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 a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Firstar Bank National Trust CompanyMilwaukee, N.A., as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of Mortgage executed in the Mortgage assigned in blankfollowing form: "Firstar Bank Milwaukee, without recourseN.A. as Trustee under the applicable agreement";
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. 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. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, 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 anything to the contrary contained in this Section 4, 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 title policy is unavailableMortgage Note shall be delivered to the Purchaser or any assignee, a written commitment transferee or uniform binder or preliminary report designee of title issued by the title insurance or escrow company. If Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator The Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Purchaser promptly (and in no event later than thirty (30) Business Days, 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 from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgageoriginal title insurance policy. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Fl Rte Pas THR Ce Se 1999 Nc3)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "“Pay to the order of Deutsche Bank National Trust CompanyWxxxx Fargo Bank, N.A., as Trustee under the applicable agreement, without recourse," , “with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 ’s title insurance policy or an attorney's ’s opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's ’s title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.and
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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, without regard to the Policy; provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the Originator, Seller and (iv) the 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 Agreement 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 a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". ." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 any jurisdiction where the Rating Agencies do not require recordation in order to record would result in a withdrawal or a downgrading by any Rating Agency receive the ratings on the Certificates at the time of the rating on any Class of Certificatestheir initial issuance; provided further, however, each Assignment assignment of Mortgage shall be submitted for recording by the Originator Seller, or the Seller shall cause the Master Servicer to submit each assignment of Mortgage for recording, 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 OriginatorSeller, (iv) the 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to bankruptcy of the Mortgagor mortgagor under the related Mortgage or a foreclosure of related Mortgage. Notwithstanding the foregoing, if the Seller is unable to pay the cost of recording the Assignments of Mortgage, such expense will be paid by the Trustee and reimbursed from the Trust Fund. Notwithstanding anything to the contrary contained in this Section 4, 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 obligations of the Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Seller in the case of (x) above or the 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 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 original. In the event that the original lender'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. Promptly upon receipt by the Seller of any such original title insurance policy the Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset BCKD Ps THR Cert Ser 2002-Ar1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "“Pay to the order of Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement, without recourse," ” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 ’s title insurance policy or an attorney's ’s opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's ’s title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company“Xxxxx Fargo Bank, N.A., as Trustee under the applicable agreement without recourse"agreement”. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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, the Guarantor or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator is not the Master Servicer and with respect to any one assignment or MortgageAssignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee for the registered holders of Salomon Brothers Mortgage Securities VII, Inc., under the applicable pooling and servicing agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of Mortgage executed in the following form: "U.S. Bank National Association, as Trustee for the registered holders of Salomon Brothers Mortgage assigned in blankSecurities VII, without recourseInc., under the applicable pooling and servicing agreement";
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. 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 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. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, 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 anything to the contrary contained in this Section 4, 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 title policy is unavailableMortgage Note shall be delivered to the Purchaser or any assignee, a written commitment transferee or uniform binder or preliminary report designee of title issued by the title insurance or escrow company. If Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator The Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Purchaser promptly (and in no event later than thirty (30) Business Days, 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 from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost original title insurance policy 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, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of original Primary 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 further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageInsurance Policy. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1998-Nc6)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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, without regard to the Policy; provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 lenderlenders's title insurance policy or an attorney's opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.escrow
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004 W2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the Originator, Seller and (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator is not the Master Servicer and with respect to any one assignment or MortgageAssignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank First Trust National Trust CompanyAssociation, as Trustee for the registered holders of Salomon Brothers Mortgage Securities VII, Inc., under the applicable pooling and servicing agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of Mortgage executed in the following form: "First Trust National Association, as Trustee for the registered holders of Salomon Brothers Mortgage assigned in blankSecurities VII, without recourseInc., under the applicable pooling and servicing agreement";
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. 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 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. In the event that any such original title policy Assignment is unavailablelost or returned unrecorded because of a defect therein, the Seller promptly shall prepare a written commitment substitute Assignment or uniform binder or preliminary report of title issued by cure such defect, as the title insurance or escrow companycase may be, and thereafter cause each such Assignment to be duly recorded. If Notwithstanding anything to the contrary contained in this Section 4, if any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator The Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Purchaser promptly (and in no event later than thirty (30) Business Days, 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 from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost original title insurance policy 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, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of original Primary 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 further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designeeInsurance Policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Asset Backed Float Rate Cert Series 1997-Nc4)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a an Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset-Bk Pas Thru Cert Ser 2003-W2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 lenderlenders's title insurance policy or an attorney's opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy bankruptcy, insolvency or insolvency foreclosure of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) 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, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS(R) System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS(R) System and noting the presence of the MIN) 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 locatedpolicy, together with all endorsements or riders which that were issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first 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. If With respect to a maximum of approximately 1.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any document 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 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. 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 (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 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: "Wells Fargo Bank, X.X., 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 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 Seller 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 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), 4(b)(iii(iii) or 4(b)(iv(iv) above has 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 Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of each such document certified by the Originator related originator or the Seller in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto related originator or the Seller, delivery to the Purchaser promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In The Seller shall provide notice to the event that Trust Administrator and the Rating Agencies if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. If the original lender's title insurance policy has was not yet been issueddelivered pursuant to Section 4(b)(vi) above, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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 delivered to the Trust Fund or the TrusteePurchaser, 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect thereinpromptly after receipt thereof, the Originator original lender's title insurance policy. The Seller shall promptly prepare deliver or cause to be prepared delivered to the Purchaser promptly upon receipt thereof any other original documents constituting 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 part of servicing and to reduce closing costs, the Assignments of a Mortgage shall not be required to be submitted for recording (except File received with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal Loan, including, but not limited to, any original documents evidencing an assumption or a downgrading by modification of any Rating Agency of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageLoan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2004-He1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," ", with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (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, and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset/Pass Thru Cert 2003-Ia1)
Delivery of Mortgage Loan Documents. The Originator will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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 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: "Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement without recourse". 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, 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 (except with respect to any Mortgage Loan located in Maryland) unless such failure any jurisdiction where the Rating Agencies do not require recordation in order to record would result in a withdrawal or a downgrading by any Rating Agency receive the ratings on the Certificates at the time of the rating on any Class of Certificatestheir initial issuance; provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator in the manner described above, at no expense to the Trust Fund Fund, the Trustee or the TrusteeTrust Administrator, 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 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 or Assignment of Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to bankruptcy of the Mortgagor mortgagor under the related Mortgage or a foreclosure of related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Pass Through Certificates 2002-3)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: form "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) or the original unrecorded intervening Assignments);
(v) the original or copies of each assumption, modification, written assurance modification or substitution agreement, if any; and
(vi) the original lender's title insurance policy or an attorney's opinion of title or similaror, guarantee of title acceptable to mortgage lenders generally in if 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, 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 unavailablehas not been issued, the irrevocable commitment to issue the same. With respect to a written commitment or uniform binder or preliminary report maximum of title issued approximately 2.0% of the Original Mortgage Loans, by outstanding principal balance of the title insurance or escrow company. If Original Mortgage Loans as of the Cut-off Date, if any document original 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 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), 4(b)(iii(iii) or 4(b)(iv(iv) above has 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 Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of each such document certified by the Originator in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto Originator, delivery to the Purchaser promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In Notice shall be provided to the event that Purchaser, the Trustee and the Rating Agencies by the Seller if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. If the original lender's title insurance policy has was not yet been issueddelivered pursuant to Section 4(b)(vi) above, the Originator Seller shall deliver or cause to be delivered to the Purchaser, promptly after receipt thereof, the original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the 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 modification of any assignee, transferee or designee Mortgage Loan. The Seller shall (at the expense of the 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 title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Responsible Party) promptly (and in no event later than thirty (30) within sixty Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, Days following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee Date and (iii) the date of receipt by the Originator 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 Fund, the Trustee or the TrusteePurchaser, in the appropriate public office for real property records, each Assignment referred to in (iiiSections 4(b)(iii) and (iv) above and the Seller shall execute each original Assignment referred or cause each original Assignment to in (iii) be executed in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 shall not be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless the Trustee or the Purchaser receives notice 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 furtherprovided, however, the Seller shall submit or cause to be submitted each Assignment of Mortgage shall be submitted for recording by the Originator in the manner described above, at the expense of the Responsible Party and 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 the occurrence of the Master a Servicer Termination TestEvent of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the bankruptcy or insolvency of the OriginatorServicer, (iv) the 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 or MortgageAssignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageMortgage and (vi) any Mortgage Loan that is 90 days or more Delinquent. Upon receipt of written notice that recording of the Assignments is required pursuant to one or more of the conditions set forth in the preceding sentence, the Seller shall be required to deliver such Assignments or shall cause such Assignments to be delivered within 30 days following receipt of such notice. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Backed Ser 2003-10)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller, then in addition thereto 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 CertificatesCertificates (without regard to the Policy); provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator 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 a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," , with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.copy
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Back Ps THR Certs Ser 2003-Ar2)
Delivery of Mortgage Loan Documents. The Originator will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Bankers Trust CompanyCompany of California, N.A., as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Bankers Trust Company of California, N.A., as Trustee under the applicable agreement without recourse". 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, 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 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 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, the occurrence of a bankruptcy of 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 Trustee. Notwithstanding anything to the contrary contained in this Section 4, if any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Flo Rate Mort Pas THR Cert Ser 01 3)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee for the registered holders of Salomon Brothers Mortgage Securities VII, Inc., under the applicable pooling and servicing agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of Mortgage executed in the following form: "U.S. Bank National Association, as Trustee for the registered holders of Salomon Brothers Mortgage assigned in blankSecurities VII, without recourseInc., under the applicable pooling and servicing agreement";
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. 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 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. In the event that any such Assignment is lost or returned unrecorded because of a defect therein, 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 anything to the contrary contained in this Section 4, 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 title policy is unavailableMortgage Note shall be delivered to the Purchaser or any assignee, a written commitment transferee or uniform binder or preliminary report designee of title issued by the title insurance or escrow company. If Purchaser within three Business Days; and if any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt thereof by or on behalf of the Seller of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator The Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Purchaser promptly (and in no event later than thirty (30) Business Days, 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 from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost original title insurance policy 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, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of original Primary 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 further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageInsurance Policy. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1998 -Nc4)
Delivery of Mortgage Loan Documents. The Originator will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "U.S. Bank National Association, as Trustee under the applicable agreement without recourse". 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, 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 Trust Administrator, 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 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, the occurrence of a bankruptcy of 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 Trust Fund. Notwithstanding anything to the contrary contained in this Section 4, if any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Ass Bk Pas THR Certs Ser 2002 2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Backed Pass THR Certs Se 03 11)
Delivery of Mortgage Loan Documents. The Originator will[and the Certificate Insurance Policy]. In connection with each conveyance pursuant to Section 2.01 hereof, on the Depositor has delivered or prior does hereby agree to the Closing Date, deliver or cause to be delivered to the Purchaser Trustee (or any assignee, transferee or designee the Custodian on behalf of the Purchaser Trustee) on or before the Closing Date, [, the Certificate 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 Trust Fund:
(i) the The original Mortgage NoteNote bearing all intervening endorsements showing a complete chain of endorsements from the originator of such Mortgage Loan to the Originator, endorsed in blank by the Originator without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement__________________, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from signed manually or by facsimile in the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% name of the Pool Balance as of the Cut- off DateOriginator by an authorized officer;
(ii) the 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 Mortgage was executed pursuant to a power of attorney, with evidence of recording indicated thereon;
(iii) an An original Assignment assignment of the Mortgage assigned Mortgage, in blankform 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), without recoursesuch assignment to be in blank and signed in the name of the Originator by an authorized officer;
(iv) the original recorded The originals of all intervening Assignment or Assignments assignments of the Mortgage (with evidence of recording thereon) showing a complete chain of assignment assignments from the originator of such Mortgage Loan to the Person assigning the Mortgage to the Trustee as contemplated by the immediately preceding clause (iii) or the original unrecorded intervening AssignmentsOriginator;
(v) the original or copies of each Any assumption, modification, written assurance consolidation or substitution agreementextension agreements (with evidence of recording thereon);
(vi) The original policy of title insurance (or the original commitment for title insurance, if anythe policy is being held by the title insurance company pending recordation of the Mortgage); and
(vivii) the original lender's title insurance policy or an attorney's opinion The certificate of title or similarprimary mortgage guaranty insurance, guarantee of title acceptable to mortgage lenders generally in the jurisdiction where the Mortgaged Property is locatedif any, 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 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (except with respect to any such 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 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: Loan.
(i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, Certificate Insurer,] (ii) failure of the Master Servicer Termination Test, (iiii) the occurrence of the bankruptcy an Event of Default, or insolvency of the Originator, (ivii) the 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under Originator. The Depositor shall deliver the related 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 Trustee or its Custodian, within [15] days of receipt thereof by the Originator (but in any event, with respect to any Mortgage as to which original recording information has been made available to the Originator, within 12 months after the Closing Date). In instances where the original recorded Mortgage or intervening assignment (other than the Assignment of Mortgage. Each original document relating to a Mortgage Loan which is ) cannot be delivered to the Purchaser Trustee or its assigneeCustodian prior to or concurrently with the execution and delivery of this Agreement due to a delay in connection with recording, transferee the Depositor may in lieu of delivering such original recorded Mortgage or designeeintervening assignment (other than the Assignment of Mortgage), deliver to the Trustee or its Custodian a copy thereof, provided that the Originator provides a copy of such document and certifies that the original Mortgage or intervening assignment (other than the Assignment of Mortgage) has been delivered to a title insurance company for recordation after receipt of its policy of title insurance or binder therefor. In all such instances, the Depositor will deliver or cause to be delivered the original recorded Mortgage or intervening assignment (other than the Assignment of Mortgage) to the Trustee or its Custodian promptly upon receipt by the Originator of the original recorded Mortgage or intervening assignment (other than the Assignment of Mortgage) but in no event later than 12 months after the Closing Date. Notwithstanding anything to the contrary contained in this Section 2.03, in those instances where the public recording office retains the original Mortgage, the 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 Originator shall be deemed to have satisfied its obligations under the Purchase Agreement) upon delivery to the Trustee or its Custodian of a copy of such Mortgage, such Assignment or intervening assignments of Mortgage certified by the public recording office to be a true copy of the recorded original thereof. Within a period of [30] days from the Closing Date, the Trustee shall, or shall cause the Custodian to, complete the endorsement of each Mortgage Note and each Assignment of Mortgage and assignment of leases, if held by any, in the Originator, shall be so held for the benefit name of the Purchaser or its assignee, transferee or designeeTrustee on behalf of the Trust Fund.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Finance America Securities LLC)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Wells Fargo Bank Xxxxesota, National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. If 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 document original Mortgage Note referred to in Section 4(b)(ii), 4(b)(iii) or 4(b)(iv4(b)(i) above has been submitted for recording but either (x) has cannot been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such documentbe located, the obligations of the Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or 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 assignee, transferee or designee of the Purchaser of either the original or Mortgage Notes for which a copy of such document certified by the Originator in the case of (x) above or the 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 lost note affidavit was 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator shall deliver to the Purchaser or any assigneeis subsequently located, 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator Mortgage Note shall deliver such be delivered to the Purchaser or any assignee, transferee or designee of the Purchaserwithin three Business Days. The Originator shall promptly (and in no event later than thirty (30) within sixty Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, Days following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee Date and (iii) 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 Trust Fund or the TrusteePurchaser, in the appropriate public office for real property records, each Assignment referred to in (iiiSection 4(b)(iii) and (iv) above and in connection therewith, the Originator shall execute each original Assignment referred to in (iii) in the following form: "Deutsche Wells Fargo Bank Xxxxesota, National Trust CompanyAssociation, as Trustee under the applicable agreement without recourse". 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, 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 (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 furtherprovided, however, each Assignment of Mortgage shall be submitted for recording by the Originator Originator, in the manner described above, at no expense to the Trust Fund or the TrusteePurchaser, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates entitled to at least 25% of the Voting RightsRights or the NIMS Insurer, (ii) failure the occurrence of the a Master Servicer Termination TestEvent of Default, (iii) the occurrence of the bankruptcy a bankruptcy, insolvency or insolvency of foreclosure relating to the Originator, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator is not upon receipt of notice from the Master Servicer and with respect to any one assignment or MortgageServicer, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageMortgage and (vi) upon receipt of notice from the Master Servicer, any Mortgage Loan that is 90 days or more delinquent. Upon the occurrence of one of the events set forth in the immediately preceding sentence, 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 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 Originator in the case of (x) above or the applicable 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 either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. Notice shall be provided to the Trustee and the Rating Agencies by the Originator if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. If the original lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Seller shall deliver or cause to be delivered to the Purchaser, promptly after receipt thereof, the original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the 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 modification of any Mortgage Loan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc Ser 2003-Opt1)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller, then in addition thereto 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of relating to the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates, Series 2004-R5)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Wells Fargo Bank Xxxxesota, National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. If 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 document original Mortgage Note referred to in Section 4(b)(ii), 4(b)(iii) or 4(b)(iv4(b)(i) above has been submitted for recording but either (x) has cannot been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such documentbe located, the obligations of the Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or 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 assignee, transferee or designee of the Purchaser of either the original or Mortgage Notes for which a copy of such document certified by the Originator in the case of (x) above or the 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 lost note affidavit was 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator shall deliver to the Purchaser or any assigneeis subsequently located, 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator Mortgage Note shall deliver such be delivered to the Purchaser or any assignee, transferee or designee of the Purchaserwithin three Business Days. The Originator shall promptly (and in no event later than thirty (30) within sixty Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, Days following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee Date and (iii) 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 Trust Fund or the TrusteePurchaser, in the appropriate public office for real property records, each Assignment referred to in (iiiSection 4(b)(iii) and (iv) above and in connection therewith, the Originator shall execute each original Assignment referred to in (iii) in the following form: "Deutsche Wells Fargo Bank Xxxxesota, National Trust CompanyAssociation, as Trustee under the applicable agreement without recourse". 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, 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 (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 furtherprovided, however, each Assignment of Mortgage shall be submitted for recording by the Originator Originator, in the manner described above, at no expense to the Trust Fund or the TrusteePurchaser, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates entitled to at least 25% of the Voting RightsRights or the NIMS Insurer, (ii) failure the occurrence of the a Master Servicer Termination TestEvent of Default, (iii) the occurrence of the bankruptcy a bankruptcy, insolvency or insolvency of foreclosure relating to the Originator, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator is not upon receipt of notice from the Master Servicer and with respect to any one assignment or MortgageServicer, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageMortgage and (vi) upon receipt of notice from the Master Servicer, any Mortgage Loan that is 90 days or more delinquent. Upon the occurrence of one of the events set forth in the immediately preceding sentence, 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 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 Originator in the case of (x) above or the applicable 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 either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. Notice shall be provided to the Trustee and the Rating Agencies by the Originator if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. If the original lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Seller shall deliver or cause to be delivered to the Purchaser, promptly after receipt thereof, the original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the 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 modification of any Mortgage Loan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Pass Thru Ser 2003-Opt2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Bankers Trust Company, as Trustee under for the applicable agreementregistered holders of Salomon Brothers Mortgage Securities VII, Inc., Asset-Backed Floating Rate Certificates, Series 1996-8, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of Mortgage executed in the following form: "Bankers Trust Company, as Trustee for the registered holders of Salomon Brothers Mortgage assigned in blankSecurities VII, without recourseInc., Asset-Backed Floating Rate Certificates, Series 1996-8";
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. Notwithstanding anything to the contrary contained in this Section 4, 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. If if any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser promptly upon receipt thereof to or on behalf of the Seller of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator The Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Purchaser promptly (and in no event later than thirty (30) Business Days, 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 from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost original title insurance policy 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, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of original Primary 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 further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designeeInsurance Policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bro Mort Sec Vii Inc as Bk Fix & Fl Rte Ce Se 1996-8)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller, then in addition thereto 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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, without regard to the Policy; provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test, (iii) the occurrence of the bankruptcy or insolvency of relating to the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator 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 a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator will, on Each Transferor has delivered or prior to the Closing Date, deliver or cause caused to be delivered to the Purchaser related Transferee or any assigneeits designee in accordance with the instructions of such Transferee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loanreferred to in Section 2.04 of the Pooling and Servicing Agreement, as follows:
(ia) the (i)(A) The original Mortgage Note, with any intervening endorsements, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreementPooling and Servicing Agreement dated as of _______, 199_ without recourse," and signed, by facsimile or manual signature, in the name of the applicable Transferor that transferred such Mortgage Loan to the applicable Transferee pursuant to this Agreement by a Responsible Officer, with all prior and intervening endorsements showing a complete chain of endorsement from the originator of such Mortgage Note to the Person so endorsing to related Transferor, if the Trustee, applicable Transferor was not the originator or with respect to any lost (B) if such Mortgage Note is a Destroyed Mortgage Note, an original Lost Destroyed Mortgage Note Affidavit; PROVIDED HOWEVERAffidavit together with a copy of such Mortgage Note attached hereto, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only and (ii) with respect to Mortgage Loansmanufactured housing units, the aggregate Cut-off Date Principal Balance certificate of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Datetitle, if any;
(iib) Either: (i) 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 Mortgage was executed pursuant to a power of attorneyMortgage, with evidence of recording thereonthereon (and, in the case of 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 applicable Transferor that transferred such Mortgage Loan to the applicable Transferee pursuant to this Agreement (provided, however, that such Responsible Officer may complet 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 recorde Mortgage has been lost or not yet returned;
(iiic) an The original Assignment of Mortgage in recordable form from the applicable Transferor that transferred such Mortgage assigned Loan to the applicable Transferee pursuant to this Agreement in blank, without recourseblank or to the order of the applicable Transferee or its designee;
(ivd) Except with respect to any Mortgage Loan secured by a second priority lien and having a Principal Balance not in excess of $_______, the original recorded 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 Assignment or Assignments of the Mortgage assignments, if any, showing a complete chain of assignment from the originator thereof to the Person assigning applicable Transferor, including any recorded warehousing assignments, with evidence of recording thereon, certified by a Responsible Officer of the Mortgage to the Trustee applicable Transferor as contemplated by the immediately preceding clause (iii) or a true copy of the original unrecorded of such intervening Assignmentsassignments;
(vf) the original or copies A copy of each assumption, modification, written assurance or substitution agreementall assumption and modification agreements, if any, certified as a true copy by a Responsible Officer of the applicable Transferor;
(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 Transferor in blank or to the order of the Transferee or its designee;
(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 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
(vij) 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 lender's personal guaranty of the Mortgage Note, executed by each beneficiary of the Illinois Land Trust. The applicable Transferor shall use its reasonable efforts to promptly deliver or cause to be delivered to the Transferees: (a) the original recorded Mortgage in those instances where a copy thereof certified by such Transferor was delivered to the related Transferee; (b) any intervening assignments of Mortgage evidencing a complete chain of assignment from the originator of such Mortgage to the related Transferor in those instances where copies of such assignments certified by such Transferor were delivered to the Transferee; and (c) the title insurance policy or an attorney's opinion assurance of title required in Section 2.04 above. The applicable Transferor shall, within five (5) Business Days after the receipt thereof, and in any event, within twelve months after the Closing Date, deliver or similarcause to be delivered to the Transferees each document described in any of the preceding clauses (a), guarantee of title acceptable to mortgage lenders generally (b) and (c); provided, however, that if a document described 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iiipreceding clause (a) or 4(b)(iv) above has been submitted for recording but either clause (xb) has not no been returned from the applicable appropriate public recording office or (y) has been lost or such public office, the applicable Transferor shall deliver a certified copy of the Mortgage and a receipted copy of the assignment from the appropriate recording office has retained prior to the original expiration of such documenttwelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the obligations of the Originator hereunder applicable Transferor shall be deemed to have been satisfied its obligations to deliver a Mortgage or assignment of Mortgage upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee related Transferee of the Purchaser of either the original or a copy of such document certified by the Originator in the case Mortgage or Assignment of (x) above or the 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 Originator then in addition thereto delivery promptly upon receipt thereof of either the original or a copy of such document Mortgage, as applicable, certified by the public recording office to be a true and complete copy of the originalrecorded original thereof. In From time to time the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the Trustee and (iii) the date of receipt by the Originator of the recording information for a Mortgage) submit applicable Transferor may forward or cause to be submitted for recording, at no expense forwarded to the Trust Fund applicable Transferee additional original documents evidencing an assumption or the Trustee, in the appropriate public office for real property records, modification of an Mortgage Loan. All Mortgage Loan documents held by a Transferee as to each Assignment Mortgage Loan are referred to in (iii) and (iv) above and shall execute each original Assignment referred to in (iii) in the following form: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, herein as the case may be, "Transferees' Mortgage File." All recording required pursuant to this Section 2.04 shall be accomplished by and thereafter cause each such Assignment to be duly recorded. Notwithstanding at 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 (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 expense of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designeeTransferors.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator willIn connection with such transfer and assignment, on or prior to the Closing DateSeller does hereby deliver to, deliver or cause to be delivered to and deposit with, the Purchaser or any assigneePurchaser, transferee or designee of the Purchaser each of the following documents for or instruments with respect to each Mortgage Loan:Loan so transferred and assigned (a "Mortgage File"):
(i) the original Mortgage Note, endorsed by the Originator or the Originator's successor in blank without recourse or interest in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trusteeblank, or with respect to any lost Mortgage Note, an original Lost Note AffidavitAffidavit stating that the original mortgage note was lost, misplaced or destroyed, together with a copy of the related mortgage note; PROVIDED PROVIDED, HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(ii) the original Mortgage recorded Mortgage, with evidence of recording thereon, and thereon or a copy, copy of the Mortgage certified by the appropriate public recording office, of office in those jurisdictions where the public recording office retains the original and the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereonthereon or a copy of the power of attorney certified by the public recording office where the public recording office retains the original;
(iii) an original Assignment of the Mortgage assigned executed by the Originator or the Originator's successor in interest in blank, without recoursetogether with any intervening assignments and showing a complete chain of title from the original mortgagee named under the Mortgage to the Originator or the Originator's successor in interest in blank or an Affiliate of the Originator;
(iv) the original recorded intervening Assignment originals of all assumption, modification, consolidation or Assignments of the Mortgage 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) or the original unrecorded intervening Assignmentsextension agreements, if any;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; andany guarantee executed in connection with the Mortgage Note;
(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 locatedpolicy, 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 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. If any document referred to company or an attorney's title opinion, if customary in Section 4(b)(ii), 4(b)(iiithe related jurisdiction where the Mortgaged Property is located; and
(vii) 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 documentany security agreement, chattel mortgage or equivalent document executed in connection with the obligations Mortgage. With respect to each Mortgage Note and Assignment endorsed in blank as of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, following the later of (i) the Closing Date, within ninety (ii90) the date on which the Originator receives the Assignment from the Trustee and (iii) the date of receipt by the Originator days of the recording information for a Mortgage) submit or Closing Date the Seller shall cause such endorsements 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) completed in the following form: "Deutsche Pay to the order of Xxxxx Fargo Bank Minnesota, National Trust CompanyAssociation, as Trustee under the applicable agreement Trustee, without recourse"." Notwithstanding the foregoing, the parties hereto acknowledge that on the Closing Date, the Seller will deliver to, and deposit with, the Purchaser, the Mortgage Note and will deliver the remaining contents of each Mortgage File within 60 days following the Closing Date. In instances where an original recorded Mortgage, power of attorney or any assumption, modification, consolidation or extension agreement cannot be delivered by the Seller to the Purchaser within 60 days following the Closing Date, due to a delay in connection with the recording of such Mortgage, power of attorney or assumption, modification, consolidation or extension agreement, the Depositor may, in lieu of delivering such original recorded Mortgage, power of attorney or assumption, modification, consolidation or extension agreement referred to in clause (ii) or clause (iv) above, deliver to the Purchaser a copy thereof, provided that the Depositor certifies that the original Mortgage, power of attorney, assumption, modification, consolidation or extension agreement has been delivered for recordation. In instances where an original recorded Mortgage or power of attorney has been lost or misplaced, the Seller may deliver or cause to be delivered, in lieu of such Mortgage or power of attorney, a copy of such Mortgage or power of attorney bearing recordation information and certified as true and correct by the office in which recordation thereof was made. In instances where an Assignment in recordable form cannot be delivered by the Seller to the Purchaser within 60 days following the Closing Date, due to a delay in connection with the recording of the Mortgage, the Seller may, in lieu of delivering the completed assignment in recordable form referred to in clause (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 or power of attorney and completed Assignment (if applicable) to the Purchaser promptly upon receipt of such Mortgage or power of attorney. The Originator shall cause all Assignments referred to in clause (iii) above and, to the extent necessary, in (iv) above to be recorded. The Originator shall furnish the Purchaser, or its designated agent, with a copy of each Assignment submitted for recording. 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 have a substitute Assignment prepared or cure or cause to be cured have such defectdefect cured, 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 (except with respect to any Mortgage Loan located in Florida and 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 furtherprovided, however, the Originator shall submit each Assignment of Mortgage shall be submitted for recording by the Originator in the manner described aboverecording, 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 the occurrence of the a Master Servicer Termination TestEvent of Termination, (iii) the occurrence of the bankruptcy a bankruptcy, insolvency or insolvency of foreclosure relating to the Originator, (iv) the 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 or Mortgage, Assignment the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageMortgage and (vi) on or after the 90th day on which the payment for such Mortgage Loan was due and payable and not received. Each The Seller shall deliver or cause to be delivered to the Purchaser promptly upon receipt thereof from the Originator any other original document 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, modification, consolidation or extension of any Mortgage Loan. All original documents relating to a the Mortgage Loan which is Loans that are not delivered to the Purchaser or its assignee, transferee or designee, if are and shall be held by or on behalf of the Originator, shall be so held Purchaser 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, such document shall be delivered promptly to the Purchaser. Any such original document delivered to or held by the Purchaser or its assigneethat is not required pursuant to the terms of this Section to be a part of a Mortgage File, transferee or designeeshall be delivered promptly to the Seller.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bro Mor Sec Vii Inc Citigroup Mor Ln Tr Ser 2003-Up2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller, then in addition thereto 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 CertificatesCertificates (without regard to the Policy); provided further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator 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 a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage NoteNote (including any riders thereto), endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche HSBC Bank National Trust CompanyUSA, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) 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, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS(R) System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS(R) System and noting the presence of the MIN) 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 locatedpolicy, together with all endorsements or riders which 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. If With respect to a maximum of 2.0% of the Mortgage Loans, by outstanding principal balance of the Mortgage Loans as of the Cut-off Date, if any document 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 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), 4(b)(iii(iii) or 4(b)(iv(iv) above has 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 Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of each such document certified by the Originator applicable originator or the Seller in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto applicable originator or the Seller, delivery to the Purchaser promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In Notice shall be provided to the event that Trustee, the Trust Administrator and the Rating Agencies by the Seller if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. If the original lender's title insurance policy has was not yet been issueddelivered pursuant to Section 4(b)(vi) above, the Originator Seller shall deliver or cause to be delivered to the Purchaser, promptly after receipt thereof, the original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the 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 modification of any assignee, transferee Mortgage Loan. Except with respect to any Mortgage Loan for which MERS is identified on the Mortgage or designee on a properly recorded assignment of the Purchaser a written commitment or interim binder or preliminary report Mortgage as the mortgagee of title issued by record, the title insurance or escrow company. Promptly upon receipt by Servicer shall enforce the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee obligation of the Purchaser. The Originator shall Seller under this Agreement to promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, within sixty days following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee Date and (iii) the date of receipt by the Originator Trustee 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 the expense of the Seller and at no expense to the Trust Fund Fund, the Trustee, the Trust Administrator, the Servicer or the TrusteeDepositor, in the appropriate public office for real property records, each Assignment referred to in (iiiSections 4(b)(iii) and (iv) above and the Depositor shall execute or cause to be executed each original Assignment referred or cause each original Assignment to in (iii) be executed in the following form: "Deutsche HSBC Bank National Trust CompanyUSA, as Trustee under the applicable agreement without recourse". agreement." In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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. If the Seller fails to pay the cost of recording the Assignments, such expense will be paid by the Trust Administrator and shall be reimbursable to the Trust Administrator as an Extraordinary Trust Fund Expense. Notwithstanding the foregoing, however, neither the Trustee nor the Trust Administrator shall be responsible for administrative convenience and facilitation determining whether any Assignment delivered by the Depositor hereunder is in recordable form. In connection with the assignment of servicing and to reduce closing costsany Mortgage Loan registered on the MERS(R) System, the Assignments Seller 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 this Agreement for the benefit of the Certificateholders and the Certificate Insurer by including (or deleting, in the case of Mortgage shall 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 Purchaser further agrees that it will not, and will not be required to be submitted for recording (except permit the Servicer to, and the Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan located during the term of this Agreement unless and until such Mortgage Loan is repurchased in Maryland) unless such failure to record would result in a withdrawal or a downgrading by any Rating Agency accordance with the terms of the rating on any Class of Certificates; provided further, however, 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 servicing transfer as described in Section 7.02 of the Pooling and Servicing this Agreement, and (v) if the Originator is not the Master Servicer and with respect to any one assignment or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure . All original documents relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is Loans that are not delivered to the Purchaser are and shall be held by the Seller or the Servicer, as the case may be, in trust for the benefit of the Purchaser, its assignee, transferee or designee. 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, if such document shall be delivered promptly to the Purchaser. Any such original document delivered to or held by the OriginatorPurchaser that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be so held for delivered promptly to the benefit of the Purchaser or its assignee, transferee or designeeServicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mort Ln Tr Asst Back Ps THR Certs Ser 2003-He3)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "“Pay to the order of Deutsche Bank National Trust CompanyWxxxx Fargo Bank, N.A., as Trustee under the applicable agreement, without recourse," ” with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 ’s title insurance policy or an attorney's ’s opinion of title or similar, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's ’s title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.and
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy policy, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust CompanyXxxxx Fargo Bank, N.A., as Trustee under the applicable agreement without recourseagreement". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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, so long as recordation of an Assignment is not necessary to protect the Trustee's and Certificateholders' interests in the related Mortgage Loan under the laws of the jurisdiction in 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 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 further, however, each Assignment of Mortgage shall be submitted for recording by the Originator 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, the Guarantor or the NIMS Insurer, (ii) failure of the Master Servicer Termination Test[reserved], (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (v) if the Originator is not the Master Servicer and with respect to any one assignment or MortgageAssignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a any Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator willSeller shall, on or at least three (3) Business Days prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(iA) the original Mortgage Note, endorsed in blank without recourse or in the following form: "“Pay to the order of Deutsche U.S. Bank National Trust CompanyAssociation, as Trustee under the applicable agreementTrustee, without recourse," ” or in blank, with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, Trustee or with respect to any lost Mortgage Note, (B) an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% copy of the Pool Balance as installment sale contract for the purchase of the Cut- off Daterelated Mortgaged Property;
(ii) with respect to each Mortgage Loan, (A) the original Mortgage or copy of the Mortgage with evidence of recording thereon, and (B) the original or a copy, certified by the appropriate recording office, copy of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) with respect to each Non-MERS Mortgage Loan, an original Assignment of the Mortgage assigned executed in the following form: “U.S. Bank National Association, as Trustee (Bayview),” or in blank, without recourse;
(iv) with respect to each Non-MERS Mortgage Loan, the original recorded intervening Assignment or Assignments of the Mortgage and if such Assignment of Mortgage is not endorsed in blank, originals or copies of all intervening assignments 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 Trustee as contemplated by the immediately preceding clause (iii) or or, in the case of a Cooperative Loan, an original unrecorded intervening AssignmentsAssignment of the Security Agreement;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and;
(vi) with respect to each Mortgage Loan other than a Cooperative Loan, the original or a copy of the lender's ’s title insurance policy or an attorney's ’s opinion of title or similar, guarantee of title acceptable to mortgage lenders generally in a copy thereof certified as true and correct by the jurisdiction where the Mortgaged Property is locatedapplicable insurer, together with all endorsements or riders which 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 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 the original policy of title insurance to be delivered within one year of the Closing Date;
(vii) with respect to any Cooperative Loan, 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 “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 Trustee. With respect to each MERS Mortgage Loan, the Purchaser shall cause the Trustee, at the expense of the Purchaser and at the direction and with the cooperation of the applicable Servicer, to take such actions as are necessary to cause the 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 Section 4(b)(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 document of the documents referred to in Section Sections 4(b)(ii), 4(b)(iii) or 4(b)(iv(iii) 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 Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of each such document certified by the Originator in the case of (x) above or the public recording office in the case of (y) above Seller to be a true and complete copy of the recorded original thereof that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto Seller, delivery to the Purchaser promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. In the event that If the original or a copy of lender's ’s title insurance policy was not delivered pursuant to 4(b)(vi) above, the Seller shall deliver or cause to be delivered to the Purchaser, promptly after receipt thereof, the original or a copy of lender’s title insurance policy. The Seller shall deliver or cause to be delivered to the 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 modification of any Mortgage Loan. The Seller shall be responsible for recording at its own expense each of the above documents requiring recordation. Notwithstanding anything to the contrary contained in this Section 4, 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 issuedrecorded, the Originator obligations of the Seller hereunder shall deliver be deemed to have been satisfied upon delivery not later than ninety (90) days after the Closing Date by the Seller to the Purchaser or any assignee, transferee or designee of the Purchaser of a written commitment copy of such Mortgage, power of attorney or interim binder or preliminary report Assignment of title issued Mortgage certified by the public recording office to be a true and complete copy of the recorded original thereof. Upon delivery to the 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. Promptly upon receipt by the Originator company of any such original lender’s title insurance policy policy, the Originator Seller promptly (and in no event later than five (5) Business Days following such receipt) shall deliver such document to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall Seller promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, Days following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee and (iii) the date of receipt by the Originator of the recording information for a Mortgage) shall 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 of Mortgage referred to in clauses (iii) and or (iv) above and shall execute each original of this Section 4(b); provided, however, that such Assignment referred to in (iii) of Mortgage need not be recorded if, in the following form: "Deutsche Bank National Trust Companyopinion of counsel (which must be from independent counsel) acceptable to the Trustee and each Rating Agency, as Trustee under recording in such states is not required to protect the applicable agreement without recourse"Trustee’s interest in the related Mortgage Loan. In the event that any such Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Originator Seller promptly shall promptly prepare or cause to be prepared a substitute Assignment of Mortgage or cure or cause to be cured such defect, as the case may be, and thereafter cause each such Assignment of Mortgage to be duly recorded. Notwithstanding The Seller shall not organize under the foregoinglaw 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, however, for administrative convenience and facilitation of servicing and to reduce closing costsincluding the Trustee. Before effecting such change, the Assignments of Mortgage Seller shall not be required prepare and file in the appropriate filing office any financing statements or other statements necessary 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 continue the perfection of the rating on any Class interests of Certificates; provided furtherits immediate and mediate transferees, however, 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 including the Trustee, upon in the earliest Mortgage Loans. In connection with the transactions contemplated by the Basic Documents, the Seller authorizes its immediate or mediate transferee, including the Trustee, to occur of: (i) reasonable direction by Holders of Certificates entitled file in any filing office any initial financing statements, any amendments to at least 25% of the Voting Rightsfinancing statements, (ii) failure of the Master Servicer Termination Testany continuation statements, (iii) the occurrence of the bankruptcy or insolvency of the Originator, (iv) the occurrence of a servicing transfer as any other statements or filings described in this 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee4(b).
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank blank, without recourse recourse, or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," , "with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVERprovided however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- Cut-off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". 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, 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 (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 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the Originator, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.escrow
Appears in 1 contract
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Bank National Trust Company, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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, 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator Seller promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator Seller in the case of (x) above or the 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 Originator Seller 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator Seller of any such original title insurance policy the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator Seller shall promptly (and in no event later than thirty (30) Business Days, subject to extension upon mutual agreement between the Originator Seller and the Trustee, following the later of (i) the Closing Date, (ii) the date on which the Originator Seller receives the Assignment from the Trustee and (iii) the date of receipt by the Originator Seller 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect therein, the Originator 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 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 of Mortgage shall be submitted for recording by the Originator 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 RightsRights or the NIMS Insurer, (ii) a failure of the Master Servicer Termination TestTest as set forth in the Pooling and Servicing Agreement, (iii) the occurrence of the bankruptcy or insolvency of the OriginatorSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator 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 a an Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Argent Securities Inc Asst Back Pass THR Certs Ser 2003-W3)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Norwest Bank Minnesota, National Trust CompanyAssociation, as Trustee Trustee, under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(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 Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee in blank 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 locatedpolicy, 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 first lien on the Mortgaged Property represented therein as a fee interest or leasehold 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. If any document referred to in Section 4(b)(ii), 4(b)(iii) 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 obligations of the Originator hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Originator in the case of (x) above or the 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 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. 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 (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee 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: "Deutsche Norwest Bank Minnesota, National Trust CompanyAssociation, as Trustee under the applicable agreement without recourseagreement". 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, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments 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 only if the Trustee and each Rating Agency has received an opinion of counsel, satisfactory in form and substance to the rating on Trustee and each Rating Agency, to the effect that the recordation of such assignments in any Class of Certificatesspecific 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 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 a bankruptcy, insolvency or insolvency of foreclosure relating to the Originator, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, Agreement and (viv) if the Originator is not the Master Servicer and with respect to any one assignment or of Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the 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 Trustee. Notwithstanding anything to the contrary contained in this Section 4, 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 obligations of the Seller hereunder shall be deemed to have been satisfied upon (1) delivery by or on behalf of the Seller promptly upon receipt thereof to or on behalf of the Purchaser or any assignee, transferee or designee of the Purchaser of either the original or a copy of such document certified by the Seller in the case of (x) above or the 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 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 original. In the event that the original lender'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. 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 title insurance policy or original Primary Mortgage Insurance Policy. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1999-Aq2)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, Date deliver or cause to be delivered to the Purchaser Purchaser, the Trustee or any assignee, transferee or their designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "“Pay to the order of Deutsche Bank National Trust Company, as Trustee Trustee, under the applicable agreement, without recourse," ” with all prior and intervening endorsements endorsements, showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, Trustee or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions (in the case of Lost Note Affidavits for original Mortgage Notes may occur only with respect to not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the aggregate Cut-off Date Principal Balance Date) a copy of which is less than or equal to 2.00% of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Pool Balance as of the Cut- off DateSeller;
(ii) 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, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) unless the Mortgage Loan is registered on the MERS® System, an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 as an original, photocopy or in electronic form, lender's ’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 locatedpolicy, 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 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 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 agreement, 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 Mortgage 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), Section 4(b)(iii) ), Section 4(b)(iv), or 4(b)(ivSection 4(b)(v) above (collectively, the “Recording Documents”) 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 Originator hereunder Seller to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser Purchaser, the Trustee or any assignee, transferee or their designee of the Purchaser of either the original or a copy of each such document Recording Document certified by the Originator Seller in the case of (x) 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 that was submitted for recording and (2) if such delivered copy is certified by the Originator then in addition thereto Seller, delivery promptly to the Purchaser, the Trustee or their designee upon receipt thereof 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 document Recording Document certified by the applicable public recording office to be a true and complete copy of the original. In instances where, due to a delay on the event that part of the original lender's title insurance policy has not yet applicable recording office where any such Recording Documents have been issueddelivered for recordation, the Originator Recording Documents cannot be delivered to the Purchaser, the Trustee or their designee within one year after the Closing Date, the Seller shall deliver to the Purchaser Purchaser, the Trustee or any assigneetheir designee within such time period an Officer’s Certificate stating the date by which the Seller expects to receive such Recording Documents from the applicable recording office. If the Recording Documents have still not been received by the Seller and delivered to the Purchaser, transferee the Trustee or their designee by such date, the 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 repeated until the Recording Documents have been received by the Seller and delivered to the Purchaser, the Trustee or their designee. If the original or copy of the 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 lender’s title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Originator Seller shall deliver such to the Purchaser or any assignee, transferee or designee of the Purchaser. The Originator shall promptly (and in no event later than thirty (30) Business Days, 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 from the 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 delivered 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: "Deutsche Bank National Trust Company, as Trustee under the applicable agreement without recourse". In the event that any such Assignment is lost or returned unrecorded because of a defect thereinPurchaser, the Originator Trustee or their designee promptly after receipt thereof, and in any event within 120 days after the Closing Date such title insurance policy. The Seller shall promptly prepare deliver or cause to be prepared a substitute Assignment or cure or cause delivered 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 costsPurchaser, the Assignments Trustee or their designee promptly upon receipt thereof any other original documents constituting a part of a Mortgage shall not be required to be submitted for recording (except File received with respect to any Mortgage Loan located in Maryland) unless such failure to record would result in a withdrawal Loan, including, but not limited to, any original documents evidencing an assumption or a downgrading by modification of any Rating Agency of the rating on any Class of Certificates; provided further, however, 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 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 or Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageLoan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser Purchaser, the Trustee or its assignee, transferee or their designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser Purchaser, the Trustee or their designees. 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, such document shall be delivered promptly to the Purchaser, the Trustee or their designee. Any such original document that is not required pursuant to the terms of this Section to be a part of a Mortgage File shall be held by the Seller in its assignee, transferee or designeecapacity as Master Servicer.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Long Beach Mortgage Loan Trust 2006-5)
Delivery of Mortgage Loan Documents. The Originator Seller will, on or prior to the Closing Date, deliver or cause to be delivered to the Purchaser or any assignee, transferee or designee of the Purchaser each of the following documents for each Mortgage Loan:
(i) the original Mortgage Note, endorsed in blank without recourse or in the following form: "Pay to the order of Deutsche Wells Fargo Bank Xxxxesota, National Trust CompanyAssociation, as Trustee under the applicable agreement, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee, or with respect to any lost Mortgage Note, an original Lost Note Affidavit; PROVIDED HOWEVER, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance of which is less than or equal to 2.00% of the Pool Balance as of the Cut- off Date;
(ii) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the original recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment of the Mortgage assigned in blank, without recourse;
(iv) the original recorded intervening Assignment or Assignments of the Mortgage 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) 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 locatedpolicy, together with all endorsements or riders which 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. If 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 document original Mortgage Note referred to in Section 4(b)(ii), 4(b)(iii) or 4(b)(iv4(b)(i) above has been submitted for recording but either (x) has cannot been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such documentbe located, the obligations of the Originator hereunder Seller to deliver such documents shall be deemed to have been be satisfied upon (1) delivery by or on behalf of the Originator promptly upon receipt thereof to the Purchaser or 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 assignee, transferee or designee of the Purchaser of either the original or Mortgage Notes for which a copy of such document certified by the Originator in the case of (x) above or the 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 lost note affidavit was 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 original. In the event that the original lender's title insurance policy has not yet been issued, the Originator shall deliver to the Purchaser or any assigneeis subsequently located, 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. Promptly upon receipt by the Originator of any such original title insurance policy the Originator Mortgage Note shall deliver such be delivered to the Purchaser or any assignee, transferee or designee of the Purchaserwithin three Business Days. The Originator shall promptly (and in no event later than thirty (30) within sixty Business Days, subject to extension upon mutual agreement between the Originator and the Trustee, Days following the later of (i) the Closing Date, (ii) the date on which the Originator receives the Assignment from the Trustee Date and (iii) 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 Trust Fund or the TrusteePurchaser, in the appropriate public office for real property records, each Assignment referred to in (iiiSection 4(b)(iii) and (iv) above and in connection therewith, The Originator shall execute each original Assignment referred to in (iii) in the following form: "Deutsche Wells Fargo Bank Xxxxesota, National Trust CompanyAssociation, as Trustee under the applicable agreement without recourse". 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, 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 (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 furtherprovided, however, each Assignment of Mortgage shall be submitted for recording by the Originator Originator, in the manner described above, at no expense to the Trust Fund or the TrusteePurchaser, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) failure the occurrence of the a Master Servicer Termination TestEvent of Default, (iii) the occurrence of the bankruptcy a bankruptcy, insolvency or insolvency of foreclosure relating to the Originator, (iv) the occurrence of a servicing transfer as described in Section 7.02 of the Pooling and Servicing Agreement, and (v) if the Originator is not upon receipt of notice from the Master Servicer and with respect to any one assignment or MortgageServicer, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related MortgageMortgage and (vi) upon receipt of notice from the Master Servicer, any Mortgage Loan that is 90 days or more delinquent. Upon the occurrence of one of the events set forth in the immediately preceding sentence, 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 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 Originator in the case of (x) above or the applicable 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 either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. Notice shall be provided to the Trustee and the Rating Agencies by the Originator if delivery pursuant to clause (2) above will be made more than 180 days after the Closing Date. If the original lender's title insurance policy was not delivered pursuant to Section 4(b)(vi) above, the Seller shall deliver or cause to be delivered to the Purchaser, promptly after receipt thereof, the original lender's title insurance policy. The Seller shall deliver or cause to be delivered to the 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 modification of any Mortgage Loan. Each original document relating to a Mortgage Loan which is not delivered to the Purchaser or its assignee, transferee or designee, if held by the OriginatorSeller, shall be so held for the benefit of the Purchaser or Purchaser, its assignee, transferee or designee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cer Ser 2002-Opt1)