Purchase and Sale of Mortgage Loans Sample Clauses

Purchase and Sale of Mortgage Loans. The Depositor does hereby sell, transfer, assign, set over and convey to the Trustee, on behalf of the Trust, without recourse but subject to the terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Mortgage Loans, including the outstanding principal as of and interest due and accruing after the Cut-Off Date on such Mortgage Loans, and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. In connection with such transfer and assignment, and pursuant to Section 2.07 of the Unaffiliated Seller's Agreement, the Depositor does hereby also irrevocably transfer, assign, set over and otherwise convey to the Trustee, on behalf of the Trust, all of its rights under the Unaffiliated Seller's Agreement, including, without limitation, its right to exercise the remedies created by Sections 2.06 and 3.05 of the Unaffiliated Seller's Agreement for defective documentation and for breaches of representations and warranties, agreements and covenants of the Unaffiliated Seller and the Originators contained in Sections 3.01, 3.02 and 3.03 of the Unaffiliated Seller's Agreement.

Purchase and Sale of Mortgage Loans. The Participating Lender agrees to sell and the Agency agrees to purchase Mortgage Loans that have been properly reserved with the Agency, and meet the eligibility requirements of the Agency, and any insurer and/or guarantor thereof, or Investor therein. (a) Lenders participating in the NJHMFA Homebuyer Program are required to sell a minimum of five (5) closed, first-mortgage NJHMFA Homebuyer Loans annually to the Agency based on calendar year beginning January 1. Failure to meet this requirement shall result in the denial of this contract’s renewal for the following calendar year. However, in the event that a Lender may originate less than One Hundred Million Dollars ($100, 000,000) in total first-mortgage volume for the given contracted year in which this requirement was not met, that Lender may be granted an exemption for a contract extension. Furthermore, a Lender which may originate in excess of One Hundred Million Dollars ($100,000,000) in total first-mortgage volume for the given contracted year may make a Hardship Appeal of the non-renewal decision to the NJHMFA Director of Single Family. Minimum requirements for new Lenders will be pro-rated for the first year. Lenders only participating in the Police and Firemen’s Retirement System (PFRS) loan program are exempt from the five-loan per calendar year requirement. (b) The Participating Lender shall process and report applications for Mortgage Loans and deliver Mortgage Loans to the Agency in accordance with the Mortgage Loan Delivery Schedule. (c) The Agency shall purchase and pay for each Mortgage Loan properly submitted to it for purchase in accordance with the Guide, applicable Term Sheet, and guidelines upon the receipt of all documentation and exhibits required to clear any conditions that would inhibit purchase, the satisfactory review of all initial collateral documents, and where applicable, upon the issuance of a purchase authorization by the Agency’s authorized/designated vendor. (d) The net purchase price payable by the Agency to the Participating Lender on the Purchase Date for each Mortgage Loan purchased by the Agency shall be as set forth in the Guide. The Mortgage Loans are sold servicing-released and the acquisition of servicing rights by the Agency are included in the purchase fee. (1) All amounts collected by the Participating Lender for establishing the initial escrow account shall be retained by the Participating Lender and shall be subtracted from the Purchase Price of the Mort...

Purchase and Sale of Mortgage Loans. From time to time, Correspondent may sell to CMI and CMI may purchase from Correspondent one or more residential mortgage, home equity or other loans (“Loan(s)”) in accordance with the terms, conditions, requirements, procedures, representations and warranties set forth in the “CitiMortgage, Inc. Correspondent Manual” and all amendments, bulletins, program requirements and supplements to such Manual (collectively hereinafter referred to as the “CMI Manual”), and this Agreement. CMI and Correspondent agree that the CMI Manual is incorporated by reference herein and is part of this Agreement. Further, CMI and Correspondent agree that Citibank, FSB; Citibank (West), FSB; and Citibank, N.A. are intended third party beneficiaries of this Agreement. For each Loan offered for sale by Correspondent to CMI, Correspondent will deliver Loan documentation to CMI in accordance with the applicable terms, conditions, requirements, procedures, representations and warranties set forth in the CMI Manual. CMI may purchase Loans with or without conducting a complete review of the Loan documentation. CMI’s review of, or failure to review, all or any portion of the Loan documentation shall not affect CMI’s rights to demand repurchase of a Loan or any other CMI right or remedy provided by this Agreement. For each Loan CMI agrees to purchase, CMI shall pay the amount agreed upon by CMI and Correspondent (“Purchase Price”) in accordance with the applicable provisions of the CMI Manual. CMI may offset against the Purchase Price any outstanding fees or other amounts owing from Correspondent to CMI in connection with the particular purchase or other transactions. As of the date CMI purchases each Loan, Correspondent will (i) transfer to CMI all of its right, title and interest in and to each Loan, including without limitation all documents held or subsequently acquired by Correspondent relating to each Loan and (ii) execute all documents necessary to transfer such right, title and interest to CMI.

Purchase and Sale of Mortgage Loans. (a) On or before the business day immediately preceding each Transfer Date, the Seller shall deliver to the Purchaser or to a custodian designated by the Purchaser the following for each Mortgage Loan purchased as the Purchaser may direct: (i) Those Mortgage Loans, including the Servicing Rights thereto, described by the Purchaser on each Schedule of Loans Delivered which are purchased by the Purchaser pursuant to this Agreement; (ii) The agreed upon priority liens and/or mortgages on Mortgaged Property; (iii) The Note(s) and the Mortgage(s) endorsed by an authorized officer of the Seller to the Purchaser together with an individual assignment to the Purchaser (certified copy of the assignment submitted for recording) and originals of all intervening assignments, if any, of the Seller's beneficial interest in the Mortgage, showing a complete chain of title from origination to the Seller, including warehousing assignment, if any, with evidence of recording thereon. (iv) Any and all documents, instruments, collateral agreements, and assignments and endorsements for all documents, instruments and collateral agreements, referred to in the Notes and/or Mortgages or related thereto, including, without limitation, insurance policies (private mortgage insurance, if applicable; flood insurance, if applicable; hazard insurance; title insurance; and other applicable insurance policies) covering the Mortgaged Property or relating to the Notes and all files, books, papers, ledger cards, reports and records including, without limitation, loan applications, borrower financial statements, separate assignments of rents, if any, credit reports and appraisals, relating to the Mortgage Loans (the "Related Assets"). In all cases, the Related Assets shall be the original documents. (v) The list of Mortgage Loan Documents, including all writings evidencing the Mortgage Loan(s) purchased by the Purchaser. In all cases, these documents shall be the original documents. (vi) In the event that the Seller cannot deliver to the Purchaser a duly recorded assignment of Mortgage or any other document required to be recorded under this Agreement on the Transfer Date solely because of a delay caused by the public recording office, when such document(s) has/have been delivered for recordation the Seller shall deliver to the Purchaser a certified copy of each such document(s) with a statement thereon signed by an officer of the Seller or an officer of a title insurer acceptable to the Purchas...

Purchase and Sale of Mortgage Loans. Deposit of Derivatives. (a) The Sponsor hereby directs the Depositor to sell, transfer, assign, set over and convey, and the Depositor does hereby sell, transfer, assign, set over and convey to the Issuing Entity, in each case without recourse, but subject to the terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Mortgage Loans, including the Cut-Off Date Principal Balance of, and interest due on, such Mortgage Loans listed on Schedule I attached hereto, and all other assets included or to be included in the Trust Estate. In addition, on or prior to the Closing Date, the Sponsor shall cause the Note Insurer to deliver the Note Insurance Policy. (b) The Depositor may cause the deposit of derivatives at any time into the NovaStar Mortgage Funding Trust 200[_]-[_] and any such deposited derivatives shall become part of the Trust Estate. (c) The parties hereto understand and agree that it is not intended that any Mortgage Loan be included in the Issuing Entity that is a “High-Cost Home Loan” as defined by HOEPA or any other applicable predatory or abusive lending laws. Section 2.02. Reserved.

Purchase and Sale of Mortgage Loans. The Depositor does hereby sell, transfer, assign, set over and convey to the Trust, without recourse, but subject to the terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Mortgage Loans, including the outstanding principal of, and interest due on, such Mortgage Loans listed on Schedule I attached hereto, and all other assets included or to be included in the Trust Estate. In connection with such transfer and assignment, and pursuant to Section 2.07 of the Unaffiliated Seller's Agreement, the Depositor does hereby also irrevocably transfer, assign, set over and otherwise convey to the Trust all of its rights under the Unaffiliated Seller's Agreement, including, without limitation, its right to exercise the remedies created by Sections 2.06 and 3.05 of the Unaffiliated Seller's Agreement for defective documentation and for breaches of certain representations and warranties, agreements and covenants of the Unaffiliated Seller and the Originators contained in Sections 3.01, 3.02 and 3.03 of the Unaffiliated Seller's Agreement.

Purchase and Sale of Mortgage Loans. Cendant agrees to purchase from MLCC, and MLCC agrees to sell to Cendant, all right, title and interest in and to all Cendant Loans that have been (i) purchased by MLCC pursuant to the Correspondent Lending Program or (ii) originated by MLCC pursuant to the Mortgage Broker Program, in each case other than Program Exception Loans (collectively, the “Program Loans”), including the right to service such Program Loans, collect the servicing fee on such Program Loans, and collect any income related thereto (the “Program Servicing Rights”), subject to the respective representations, warranties, obligations and covenants of MLCC and Cendant under the Purchase Agreement, including the obligation of Cendant to service such Program Loans in accordance with the Servicing Provisions. Cendant covenants and agrees that in exercising and performing all acts necessary and incident to the Program Servicing Rights, it will do so in accordance with the Servicing Provisions.

Purchase and Sale of Mortgage Loans. Deposit of Derivatives. (a) The Sponsor hereby directs the Depositor to sell, transfer, assign, set over and convey, and the Depositor does hereby sell, transfer, assign, set over and convey to the Issuing Entity, in each case without recourse, but subject to the terms and provisions of this Agreement, all of the right, title and interest of the Depositor in and to the Mortgage Loans, including the Cut-Off Date Principal Balance of, and interest due on, such Mortgage Loans listed on Schedule I attached hereto, and all other assets included or to be included in the Trust Estate. (b) The Depositor may cause the deposit of derivatives at any time into the NovaStar Mortgage Funding Trust 200 - and any such deposited derivatives shall become part of the Trust Estate. (c) The parties hereto understand and agree that it is not intended that any Mortgage Loan be included in the Issuing Entity that is a “High-Cost Home Loan” as defined by HOEPA or any other applicable predatory or abusive lending laws.

Purchase and Sale of Mortgage Loans. From time to time pursuant to ----------------------------------- this Agreement, Seller shall sell and Buyer shall buy mortgage loans on real estate (hereinafter collectively called the "Mortgage Loans" and individually the "Mortgage Loan"). This Agreement shall govern the sale and transfer of such Mortgage Loans by Seller to Buyer and each such Mortgage Loan shall be subject to the warranties, representations, and agreements set forth herein, subject, however, to the terms and conditions of any separate written offering or commitment letters applying to the Mortgage Loans. All future purchases of Mortgage Loans by Buyer from Seller shall be governed by the terms contained herein unless the parties shall agree in writing before or at the time such purchases are made that the purchases shall be governed by a different agreement. The purchase price and service release premiums paid for each Mortgage Loan shall be established by written agreement between the parties. The terms and conditions of any separate offering or commitment letters signed by the parties hereto and pursuant to which the Buyer shall agree to buy and the Seller shall agree to sell any Mortgage Loans shall survive and be deemed to be part of this Agreement. To the extent that the terms of this Agreement conflict with the terms and conditions of any such offering or commitment letter, the terms and conditions of the offering or commitment letter shall supersede the terms and conditions of this Agreement and this Agreement shall be deemed modified and amended to conform to the terms and conditions of such offering or commitment letter with respect to the Mortgage Loans purchased thereunder. However, such modification and amendment shall be made only to the extent of the non-conformity and all other terms and conditions of this Agreement shall apply.

Purchase and Sale of Mortgage Loans. The Depositor, concurrently with the execution and delivery hereof, does hereby sell, transfer, assign, set over and otherwise convey to the Trustee without recourse, but subject to the terms of this Agreement, all right, title and interest of the Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) the Mortgage Loans identified on the Mortgage Loan Schedule delivered on the Closing Date, including, without limitation, all scheduled principal and interest payments due after the applicable Cut-off Date, (ii) the rights of the Depositor under the Mortgage Loan Purchase Agreement and (iii) the other assets of REMIC I. In consideration of such sale of the Mortgage Loans, the Trustee shall issue to or upon the order of the Depositor, the Certificates.