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

Mortgage Payments Received After Transfer Date. The Owner shall use its Best Efforts to cause the Prior Servicer to forward the amount of any Monthly Payments received by the Prior Servicer after the related Transfer Date to the Servicer by overnight mail on the date of receipt. The Owner shall use its Best Efforts to cause the Prior Servicer to notify the Servicer of the particulars of the payment, which notification requirement shall be satisfied if the Prior Servicer forwards with its payment sufficient information to permit appropriate processing of the payment by the Servicer. The Owner shall use its Best Efforts to cause the Prior Servicer to assume full responsibility for the necessary and appropriate legal application of Monthly Payments received by the Prior Servicer after the related Transfer Date with respect to Mortgage Loans then in foreclosure or bankruptcy; provided, 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 Servicer with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions.