Common use of Early Payment Default Clause in Contracts

Early Payment Default. In the event that the first scheduled payment of principal and interest (or interest in the case of an interest only loan) to be made by the mortgagor on the first due date after the Closing Date, in addition to any scheduled payments due prior to the Closing Date, with respect to any Mortgage Loan is not paid on or prior to such due date, the Seller shall repurchase such Mortgage Loan within thirty (30) days of the Purchaser’s request at a price equal to the Repurchase Price. The Purchaser shall request any repurchase pursuant to this paragraph on or before the thirtieth (30th) day from the date that the Purchaser receives notice of the related early payment default (which notice may include receipt of a monthly remittance advice reflecting such early payment default). The provisions set forth in this paragraph shall survive the related Closing Date and shall not merge with any of the closing documents and shall be enforced by the Purchaser independently of this or any other agreement. The numbers on the 332 form correspond with the numbers listed below.

Early Payment Default. In the event that the first scheduled payment of principal and interest (or interest in the case of an interest only loan) to be made by the mortgagor on the first due date after the Closing Date, in addition to any scheduled payments due prior to the Closing Date, with respect to any Mortgage Loan is not paid on or prior to such due date, the Seller shall repurchase such Mortgage Loan within thirty (30) days of the Purchaser’s request at a price equal to the Repurchase Price. The Purchaser shall request any repurchase pursuant to this paragraph on or before the thirtieth (30th) day from the date that the Purchaser receives notice of the related early payment default (which notice may include receipt of a monthly remittance advice reflecting such early payment default). The provisions set forth in this paragraph shall survive the related Closing Date and shall not merge with any of the closing documents and shall be enforced by the Purchaser independently of this or any other agreement. The numbers on the 332 form correspond with the numbers listed below.