Common use of Purchase of Defaulted Mortgage Loans Clause in Contracts

Purchase of Defaulted Mortgage Loans. The Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Indenture Trustee, the Master Servicer and the Securities Administrator) to purchase for its own account from the Trust Estate any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) 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. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Securities Administrator of the full amount of the Purchase Price for such Mortgage Loan and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause to be released and reassign to the Servicer the related Mortgage File for such Mortgage Loan and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by the Servicer.

Purchase of Defaulted Mortgage Loans. The Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Indenture Trustee, the Master Servicer Trustee and the Securities Trust Administrator) to purchase for its own account from the Trust Estate any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) such Mortgage Loan is still 90 days the Servicer may only exercise this right on 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 after 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 month in which such Mortgage Loan thereafter again becomes became 90 days or more delinquent or Delinquent (such month, the “Eligible Purchase Month”); provided further, that any such Mortgage Loan which becomes an REO Property, current but thereafter becomes Delinquent may only be purchased by the Servicer pursuant to this Section 4.02(w) in which case the option shall again become exercisable as of the first day of the related calendar quarterany ensuing Eligible Purchase Month. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Securities Trust Administrator of the full amount of the Purchase Price for such Mortgage Loan and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause to be released and reassign to the Servicer the related Mortgage File for such Mortgage Loan and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by the ServicerSeller.

Purchase of Defaulted Mortgage Loans. The Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Indenture Trustee, the Master Servicer Trustee and the Securities Trust Administrator) to purchase for its own account from the Trust Estate any Mortgage Loan that is (as of the first day of a calendar quarter) 90 [90] days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) such Mortgage Loan is still 90 days the Servicer may only exercise this right on 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 after 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 month in which such Mortgage Loan became [90] days Delinquent (such month, the "Eligible Purchase Month"); provided further, that any such Mortgage Loan which becomes current but thereafter again becomes 90 days or more delinquent or becomes an REO Property, Delinquent may only be purchased by the Servicer pursuant to this Section 4.02(w) in which case the option shall again become exercisable as of the first day of the related calendar quarterany ensuing Eligible Purchase Month. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Securities Trust Administrator of the full amount of the Purchase Price for such Mortgage Loan and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause to be released and reassign to the Servicer the related Mortgage File for such Mortgage Loan and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 [90] days Delinquent Mortgage Loan purchased by the ServicerSeller.

Purchase of Defaulted Mortgage Loans. The [The/Each] Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Indenture Trustee, the Master Servicer and the Securities Administrator) to purchase for its own account from the Trust Estate any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) 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. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Securities Administrator of the full amount of the Purchase Price for such Mortgage Loan and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause to be released and reassign to the [related] Servicer the related Mortgage File for such Mortgage Loan and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the [related] Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by the [related] Servicer.

Purchase of Defaulted Mortgage Loans. The Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Indenture Trustee, the Master Servicer Trustee and the Securities Trust Administrator) to purchase for its own account from the Trust Estate any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) such Mortgage Loan is still 90 days the Servicer may only exercise this right on 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 after 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 month in which such Mortgage Loan thereafter again becomes became 90 days or more delinquent or Delinquent (such month, the “Eligible Purchase Month”); provided further, that any such Mortgage Loan which becomes an REO Property, current but thereafter becomes Delinquent may only be purchased by the Servicer pursuant to this Section 4.02(w) in which case the option shall again become exercisable as of the first day of the related calendar quarterany ensuing Eligible Purchase Month. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Securities Trust Administrator of the full amount of the Purchase Price for such Mortgage Loan and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause to be released and reassign to the Servicer the related Mortgage File for such Mortgage Loan and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by the ServicerSponsor.

Purchase of Defaulted Mortgage Loans. The Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Indenture Trustee, the Master Servicer and the Securities Administrator) to purchase for its own account from the Trust Estate Fund any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) 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. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Securities Administrator of the full amount of the Purchase Price for such Mortgage Loan and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause to be released and reassign to the Servicer the related Mortgage File for such Mortgage Loan and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the IndentureAgreement, which instruments shall be prepared by the Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by the Servicer.

Purchase of Defaulted Mortgage Loans. The Servicer, As to any Mortgage Loan which is delinquent in its sole discretion, shall have the right to elect (payment by written notice sent to the Indenture Trustee90 days or more, the Master Servicer and the Securities Administrator) to may, at its option, purchase for its own account from the Trust Estate any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) such Mortgage Loan is still 90 days or more delinquent or is an REO Property as of from 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. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and Trustee at the Purchase Price shall be deposited in therefor. If at any time the Collection Account. Upon receipt by Master Servicer makes a payment to the Securities Administrator of Certificate Account covering the full amount of the Purchase Price for such a Mortgage Loan Loan, and notification thereof the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been made to deposited in the Indenture TrusteeCertificate Account, then the Indenture Trustee shall release or cause to be released and reassign to execute the Servicer the related Mortgage File for assignment of such Mortgage Loan at the request of the Master Servicer without recourse to the Master Servicer, the Trustee or the Trust Fund which shall succeed to all the Trustee's right, title and shall execute interest in and deliver to such instruments of transfer or assignmentMortgage Loan, in each case without recourse, representation or warranty, as and all security and documents relative thereto. Such assignment shall be necessary an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to vest the Trustee or the Certificateholders with respect thereto. Notwithstanding anything to the contrary in such party or its designee or assignee title this Section 4.07, the Master Servicer shall continue to service any such Mortgage Loan released pursuant hereto, free and clear after the date of all security interests, liens and other encumbrances created by such purchase in accordance with the terms of this Agreement and the Indentureand, which instruments shall be prepared by the Servicer and the Indenture Trustee shall have no further responsibility if any Realized Loss with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased occurs, allocate such Realized Loss to the Class or Classes of Certificates that would have borne such Realized Loss in accordance with the terms hereof as if such Mortgage Loan had not been so purchased. For purposes of this Agreement, a payment of the Purchase Price by the ServicerMaster Servicer pursuant to this Section 4.07 will be viewed as an [YOUN7950:~5.NY01B] 16069-00385 02/04/97 7:45pm 84 advance, and the amount of any Realized Loss shall be recoverable pursuant to the provisions for the recovery of unreimbursed Advances under Section 4.02(a) or, to the extent not recoverable under such provisions, as a Nonrecoverable Advance as set forth herein. Section Distributions on the Uncertificated REMIC Regular Interests. On each Distribution Date, the Trustee shall be deemed to distribute to itself, as the holder of the Uncertificated REMIC Regular Interests, Uncertificated Accrued Interest on the Uncertificated REMIC Regular Interests for such Distribution Date, plus any Uncertificated Accrued Interest thereon remaining unpaid from any previous Distribution Date. In determining from time to time the Uncertificated REMIC Regular Interest Distribution Amounts, Realized Losses allocated to the Class A-5 Certificates under Section 4.05 shall be deemed allocated to Uncertificated REMIC Regular Interests on a pro rata basis based on the Uncertificated Accrued Interest for the related Distribution Date.

Purchase of Defaulted Mortgage Loans. (a) Subject to paragraph (b) below,] The Servicer, in its sole discretion, Servicer shall have the right to elect (by written notice sent to option, but not the Indenture Trusteeobligation, the Master Servicer and the Securities Administrator) to purchase for its own account from the Trust Estate any Mortgage Loan that is (becomes [90] or more days Delinquent, in whole or in part, or any Mortgage Loan as to which foreclosure proceedings have been brought by the Servicer; PROVIDED, HOWEVER, that the Servicer may not purchase any such Mortgage Loan unless the Servicer has delivered to the Trustee [and the Certificate Insurer], at the Servicer's expense, an Opinion of Counsel acceptable to the Trustee [and the Certificate Insurer] to the effect that such a purchase would not constitute a Prohibited Transaction for the Trust Fund or otherwise subject the Trust Fund to tax and would not jeopardize the status of the first day of Trust Fund as a calendar quarter) 90 days REMIC. Any such Mortgage Loan so purchased shall be purchased by the Servicer on or more Delinquent or is an REO Property prior to a Servicer Remittance Date at a purchase price equal to the Purchase Price; provided, however, that (i) 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. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price thereof, which purchase price shall be deposited in the Collection Account. Upon receipt . (b) [If a Mortgage Loan to be purchased by the Securities Administrator Servicer pursuant to paragraph (a) above is the greatest number of days Delinquent of all then Delinquent Mortgage Loans (including Mortgage Loans relating to REO Property), the full amount of the Purchase Price for Servicer may purchase such Mortgage Loan without having first notified the Certificate Insurer of such purchase. In all other cases, the Servicer must notify the Certificate Insurer and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause in writing, of its intent to be released purchase a Mortgage Loan and reassign to the Servicer the related Mortgage File for may not purchase such Mortgage Loan and shall execute and deliver such instruments without the written consent of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by the ServicerCertificate Insurer.]

Purchase of Defaulted Mortgage Loans. The Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Indenture Trustee, the Master Servicer Trustee and the Securities Trust Administrator) to purchase for its own account from the Trust Estate any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) such Mortgage Loan is still 90 days the Servicer may only exercise this right on 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 after 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 month in which such Mortgage Loan thereafter again becomes became 90 days or more delinquent or Delinquent (such month, the "Eligible Purchase Month"); provided further, that any such Mortgage Loan which becomes an REO Property, current but thereafter becomes Delinquent may only be purchased by the Servicer pursuant to this Section 4.02(w) in which case the option shall again become exercisable as of the first day of the related calendar quarterany ensuing Eligible Purchase Month. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Securities Trust Administrator of the full amount of the Purchase Price for such Mortgage Loan and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause to be released and reassign to the Servicer the related Mortgage File for such Mortgage Loan and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the Indenture, which instruments shall be prepared by the Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by the ServicerSeller.

Purchase of Defaulted Mortgage Loans. The [The/Each] Servicer, in its sole discretion, shall have the right to elect (by written notice sent to the Indenture Trustee, the Master Servicer and the Securities Administrator) to purchase for its own account from the Trust Estate Fund any Mortgage Loan that is (as of the first day of a calendar quarter) 90 days or more Delinquent or is an REO Property at a price equal to the Purchase Price; provided, however, that (i) 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. The principal portion of the funds in respect of such purchase of a Mortgage Loan will be considered a Principal Prepayment and the Purchase Price shall be deposited in the Collection Account. Upon receipt by the Securities Administrator of the full amount of the Purchase Price for such Mortgage Loan and notification thereof has been made to the Indenture Trustee, the Indenture Trustee shall release or cause to be released and reassign to the [related] Servicer the related Mortgage File for such Mortgage Loan and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty, as shall be necessary to vest in such party or its designee or assignee title to any such Mortgage Loan released pursuant hereto, free and clear of all security interests, liens and other encumbrances created by this Agreement and the IndentureAgreement, which instruments shall be prepared by the [related] Servicer and the Indenture Trustee shall have no further responsibility with respect to the Mortgage File relating to such 90 days Delinquent Mortgage Loan purchased by the [related] Servicer.