Missing Document Report Clause Samples
The Missing Document Report clause establishes a process for identifying and reporting documents that are required but have not been provided in a transaction or contractual arrangement. Typically, this clause outlines the responsibilities of the parties to notify each other if any necessary documents are missing, and may set deadlines for the submission of such reports or for the provision of the missing documents. Its core practical function is to ensure that all essential documentation is accounted for, thereby reducing the risk of misunderstandings or delays caused by incomplete records.
Missing Document Report. In addition to the Monthly Report, Servicer shall provide to Owner a report (the "Missing Document Report") with respect to a Loan within forty-five (45) days after -the related Transfer Date, which Missing Document Report shall include a listing (to Servicer's current, actual knowledge) with respect to each Loan and REO Property of all missing documents reasonably necessary to service such Loan or REO Property. For the purposes of this Section 6.5, the phrase "to Servicer's current, actual knowledge" shall mean that Servicer shall be responsible for examining the Servicing File presented to Servicer by Owner or the Current Servicer and verifying that each such Servicing File contains Loan Documents customary for the type of Loan; Servicer shall have no responsibility for determining whether there are particular missing documents if the documents presented to Servicer do not disclose the existence of such missing document. Owner shall cure, or shall cause the Current Servicer to cure, any such deficiencies as soon as reasonably possible following receipt of the Missing Document Report. After Servicer has delivered to Owner the notice referred to in this Section 6.5, regarding missing documents, Servicer shall not be responsible for any failure to perform any action related to such Loan to the extent Servicer is impaired by the absence of such material document(s). Moreover, if Owner has not cured any document deficiency within 30 days following receipt of the Missing Document Report, and such document is reasonably necessary to service such Loan or REO Property, then Servicer may, but is not obligated to, cure such deficiency. All out-of-pocket expenses incurred by Servicer in connection with such cure shall be billed to, and paid by, Owner pursuant to Section 6.4.
Missing Document Report. Owner shall cause the Custodian to provide to Servicer a report (the "Missing Document Report") with respect to a Mortgage Loan within forty-five (45) days after the related Transfer Date, which Missing Document Report shall include a listing with respect to each Loan and REO Property of all missing documents reasonably necessary to service such Loan or REO Property. To the extent Servicer becomes aware of missing documents that it needs in connection with servicing a Loan or REO Property, which documents are not already listed in the Missing Document Report, Servicer shall notify Owner of same. Owner shall cure, or shall cause the Prior Servicer to cure, any such deficiencies as soon as reasonably possible following receipt of the Missing Document Report. Servicer shall not be responsible for any failure to perform any action related to such Loan to the extent Servicer is impaired by the absence of such document(s). Moreover, if Owner has not cured any document deficiency within 30 days following receipt of the Missing Document Report or subsequent notification by Servicer of missing documents, and such document is reasonably necessary to service such Loan or REO Property, then Servicer may, but is not obligated to, cure such deficiency. All out-of-pocket expenses, including those paid to third parties engaged by Servicer in connection with curing any deficiency, incurred by the Servicer in connection with such cure shall constitute Servicing Advances.
Missing Document Report. In addition to the Monthly Report, ----------------------- the Servicer shall provide to Owner a report with respect to a Loan within thirty (30) days after a loan is first boarded, which report shall include a listing with respect to each Loan and REO Property of all missing documents reasonably necessary to service such Loan. Owner will cure any such deficiencies within seven (7) calendar days after Owner's receipt of such report.