Common use of Optional Purchase of Delinquent Mortgage Loans or Mortgaged Property Clause in Contracts

Optional Purchase of Delinquent Mortgage Loans or Mortgaged Property. Xxxxxx Mae shall have the right and option, without obligation and in its discretion, to purchase for the Purchase Price from the Lower Tier REMIC, any Mortgage Loan at any time after such Mortgage Loan becomes delinquent, in whole or in part, as to four or more monthly installments of principal and interest. Xxxxxx Xxx shall likewise have the right and option, without obligation and in its discretion, to purchase for the Purchase Price from the Lower Tier REMIC any and all Mortgaged Property received in connection with the foreclosure or comparable conversion of any Mortgage Loan. Any such purchased delinquent Mortgage Loan or any such Mortgage Loan secured by any such purchased Mortgaged Property shall be deemed to be a Liquidated Mortgage Loan during the Due Period preceding the Distribution Date on which such Purchase Price is to be distributed to Certificateholders.

Optional Purchase of Delinquent Mortgage Loans or Mortgaged Property. Xxxxxx Mae Xxx shall have the right and option, without obligation and in its discretion, to purchase for the Purchase Price from the Lower Tier REMIC, any Mortgage Loan at any time after such Mortgage Loan becomes delinquent, in whole or in part, as to four or more three consecutive monthly installments of principal and interest. Xxxxxx Xxx Mae shall likewise have the right and option, without obligation and in its discretion, to purchase for the Purchase Price from the Lower Tier REMIC any and all Mortgaged Property received in connection with the foreclosure or comparable conversion of any Mortgage Loan. Any such purchased delinquent Mortgage Loan or any such Mortgage Loan secured by any such purchased Mortgaged Property shall be deemed to be a Liquidated Mortgage Loan during the Due Period preceding the Distribution Date on which such Purchase Price is to be distributed to Certificateholders.

Optional Purchase of Delinquent Mortgage Loans or Mortgaged Property. Xxxxxx Mae Xxx shall have the right and option, without obligation and in its discretion, to purchase for the Purchase Price from the Lower Tier REMICTrust, any Mortgage Loan at any time after such Mortgage Loan becomes delinquent, in whole or in part, as to four or more three consecutive monthly installments of principal and interest. Xxxxxx Xxx Mae shall likewise have the right and option, without obligation and in its discretion, to purchase for the Purchase Price from the Lower Tier REMIC Trust any and all Mortgaged Property received in connection with the foreclosure or comparable conversion of any Mortgage Loan. Any such purchased delinquent Mortgage Loan or any such Mortgage Loan secured by any such purchased Mortgaged Property shall be deemed to be a Liquidated Mortgage Loan during the Due Period preceding the Distribution Date on which such Purchase Price is to be distributed to Certificateholders.

Optional Purchase of Delinquent Mortgage Loans or Mortgaged Property. Xxxxxx Mae shall have the right and option, without obligation and in its discretion, to purchase for the Purchase Price from the Lower Tier REMIC, any Mortgage Loan at any time after such Mortgage Loan becomes delinquent, in whole or in part, as to four or more three consecutive monthly installments of principal and interest. Xxxxxx Xxx shall likewise have the right and option, without obligation and in its discretion, to purchase for the Purchase Price from the Lower Tier REMIC any and all Mortgaged Property received in connection with the foreclosure or comparable conversion of any Mortgage Loan. Any such purchased delinquent Mortgage Loan or any such Mortgage Loan secured by any such purchased Mortgaged Property shall be deemed to be a Liquidated Mortgage Loan during the Due Period preceding the Distribution Date on which such Purchase Price is to be distributed to Certificateholders.