GENERAL SERVICING PROCEDURE. Section 7.01 [Intentionally Omitted]
GENERAL SERVICING PROCEDURE. Section 7.01 Enforcement of Due-on-Sale Clauses, Assumption Agreements
(1) The Servicer will, to the extent it has knowledge of any conveyance or prospective conveyance by any Mortgagor of the Mortgaged Property (whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains or is to remain liable under the Mortgage Note and/or the Mortgage), exercise its rights to accelerate the maturity of such Mortgage Loan under any “ due-on-sale” clause applicable thereto; provided that the Servicer shall not exercise any such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related Primary Insurance Policy, if any.
(2) If the Servicer is prohibited from enforcing such “due-on-sale” clause, then the Servicer will attempt to enter into an assumption agreement with the Person to whom the Mortgaged Property has been conveyed or is proposed to be conveyed, pursuant to which such Person becomes liable under the Mortgage Note and, to the extent permitted by applicable state law, the Mortgagor remains liable thereon. (For purposes of this Section 7.01, the term “assumption” is deemed to also include a sale of the Mortgaged Property subject to the Mortgage that is not accompanied by an assumption or substitution of liability agreement.)
(3) If the Servicer receives a request for any Mortgage Loan to be assumed, then the Servicer shall inquire into the creditworthiness of the proposed transferee and shall use the same underwriting criteria for approving the credit of the proposed transferee that are used with respect to underwriting mortgage loans of the same type as the Mortgage Loans. Where an assumption is allowed, the Servicer, with the prior written consent of the primary mortgage insurer, if any, and subject to the conditions of Section 7.01(3), shall, and is hereby authorized to, enter into a substitution of liability agreement with the Person to whom the Mortgaged Property is proposed to be conveyed pursuant to which the original mortgagor is released from liability and such Person is substituted as mortgagor and becomes liable under the related Mortgage Note. Any such substitution of liability agreement shall be in lieu of an assumption agreement. In no event shall the Note Rate, the amount of the Monthly Payment, the Maximum Rate (if applicable), the Gross Margin (if applicable), the Initial Rate Cap (if applicable), the Periodic Rate Cap (if applicab...
GENERAL SERVICING PROCEDURE. 1 Section 7.01
GENERAL SERVICING PROCEDURE. Section 7.01 Due-On-Sale; Due-on-Encumbrance................................... Section 7.02 Release of Home Loan Files........................................ Section 7.03
GENERAL SERVICING PROCEDURE. Section 7.01 Enforcement of Due-on-Sale Clauses, Assumption Agreements Section 7.02 Satisfaction of Mortgages and Release of Mortgage Files Section 7.03 Servicing Compensation
GENERAL SERVICING PROCEDURE. Section 7.01 Enforcement of Due-on-Sale Clauses, Assumption Agreements 68 Section 7.02 Satisfaction of Mortgages and Release of Mortgage Files 69 Section 7.03 Servicing Compensation 70 Section 7.04 Annual Statement as to Compliance 70 Section 7.05 Annual Independent Certified Public Accountants’ Servicing Report 70 Section 7.06 Purchaser’s Right to Examine Servicer Records 70 Section 7.07 Annual Certification 70
GENERAL SERVICING PROCEDURE. [Intentionally Omitted]
GENERAL SERVICING PROCEDURE. COVENANTS; REPRESENTATIONS AND WARRANTIES
GENERAL SERVICING PROCEDURE. Section 7.01 Due-On-Sale; Due-on-Encumbrance Section 7.02 Release of Home Loan Files Section 7.03 Servicing Compensation Section 7.04 Statement as to Compliance and Financial Statements Section 7.05 Independent Public Accountants' Servicing Report Section 7.06 Right to Examine Servicer Records Section 7.07 Reports to the Indenture Trustee; Collection Account Statements Section 7.08 Financial Statements ARTICLE VIII (RESERVED)
GENERAL SERVICING PROCEDURE. 68 Section 7.01 Enforcement of Due-on-Sale Clauses, Assumption Agreements.......................................................................68 Section 7.02 Satisfaction of Mortgages and Release of Mortgage Files..........................69 Section 7.03 Servicing Compensation...........................................................70 Section 7.04 Annual Statement as to Compliance................................................70
