Common use of Mortgage File Clause in Contracts

Mortgage File. In the event that confirmation of the recording or filing of an Assignment cannot be obtained, the Custodian or Seller, as applicable, shall promptly inform the other and the Custodian shall provide Seller with a copy of the Assignment and request the preparation of a new Assignment. Seller shall cause (and pay the expenses for) the preparation of, and execute, replacement Assignments for any Assignments which, having been properly submitted for filing or recording to the appropriate governmental office by the Custodian, fail to appear of record and must be resubmitted. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording or filing of multiple Assignments, Seller shall execute the Assignments relating to the Mortgage Loans naming the Trustee on behalf of the Certificateholders and the VRR Interest Owners as assignee. Notwithstanding the fact that such Assignments shall name the Trustee on behalf of the Certificateholders and the VRR Interest Owners as the assignee, the parties hereto acknowledge and agree that the Mortgage Loans shall for all purposes be deemed to have been transferred from Seller to Purchaser and from Purchaser to the Trustee on behalf of the Certificateholders and the VRR Interest Owners.