Common use of Indenture Trustee to Cooperate; Release of Mortgage Files Clause in Contracts

Indenture Trustee to Cooperate; Release of Mortgage Files. (a) Upon payment in full of any Mortgage Loan, the Servicer will immediately notify the Indenture Trustee by a certification signed by a Servicing Officer (which certification shall include a statement to the effect that all amounts received in connection with such payment which are required to be deposited in the Collection Account have been so deposited) and shall request delivery to the Servicer or Subservicer, as the case may be, of the Mortgage File. Upon receipt of such certification and request, the Indenture Trustee shall promptly release the related Mortgage File to the Servicer or Subservicer and execute and deliver to the Servicer, without recourse, the request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the lien of the Security Instrument (furnished by the Servicer), together with the Mortgage Note with written evidence of cancellation thereon.

Appears in 4 contracts

Samples: Servicing Agreement (Novastar Mortgage Funding Corp), Servicing Agreement (Novastar Mortgage Funding Corp), Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

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