Common use of Optional Purchase of Certain Mortgage Loans Clause in Contracts

Optional Purchase of Certain Mortgage Loans. (a) Xxxxxxxxx, in its capacity as a Servicer of a substantial portion of the Mortgage Loans, shall have the right to purchase from the Trust any Mortgage Loan which as of the first day of a calendar quarter is delinquent in payment by 90 days or more or is an REO Property, at a price equal to the Purchase Price; provided however (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related calendar quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the Mortgage Loan thereafter again becomes 90 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related calendar quarter. (b) In addition, Xxxxxxxxx, in its capacity as the Seller, may, but is not required to, repurchase any (X) Converted Mortgage Loan, and (Y) Mortgage Loan as to which the Mortgagor has requested a Significant Modification and such Mortgagor has a satisfactory payment history under such Mortgage Loan and meets the credit standards of the Seller for the loan program selected (a “Significant Modification Loan”). A “

Optional Purchase of Certain Mortgage Loans. (a) Xxxxxxxxx, in its capacity as a Servicer of a substantial portion of the Mortgage Loans, shall have the right to purchase from the Trust Issuer any Mortgage Loan which as of the first day of a calendar quarter is delinquent in payment by 90 days or more or is an REO Property, at a price equal to the Purchase Price; provided however (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related calendar quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the Mortgage Loan thereafter again becomes 90 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related calendar quarter. (b) In addition, Xxxxxxxxx, in its capacity as the Seller, may, but is not required to, repurchase any (X) Converted Mortgage Loan, and (Y) Mortgage Loan as to which the Mortgagor has requested a Significant Modification and such Mortgagor has a satisfactory payment history under such Mortgage Loan and meets the credit standards of the Seller for the loan program selected (a “Significant Modification Loan”). A “

Optional Purchase of Certain Mortgage Loans. (a) Xxxxxxxxx, in its capacity as a Servicer of a substantial portion of the Mortgage Loans, shall have the right to purchase from the Trust any Mortgage Loan which as of the first day of a calendar quarter Calendar Quarter is delinquent in payment by 90 days or more or is an REO Property, at a price equal to the Purchase Repurchase Price; provided however (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related calendar quarterCalendar Quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the Mortgage Loan thereafter again becomes 90 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related calendar quarterCalendar Quarter. (b) (i) In addition, Xxxxxxxxx, in its capacity as the Seller, may, but is not required to, repurchase any (X) Converted Mortgage Loan, and (Y) Mortgage Loan as to which the Mortgagor has requested a Significant Modification and such Mortgagor has a satisfactory payment history under such Mortgage Loan and meets the credit standards of the Seller for the loan program selected (a “"Significant Modification Loan”"). A “"Significant Modification" shall mean any modification to the interest rate of the greater of (a) 0.25% added or subtracted from the existing rate and (b) a change equal to the product of (1) 5% and (2) the annual existing interest rate thereon, which is not provided for in the related Mortgage Note. If Xxxxxxxxx grants any request for a Significant Modification, it shall be required to repurchase any such Mortgage Loan prior to making such Significant Modification. The purchase price for any such repurchase pursuant to this Section 3.21(b)(i) shall be the applicable Repurchase Price. In order to exercise its repurchase rights hereunder, the Seller shall deliver to the Master Servicer and the Trustee a certificate identifying the Mortgage Loan to be repurchased and certifying that (i) such Mortgage Loan is a Significant Modification Loan, and (ii) that the Significant Modification Loan will be entered into on the date of such repurchase.

Optional Purchase of Certain Mortgage Loans. (a) Xxxxxxxxx, in its capacity as a Servicer of a substantial portion of the Mortgage Loans, shall have the right to purchase from the Trust any Mortgage Loan which as of the first day of a calendar quarter Calendar Quarter is delinquent in payment by 90 days or more or is an REO Property, at a price equal to the Purchase Repurchase Price; provided however (i) that such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of the date of such purchase and (ii) this purchase option, if not theretofore exercised, shall terminate on the date prior to the last day of the related calendar quarterCalendar Quarter. This purchase option, if not exercised, shall not be thereafter reinstated unless the delinquency is cured and the Mortgage Loan thereafter again becomes 90 days or more delinquent or becomes an REO Property, in which case the option shall again become exercisable as of the first day of the related calendar quarterCalendar Quarter. (b) In addition, Xxxxxxxxx, in its capacity as the Seller, may, but is not required to, repurchase (x) any (X) Converted Mortgage Loan, Loan and (Yy) any Mortgage Loan as to which the Mortgagor has requested a Significant Modification and such Mortgagor has a satisfactory payment history under such Mortgage Loan and meets the credit standards of the Seller for the loan program selected (a “"Significant Modification Loan”"). A “"Significant Modification" shall mean any modification to the interest rate of the greater of (a) 0.25% added or subtracted from the existing rate and (b) a change equal to the product of (1) 5% and (2) the annual existing interest rate thereon, which is not provided for in the related Mortgage Note. The purchase price for any such repurchase pursuant to this Section 3.21(b) shall be the applicable Repurchase Price. In order to exercise its repurchase rights hereunder, the Seller shall deliver to the Master Servicer and the Trustee a certificate identifying the Mortgage Loan to be repurchased and certifying that (i) such Mortgage Loan is either a Converted Mortgage Loan or a Significant Modification Loan, and (ii) in the case of a Significant Modification Loan, that the Significant Modification Loan will be entered into on the date of such repurchase.