Directions by Purchaser During Interim Servicing Period. During the Interim Servicing Period, in the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Seller shall so notify the Purchaser and shall take such action as it is directed by the Purchaser.
Appears in 55 contracts
Samples: Purchase and Sale Agreement, Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-8), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7)
Directions by Purchaser During Interim Servicing Period. During the Interim Servicing Period, in the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payablepayable (after giving effort to any applicable grace period), or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Seller shall so notify the Purchaser and shall take such action as it is directed by the Purchaser.
Appears in 6 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-3), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-6)
Directions by Purchaser During Interim Servicing Period. During the Interim Servicing Period, in the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Seller shall so notify the Purchaser and shall take such action as it is reasonably directed by the Purchaser, subject to Applicable Law.
Appears in 1 contract
Samples: Non Delegated Application