Common use of Real Estate Taxing Authorities Clause in Contracts

Real Estate Taxing Authorities. (a) On the Transfer Date, for all loans, Seller shall, at Seller's expense, transfer to Purchaser full life of loan tax service contracts with FARETS. The tax service contracts are to provide Purchaser with complete tax procurement and payment services. Seller agrees to provide to Purchaser, in an electronic format acceptable to Purchaser, the information necessary to effectuate the establishment of tax service on the Transfer Date for all fifty (50) states. (b) Seller shall be responsible for any tax penalties incurred due to incorrect or missing tax records processed or provided by Seller or Seller's tax service agent to Purchaser. (c) Seller shall pay or cause to be paid, prior to the Transfer Date, all tax bills (including any applicable penalties and interest) with tax due dates prior to or within thirty (30) calendar days following the Transfer Date, if such tax bills have been issued by the taxing authority. (d) Purchaser shall not be responsible for any tax penalties (including any loss of discount for which a Mortgagor or any third party for the benefit of the Mortgagor has a legal claim) on Mortgage Loans for which the related tax due date occurs (i) prior to the Transfer Date, or (ii) prior to or within thirty (30) calendar days following the Transfer Date, but only if the tax xxxx was issued by the taxing authority. (e) Seller shall provide to Purchaser within two (2) Business Days after the Transfer Date a current list of Mortgage Loans that have taxes or assessments that were due prior to or within thirty (30) calendar days after the Transfer Date and not paid.