Common use of Mortgage Assignments Clause in Contracts

Mortgage Assignments. For each Closed Mortgage, the PFI has done or shall do the following within the time period set forth in the Guides: (1) The Mortgage Note has been endorsed by the PFI in blank and delivered to the Bank, and if the Mortgage is an Acquired Mortgage, by the payee thereof and by each successive holder of such Mortgage. Each such endorsement shall be substantially in the following form: “Pay to the order of [assignee’s name], without recourse” except that the final endorsement from the PFI shall leave a blank rather than complete the assignee’s name. An endorsement without recourse does not and shall not be deemed to limit any of the PFI’s representations, warranties or covenants under this Contract. (2) Unless MERS is the mortgagee of record, the PFI has executed and delivered to the Bank an Assignment of Mortgage in blank, satisfying the requirements of the Origination Guide. If the Mortgage is an Acquired Mortgage and MERS is not the mortgagee of record, the original mortgagee thereof and each successive holder of such Mortgage has executed and, except for the PFI, recorded in the appropriate real estate records, an Assignment of Mortgage substantially in the form of the aforementioned Assignment of Mortgage, which Assignments or certified copies thereof have been delivered to the Bank, as necessary to satisfy the requirements of the Origination Guide. (3) Each such endorsement and Assignment has been duly authorized, executed and delivered by each applicable party to each thereof and is the legal, valid and binding obligation of such party, enforceable in accordance with its terms. (4) The PFI has delivered to the Bank the Mortgage File for such Mortgage in compliance with the Origination Guide. (5) The original Mortgage was duly recorded in the appropriate real estate records where such recordation is necessary to perfect the lien thereof, in compliance with the Guides.

Mortgage Assignments. For each Closed Mortgage, the PFI has done or shall do the following within the time period set forth in the Guides: (1) The Mortgage Note has been endorsed by the PFI in blank and delivered to the Bank, and if the Mortgage is an Acquired Mortgage, by the payee thereof and by each successive holder of such Mortgage. Each such endorsement shall be substantially in the following form: “Pay to the order of [assignee’s name], without recourse” except that the final final endorsement from the PFI shall leave a blank rather than complete the assignee’s name. An endorsement without recourse does not and shall not be deemed to limit any of the PFI’s representations, warranties or covenants under this Contract. (2) Unless MERS is the mortgagee of record, the PFI has executed and delivered to the Bank an Assignment of Mortgage in blank, satisfying the requirements of the Origination Guide. If the Mortgage is an Acquired Mortgage and MERS is not the mortgagee of record, the original mortgagee thereof and each successive holder of such Mortgage has executed and, except for the PFI, recorded in the appropriate real estate records, an Assignment of Mortgage substantially in the form of the aforementioned Assignment of Mortgage, which Assignments or certified copies thereof have been delivered to the Bank, as necessary to satisfy the requirements of the Origination Guide.the (3) Each such endorsement and Assignment has been duly authorized, executed and delivered by each applicable party to each thereof and is the legal, valid and binding obligation of such party, enforceable in accordance with its terms. (4) The PFI has delivered to the Bank the Mortgage File for such Mortgage in compliance with the Origination Guide. (5) The original Mortgage was duly recorded in the appropriate real estate records where such recordation is necessary to perfect the lien thereof, in compliance with the Guides.

Mortgage Assignments. For each Closed Mortgage, the PFI has done or shall do the following within the time period set forth in the Guides: (1) The Mortgage Note has been endorsed by the PFI in blank and delivered to the Bank, and if the Mortgage is an Acquired Mortgage, by the payee thereof and by each successive holder of such Mortgage. Each such endorsement shall be substantially in the following form: “"Pay to the order of [assignee’s 's name], without recourse” " except that the final endorsement from the PFI shall leave a blank rather than complete the assignee’s 's name. An endorsement without recourse does not and shall not be deemed to limit any of the PFI’s 's representations, warranties or covenants under this Contract. (2) Unless MERS is the mortgagee of record, the PFI has executed and delivered to the Bank an Assignment of Mortgage in blank, satisfying the requirements of the Origination Guide. If the Mortgage is an Acquired Mortgage and MERS is not the mortgagee of record, the original mortgagee thereof and each successive holder of such Mortgage has executed and, except for the PFI, recorded in the appropriate real estate records, an Assignment of Mortgage substantially in the form of the aforementioned Assignment of Mortgage, which Assignments or certified copies thereof have been delivered to the Bank, as necessary to satisfy the requirements of the Origination Guide. (3) Each such endorsement and Assignment has been duly authorized, executed and delivered by each applicable party to each thereof and is the legal, valid and binding obligation of such party, enforceable in accordance with its terms. (4) The PFI has delivered to the Bank the Mortgage File for such Mortgage in compliance with the Origination Guide. (5) The original Mortgage was duly recorded in the appropriate real estate records where such recordation is necessary to perfect the lien thereof, in compliance with the Guides.