Common use of Mortgage Payments Received After Related Servicing Transfer Date Clause in Contracts

Mortgage Payments Received After Related Servicing Transfer Date. The amount of any related Monthly Payments received by the Servicer after the Servicing Transfer Date shall be forwarded to the Owner by overnight mail on the date of receipt. The Servicer shall notify the Owner of the particulars of the payment, which notification requirement shall be satisfied if the Servicer forwards with its payment sufficient information to permit appropriate processing of the payment by the Owner. The Servicer shall assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Servicer after the Servicing Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, that for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Owner with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Servicer shall comply with the foregoing requirements with respect to all Monthly Payments received by the Servicer after the Servicing Transfer Date; provided, that the Servicer shall not be liable for any use of such Monthly Payments by the Owner if (i) the Servicer has met the sufficient payment information requirement above and (ii) Monthly Payment has been forwarded to the Owner as set forth above.

Mortgage Payments Received After Related Servicing Transfer Date. The amount of any related Monthly Payments received by the Servicer after the Servicing Transfer Date shall be received by the Servicer in trust for the Owner and forwarded to the Owner by overnight mail on the date of receipt. The Servicer shall notify the Owner of the particulars of the payment, which notification requirement shall be satisfied if the Servicer forwards with its payment sufficient information to permit appropriate processing of the payment by the Owner. The Servicer shall assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Servicer after the Servicing Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, that for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Owner with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Servicer shall comply with the foregoing requirements with respect to all Monthly Payments received by the Servicer after the Servicing Transfer Date; provided, that the Servicer shall not be liable for any use of such Monthly Payments by the Owner if (i) the Servicer has met the sufficient payment information requirement above and (ii) Monthly Payment has been forwarded to the Owner as set forth above.