MERS Requirements Sample Clauses
The MERS Requirements clause sets out the obligations related to the use of the Mortgage Electronic Registration Systems (MERS) in connection with mortgage loans. It typically requires that the parties ensure proper registration of the mortgage with MERS, maintain accurate records, and comply with MERS rules and procedures throughout the life of the loan. This clause ensures that the chain of title for the mortgage is clearly documented and easily transferable, thereby reducing administrative burdens and minimizing the risk of errors or disputes regarding ownership and servicing rights.
MERS Requirements. In the event that any of the Loans are registered on the MERS® System, and unless and until no Loan so remains registered on the MERS® System in accordance herewith, (i) the Manager shall cause each applicable Servicer to be (or become) a member of MERS on or before the initial Servicing Transfer Date, and maintain itself as a MERS member in good standing (including paying all dues and other fees required to maintain its membership and complying with MERS policies and procedures), and (ii) the Servicer shall maintain (or register, as applicable) such Loan on the MERS® System and execute and deliver on behalf of the Company (including, as applicable, on behalf of the Manager, in turn on behalf of the Company) any and all instruments of assignment and other comparable instruments with respect to such assignment or re-recording of a mortgage securing a Loan in the name of MERS, solely as nominee for the Company and its successors and assigns. With respect to each Loan that is registered on the MERS® System, (x) the Servicer shall be designated as the “servicer” and the “investor” with respect to such Loan, and, if applicable, the Manager may cause or permit an applicable Subservicer to be designated as the “subservicer” with respect to such Loan (provided, that the Manager may, as determined in accordance with the Servicing Standard and so long as each applicable designee is and remains a MERS member in good standing, (1) designate the Company as the “investor” with respect to any such Loan, and (2) designate the Manager as the “servicer” with respect to any such Loan, in which case the Servicer shall be designated as the “subservicer” with respect thereto), and (y) no other Person shall be identified on the MERS® System as having any interest in such Loan unless otherwise consented to by the Initial Member (or required pursuant to the Electronic Tracking Agreement). All Loans registered on the MERS® System shall remain registered on the MERS® System unless default, foreclosure or similar legal or MERS requirements dictate otherwise; provided, however, that if the Manager determines, in accordance with the Servicing Standard and other applicable provisions herein and in the Ancillary Documents, to remove any or all such Loans so registered with MERS from the MERS® System, the Manager shall have the right to cause such removal so long as, with respect to any such Loan to be so removed, (A) the applicable mortgage (or other Underlying Collateral Document) and r...
MERS Requirements. All Loans registered on the MERS® System shall remain registered unless default, foreclosure or similar legal or MERS requirements dictate otherwise.
MERS Requirements. In the event that any of the Loans are registered on the MERS® System, and unless and until no Loan so remains registered on the MERS® System in accordance herewith, (i) the Manager shall cause each applicable Servicer to be (or become) a member of MERS on or before the initial Servicing Transfer Date, and maintain itself as a MERS member in good standing (including paying all dues and other fees required to maintain its membership and complying with MERS policies and procedures), and (ii) the Servicer shall maintain (or register, as applicable) such Loan on the MERS® System and execute and deliver on behalf of the Company (including, as applicable, on behalf of the Manager, in turn on behalf of
MERS Requirements. In the event that any of the Loans are (or are required by the terms hereof or of the LLC Operating Agreement to be) registered on the MERS® System, (i) the Manager shall, and shall cause the Company and each applicable Servicer to, become a member of MERS on or before the initial Servicing Transfer Date, and maintain itself as a MERS member in good standing (including paying all dues and other fees required to maintain its membership and complying with MERS policies and procedures), and (ii) the Servicer shall maintain (or register, as applicable) such Loan on the MERS® System and execute and deliver on behalf of the Company any and all instruments of assignment and other comparable instruments with respect to such assignment or re-recording of a mortgage securing a Loan in the name of MERS®, solely as nominee for the Company and its successors and assigns. The Manager shall be designated as the “servicer” and the “investor” with respect to the Loans that are registered on the MERS® System, and the Servicer shall be designated as the “subservicer” with respect to such Loans. No other Person shall be identified on the MERS® System as having any interest in any
MERS Requirements. In the event that any of the Loans are registered on
MERS Requirements. In the event that any of the Assets are (or are required by the terms hereof to be) registered on the MERS® System, and unless and until no Asset so remains registered on the MERS® System in accordance herewith, (i) the Manager shall cause the Servicer to be (or become) a member of MERS on or before the initial Servicing Transfer Date, and maintain itself as a MERS member in good standing (including paying all dues and other fees required to maintain its membership and complying with MERS policies and procedures), and (ii) the Servicer shall maintain (or register, as applicable) such Asset on the MERS® System and execute and deliver on behalf of the Company (including, as applicable, on behalf of the Manager, in turn on behalf of the Company) any and all instruments of assignment and other comparable instruments with respect to such assignment or re-recording of a mortgage securing a Asset in the name of MERS, solely as nominee for the Company and its successors and assigns. With respect to each Asset that is registered on the MERS® System, (x) the Servicer shall be designated as the “servicer” and the “investor” with respect to such Asset, and, if applicable, the Manager may cause or permit an applicable Subservicer to be designated as the