Common use of Delivery of Mortgage Loan Files and Related Documents Clause in Contracts

Delivery of Mortgage Loan Files and Related Documents. (a) In connection with the Grant of the Trust Estate by the Issuer to secure the Bonds, the Issuer is required to deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee, on or before the Closing Date, the Mortgage File for each Mortgage Loan. Also in connection therewith, the Issuer shall deliver to and deposit with, or cause to be delivered to and deposited with, the Master Servicer, on or before the Closing Date: (i) copies of the Indenture and the Mortgage Loan Purchase Agreement; (ii) copies of the documents comprising the Mortgage File for each Mortgage Loan; and (iii) all other documents and records in the possession of the Issuer or the Mortgage Loan Seller that relate to the Mortgage Loans, are necessary for the servicing of the Mortgage Loans and are not required to be a part of a Mortgage File in accordance with the definition thereof. The Master Servicer shall hold all such documents and records delivered to it on behalf of the Trustee in trust for the benefit of the Bondholders and, subject to the lien of the Indenture, the Issuer. (b) The Trustee shall deliver to the Master Servicer within 15 days after the Closing Date each assignment of Mortgage and assignment of Assignment of Leases in favor of the Trustee delivered to it as part of a Mortgage File and each UCC-2 and UCC-3 in favor of the Trustee delivered to it as part of a Mortgage File, and the Master Servicer shall, at the Mortgage Loan Seller's expense, as to each Mortgage Loan, promptly (and in any event within 45 days following the Closing Date) cause each such document to be submitted for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements, as the Master Servicer deems appropriate. Each such assignment shall reflect that it should be returned by the public recording office to the Trustee following recording, and each such UCC-2 and UCC-3 shall reflect that the file copy thereof should be returned to the Trustee following filing; provided that in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment of Leases the Master Servicer shall obtain therefrom a certified copy of the recorded original. If any such document or instrument is lost or returned unrecorded or unfilled, as the case may be, because of a defect therein, the Issuer shall promptly prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Master Servicer shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate.

Delivery of Mortgage Loan Files and Related Documents. (a) In connection with the Grant of the Trust Estate by the Issuer to secure the Bonds, the Issuer is required to deliver to and deposit with, or cause to be delivered to and deposited with, the Indenture Trustee, on or before the Closing Date, the Mortgage Loan File for each Mortgage Loan. Also in connection therewith, the Issuer shall deliver to and deposit with, or cause to be delivered to and deposited with, the Master Servicer, on or before the Closing Date: (i) copies of the Indenture and the Mortgage Loan Purchase Agreement; (ii) copies of the documents comprising the Mortgage Loan File for each Mortgage Loan; and (iii) all other documents and records in the possession of the Issuer or the Mortgage Loan Seller that relate to the Mortgage Loans, are necessary for the servicing of the Mortgage Loans and are not required to be a part of a Mortgage Loan File in accordance with the definition thereof. The Master Servicer shall hold all such documents and records delivered to it on behalf of the Indenture Trustee in trust for the benefit of the Bondholders and, subject to the lien of the Indenture, the Issuer. (b) The Indenture Trustee shall deliver to the Master Servicer within 15 days after the Closing Date each assignment Assignment of Mortgage and assignment of Assignment of Leases and Rents in favor of the Indenture Trustee delivered to it as part of a Mortgage Loan File and each UCC-2 and UCC-3 in favor of the Indenture Trustee delivered to it as part of a Mortgage Loan File, and the Master Servicer shall, at the Mortgage Loan Seller's expense, as to each Mortgage Loan, promptly (and in any event within 45 days following the Closing Date) cause each such document to be submitted for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements, as the Master Servicer deems appropriate. Each such assignment shall reflect that it should be returned by the public recording office to the Indenture Trustee following recording, and each such UCC-2 and UCC-3 shall reflect that the file copy thereof should be returned to the Indenture Trustee following filing; , provided that in those instances where the public recording office retains the original assignment Assignment of Mortgage or assignment of Assignment of Leases and Rents, the Master Servicer shall obtain therefrom a certified copy of the recorded originaloriginal and forward it to the Indenture Trustee. If any such document or instrument is lost or returned unrecorded or unfilledunfiled, as the case may be, because of a defect therein, the Issuer shall promptly prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Master Servicer shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate.