Common use of Mortgage Insurance and Guarantees Clause in Contracts

Mortgage Insurance and Guarantees. (a) If a Conventional Mortgage is insured by a mortgage insurer, the insurer will have no obligation to recognize or deal with any person other than Freddie Mac or its agent regarding the mortgagee's rights, benefits and obligations under the related insurance contract. If a mortgage insurer exercises an option under an insurance contract to purchase a Mortgage, the proceeds of such purchase will be considered to be repurchase proceeds for purposes of Article III.

Mortgage Insurance and Guarantees. (a) If a Conventional Mortgage is insured by a mortgage insurer, the insurer will have no obligation to recognize or deal with any person other than Freddie Xxxxxxx Mac or its agent regarding the mortgagee's rights, benefits and obligations under the related insurance contract. If a mortgage insurer exercises an option under an insurance contract to purchase a Mortgage, the proceeds of such purchase will be considered to be repurchase proceeds for purposes of Article III.

Mortgage Insurance and Guarantees. (a) If a Conventional Mortgage is insured by a mortgage insurer, the insurer will have no obligation to recognize or deal with any person other than Freddie Xxxxxxx Mac or its agent regarding the mortgagee's rights, benefits beneÑts and obligations under the related insurance contract. If a mortgage insurer exercises an option under an insurance contract to purchase a Mortgage, the proceeds of such purchase will be considered to be repurchase proceeds for purposes of Article III.