Common use of Mortgages to be Serviced Clause in Contracts

Mortgages to be Serviced. Any Closed Mortgage and any Acquired Mortgage will be serviced by the PFI for the Bank according to the terms of this Contract, unless, with respect to any such Mortgage, the Bank gives the PFI written notification or consent that such Mortgage will not be serviced by the PFI, whether: (1) at the time of acquisition by the Bank, as applicable; (2) thereafter as a result of the PFI or its designee breaching any representation, warranty, covenant or agreement contained in Articles V, VI or VII of this Contract or in any provision of the Guides pertaining to the servicing of the Mortgages or eligibility to service the Mortgages; or. (3) at the time of the transfer of Servicing to another.

Mortgages to be Serviced. Any Closed Mortgage and any Acquired Mortgage will be serviced by the PFI for the Bank according to the terms of this Contract, unless, with respect to any such Mortgage, the Bank gives the PFI written notification notification or consent that such Mortgage will not be serviced by the PFI, whether: (1) at the time of acquisition by the Bank, as applicable; (2) thereafter as a result of the PFI or its designee breaching any representation, warranty, covenant or agreement contained in Articles V, VI or VII of this Contract or in any provision of the Guides pertaining to the servicing of the Mortgages or eligibility to service the Mortgages; or. (3) at the time of the transfer of Servicing to another.