Joint Hello-Good-Bye Letters Clause Samples

Joint Hello-Good-Bye Letters. Seller and Buyer shall jointly mail letters, in the form attached hereto as Exhibit F, on or within two (2) Business Days after the applicable Closing Date, conforming to legal requirements (including 24 CFR § 3500.21(d) to the extent applicable) and reasonably satisfactory in form and content to each party, to all Obligors on the Contracts advising each Obligor: (a) that the servicing of the Contracts will be transferred to Buyer on the applicable “Servicing Transfer Date,” which shall be (i) in the case of all Contracts (other than Contracts that are secured by a Mortgage), on the applicable Closing Date, and (ii) in the case of Contracts that are secured by a Mortgage, on the fifteenth (15th) day following the mailing of the applicable letter, and (b) that all payments under such Contracts from and after the applicable Servicing Transfer Date should be made to Buyer. Seller and Buyer shall divide equally the costs associated with preparing and mailing the letters required pursuant to this Section 7.2.