Purchase and Conveyance. The Seller, in exchange for the payment of the applicable Purchase Price by the Purchaser on the related Closing Date, receipt of which is hereby acknowledged, hereby sells, transfers, assigns, sets over and conveys to the Purchaser, without recourse, but subject to the terms of this Agreement, all of its rights, title and interest in and to the Mortgage Loans, including the related Mortgage Note and Mortgages, in a Mortgage Loan Package having a Stated Principal Balance in an amount as set forth in the related PPTL, or in such other amount as agreed by the Purchaser and the Seller as evidenced by the actual aggregate principal balance of the Mortgage Loan Package accepted by the Purchaser on the related Closing Date, together with the related Mortgage Files and all rights and obligations arising under the documents contained therein, on a servicing released basis. With respect to each Mortgage Loan, the Purchaser shall own and be entitled to (1) all Monthly Payments due after the related Cut-off Date, (2) all other recoveries of principal collected after the related Cut-off Date (provided, however, that the principal portion of all Monthly Payments due on or before the related Cut-off Date and collected by the Seller or any successor servicer after the related Cut-off Date shall belong to the Seller), and (3) all payments of interest on the Mortgage Loans (minus that portion of any such payment which is allocable to the period prior to the related Cut-off Date). The Stated Principal Balance of each Mortgage Loan as of the related Cut-off Date is determined after application of payments of principal due on or before the related Cut-off Date whether or not collected, together with any unscheduled Principal Prepayments collected prior to the related Cut-off Date; provided, however, that Monthly Payments for a Due Date beyond the Cut-off Date shall not be applied to reduce the principal balance. Such Monthly Payments shall be the property of the Purchaser. If the Servicing Transfer Date has not yet occurred, the Seller shall remit any such Monthly Payments to the Purchaser on the Remittance Date following collection thereof. If the Servicing Transfer Date has occurred, the Seller shall remit any such Monthly Payments to the Purchaser in accordance with the Servicing Transfer Instructions.
Purchase and Conveyance. 17 SECTION 3. MORTGAGE LOAN SCHEDULE.....................................................................17
Purchase and Conveyance. The Seller/Servicer, in exchange for the payment of the Purchase Price by the Purchaser on the Closing Date, hereby sells, transfers, assigns, sets over and conveys to the Purchaser, without recourse, but subject to the terms of this Agreement, all rights, title and interest of the Seller/Servicer in and to Mortgage Loans having a Cut-off Date Principal Balance as reflected on the Mortgage Loan Schedule together with the related Mortgage Files and all rights and obligations arising under the documents contained therein. The sale of the Mortgage Loans by the Seller/Servicer is on a servicing-retained basis with a Servicing Fee Rate as set forth in the Mortgage Loan Schedule. With respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled to receive: (a) all scheduled principal due after the Cut-off Date, (b) all other payments and/or recoveries of principal collected after the Cut-off Date (provided, however, that all scheduled payments of principal due on or before the Cut-off Date and collected by the Seller/Servicer after the Cut-off Date shall belong to the Seller/Servicer) and (c) all payments of interest on the Mortgage Loans net of the Servicing Fee (minus that portion of any such interest payment that is allocable to the period prior to the Cut-off Date). For the purposes of this Agreement, payments of scheduled principal and interest prepaid for a Due Date beyond the Cut-off Date shall not be applied to reduce the Stated Principal Balance as of the Cut-off Date. Such prepaid amounts (minus the applicable Servicing Fee) shall be the property of the Purchaser. The Seller/Servicer shall remit for deposit any such prepaid amounts into the Custodial Account, which account is established for the benefit of the Purchaser, for remittance by the Seller/Servicer to the Purchaser on the appropriate Remittance Date. All payments of principal and interest, less the applicable Servicing Fee, due on a Due Date following the Cut-off Date shall belong to the Purchaser.
Purchase and Conveyance. 17 Section 3 Mortgage Loan Schedule.....................................................................17
Purchase and Conveyance. The Seller, in exchange for the payment of the Purchase Price by the Purchaser on the Closing Date, receipt of which is hereby acknowledged, hereby sells, transfers, assigns, sets over and conveys to the Purchaser, without recourse, but subject to the terms of this Agreement, all of its rights, title and interest in and to the Mortgage Loans identified in the Mortgage Loan Schedule on Exhibit 4 as being sold by it, which Mortgage Loans identified on Exhibit 4 collectively have an aggregate Cut-off Date Principal Balance of [$_____________], together with the related Mortgage Files and all rights and obligations arising under the documents contained therein. With respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled to receive: (a) all scheduled principal due after the Cut-off Date, (b) all other payments and/or recoveries of principal collected on or after the Cut-off Date (provided, however, that all scheduled payments of principal due on or before the Cut-off Date and collected by the Servicer after the Cut-off Date shall belong to the Seller) and (c) all payments of interest on the Mortgage Loans net of the Servicing Fee (minus that portion of any such interest payment that is allocable to the period prior to the Cut-off Date).
Purchase and Conveyance. The Seller, in exchange for the payment of the Purchase Price by the Purchaser on the Closing Date, receipt of which is hereby acknowledged, hereby sells, transfers, assigns, sets over and conveys to the Purchaser, without recourse, but subject to the terms of this Agreement, all of its rights, title and interest in and to the Mortgage Loans identified in the applicable Mortgage Loan Schedule having a Cut-off Date Principal Balance of $39,129,418 together with the related Mortgage Files and all rights and obligations arising under the documents contained therein. With respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled to receive: (a) all scheduled principal due after the Cut-off Date, (b) all other payments and/or recoveries of principal collected on or after the Cut-off Date (provided, however, that all scheduled payments of principal due on or before the Cut-off Date and collected by the Servicer after the Cut-off Date shall belong to the Seller) and (c) all payments of interest on the Mortgage Loans net of the Servicing Fee (minus that portion of any such interest payment that is allocable to the period prior to the Cut-off Date).
Purchase and Conveyance. MORTGAGE LOAN SCHEDULE.............................................
Purchase and Conveyance. The Seller, in exchange for the payment of the applicable Purchase Price by the Purchaser on the related Closing Date, shall sell, transfer, assign, set over and convey to the Purchaser, without recourse, but subject to the terms of this Agreement, all of its rights, title and interest in and to the Mortgage Loans identified on the related Mortgage Loan Schedule, together with the related Mortgage Files and all rights and obligations arising under the documents contained therein, but excluding any BPP Fees, pursuant to the related Assignment and Conveyance Agreement. With respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled to receive: (a) all scheduled principal due after the related Cut-off Date, (b) all other payments and/or recoveries of principal collected on or after the related Cut-off Date (provided, however, that all scheduled payments of principal due on or before the Cut-off Date and collected by the Servicer after the Cut-off Date shall belong to the Seller), (c) all payments of interest on the Mortgage Loans net of the Servicing Fee (minus that portion of any such interest payment that is allocable to the period prior to the Cut-off Date) and (d) all BPP Mortgage Loan Payments payable by the Servicer pursuant to Section 11.28 with respect to scheduled principal and interest due after the related Cut-off Date.
Purchase and Conveyance. 1.1 The City shall purchase the ROW from the Owner and the Owner shall sell the ROW to the City for a purchase price of ($ ) (exclusive of GST) (the “Purchase Price”) and upon the terms and conditions contained herein. The Purchase Price shall be paid to the Owner by the City on the Closing Date.
1.2 For clarification, the Purchase Price is based on a rate set at fifty percent (50%) of the Arterial Road Assessment Land Dedication Rates in effect at the effective date of this Agreement, as calculated on Schedule “C” attached hereto.
1.3 Subject to Article 3, the conveyance provided for in this Agreement shall be completed on , or such other date as the parties shall mutually agree to in writing, (the “Closing Date”).
1.4 Notwithstanding the above, and with the agreement of the Owner, the payment for the ROW may be:
(a) Deferred with security for the payment to be provided by the City to the Owner, or
(b) By way of land exchange for land of equal or greater size.
Purchase and Conveyance. On the Sale Date, the Seller, in exchange for the payment of the Purchase Price by the Purchaser, shall sell, transfer, assign, set over and convey to the Purchaser on an “AS IS, WHERE IS” basis with no representations and warranties whatsoever, and the Purchaser hereby agrees to purchase, assume and accept, without recourse, and subject to the terms of this Agreement, all right, title and interest of the Seller and the Debtor as of the Sale Date, to the Servicing. On the Sale Date, the Purchaser shall assume and discharge or perform when due the obligations arising as servicer or subservicer under any Servicing Agreement or Mortgage Loan.
