Common use of Optional Purchase of Mortgage Loans Clause in Contracts

Optional Purchase of Mortgage Loans. (a) The NIMS Insurer, if there is a NIMS Insurer, or if there is no NIMS Insurer, the Majority Class CE Certificateholders and, if such holder is the Seller or an affiliate of the Seller, the Servicer of the Mortgage Loans (any such party, the “Purchasing Party”) may, subject to paragraph (b) below, at its option, purchase a Mortgage Loan or REO Property which becomes 90 or more days Delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to purchase pursuant to this Section 3.32, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.07. No Purchasing Party shall use any procedure in selecting Mortgage Loans to be purchased which is materially adverse to the interests of the Certificateholders. The Purchasing Party shall purchase such Delinquent Mortgage Loan or REO Property at a price equal to the Purchase Price. Any such purchase of a Mortgage Loan or REO Property pursuant to this Section 3.32 shall be accomplished by delivery to the Servicer for deposit in the Collection Account of the amount of the Purchase Price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Purchasing Party to the extent necessary, including the prompt delivery of all documentation to such Purchasing Party.

Optional Purchase of Mortgage Loans. (a) The NIMS Insurer, if there is a NIMS Insurer, or if there is no NIMS InsurerInsurer or if the NIMS Insurer fails to purchase on the first date possible, the Majority Class CE Certificateholders andor, if (i) such holder is the Seller or an affiliate of is affiliated with the SellerSeller or (ii) there is no Majority Class CE Certificateholder, the Servicer of the Mortgage Loans (any such party, the “"Purchasing Party”") may, subject to paragraph (b) below, at its such party's option, purchase a Mortgage Loan or REO Property which becomes 90 or more days Delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to purchase pursuant to this Section 3.323.34, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.07. No Purchasing Party shall use any procedure in selecting Mortgage Loans to be purchased which is materially adverse to the interests of the Certificateholders. The Purchasing Party shall purchase such Delinquent Mortgage Loan or REO Property at a price equal to the Purchase Price. Any such purchase of a Mortgage Loan or REO Property pursuant to this Section 3.32 3.34 shall be accomplished by delivery to the Servicer for deposit in the Collection Account of the amount of the Purchase Price. The Trustee Trustee, the or Custodian on the Trustee's behalf, shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Purchasing Party to the extent necessary, including the prompt delivery of all documentation to such Purchasing Party.

Optional Purchase of Mortgage Loans. (a) The NIMS Insurer, if there is a NIMS Insurer, or if there is no NIMS InsurerInsurer or if the NIMS Insurer fails to purchase on the first date possible, the Majority Class CE Certificateholders and, if such holder is the Seller or an affiliate of the Seller, the and each Servicer of the Mortgage Loans (any such party, the “"Purchasing Party”") may, subject to paragraph (b) below, at its such party's option, purchase a Mortgage Loan or REO Property which becomes 90 120 or more days Delinquent or for which the related Servicer has accepted a deed in lieu of foreclosure. Prior to purchase pursuant to this Section 3.323.34, the related Servicer shall be required to continue to make monthly advances pursuant to Section 4.07. No Purchasing Party shall use any procedure in selecting Mortgage Loans to be purchased which is materially adverse to the interests of the Certificateholders. The Purchasing Party shall purchase such Delinquent Mortgage Loan or REO Property at a price equal to the Purchase Price. Any such purchase of a Mortgage Loan or REO Property pursuant to this Section 3.32 3.34 shall be accomplished by delivery to the related Servicer for deposit in the Collection Servicer Custodial Account of the amount of the Purchase Price. The Trustee or Custodian on the Trustee's behalf shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Purchasing Party to the extent necessary, including the prompt delivery of all documentation to such Purchasing Party.. 143

Optional Purchase of Mortgage Loans. (a) The NIMS Insurer, if there is a NIMS Insurer, or if there is no NIMS Insurer, the Majority Class CE Certificateholders and, if such holder is the Seller or an affiliate of the Seller, the Servicer of the Mortgage Loans (any such party, the “"Purchasing Party”") may, subject to paragraph (b) below, at its option, purchase a Mortgage Loan or REO Property which becomes 90 or more days Delinquent or for which the Servicer has accepted a deed in lieu of foreclosure. Prior to purchase pursuant to this Section 3.32, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.07. No Purchasing Party shall use any procedure in selecting Mortgage Loans to be purchased which is materially adverse to the interests of the Certificateholders. The Purchasing Party shall purchase such Delinquent Mortgage Loan or REO Property at a price equal to the Purchase Price. Any such purchase of a Mortgage Loan or REO Property pursuant to this Section 3.32 shall be accomplished by delivery to the Servicer for deposit in the Collection Account of the amount of the Purchase Price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Purchasing Party to the extent necessary, including the prompt delivery of all documentation to such Purchasing Party.