Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the Trust. The Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquent. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to the Loan Purchase Price thereof), shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Servicer in the form of Exhibit C-1 hereto, shall release or cause to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans any Mortgage Loans released pursuant hereto and the Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Servicer shall thereupon own such Mortgage Loans, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer or the Securityholders with respect thereto.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Headlands Mortgage Securities Inc), Sale and Servicing Agreement (Greenpoint Home Equity Loan Trust 1999 2)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the Trust. The Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquent. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to the Loan Purchase Price thereof), shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Servicer in the form of Exhibit C-1 hereto, shall release or cause to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans any Mortgage Loans released pursuant hereto and the Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Servicer shall thereupon own such Mortgage Loans, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer or the Securityholders with respect thereto.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Sequoia Mortgage Funding Corp), Sale and Servicing Agreement (Sequoia Residential Funding Inc)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the Trust. The Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquent. The Servicer shall notify Xxxxxxx Mac and the Insurer in writing of any such purchase. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to the Loan Purchase Price thereof), shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Servicer in the form of Exhibit C-1 hereto, shall release or cause to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans any Mortgage Loans released pursuant hereto and the Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Servicer shall thereupon own such Mortgage Loans, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer Insurer, Xxxxxxx Mac, the Securityholders or the Securityholders Residual Certificateholders with respect thereto.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/), Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Master Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Master Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, provided that if the Master Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Master Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Master Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Master Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the TrustCertificateholders. The Master Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquentdelinquent at a price equal to the purchase price described below. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to calculated in the Loan Purchase Price thereof), same manner set forth in Section 2.02) shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Master Servicer in the form of Exhibit C-1 L hereto, shall release or cause to be released to the Master Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Master Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans Loan any Mortgage Loans Loan released pursuant hereto and the Master Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans Loan and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer shall thereupon own such Mortgage LoansLoan, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer Credit Enhancer or the Securityholders Certificateholders with respect thereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Cwabs Inc), Pooling and Servicing Agreement (Cwabs Inc)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; providedPROVIDED, that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the Trust. The Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquent. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to the Loan Purchase Price thereof), shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Servicer in the form of Exhibit C-1 hereto, shall release or cause to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans any Mortgage Loans released pursuant hereto and the Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Servicer shall thereupon own such Mortgage Loans, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer or the Securityholders with respect thereto.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/), Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the Trust. The Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquent. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to the Loan Purchase Price thereof), shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Servicer in the form of Exhibit C-1 hereto, shall release or cause to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans any Mortgage Loans released pursuant hereto and the Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Servicer shall thereupon own such Mortgage Loans, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer or the Securityholders with respect thereto.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/), Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. (a) The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the Trust. The .
(b) With respect to any Mortgage Loan that is 90 days or more Delinquent, the Servicer, in its sole discretion, shall have the right but not option to transfer the obligation to purchase for its own account from the Trust servicing of any such Mortgage Loan which is 91 days or more delinquent. The price for to a special servicer; provided that any Mortgage Loan purchased hereunder (which such special servicer shall be at a purchase price equal acceptable to the Loan Purchase Price thereof)Insurer, as evidenced by its prior written consent, which consent shall not be deposited unreasonably withheld; and provided, further, that the appointment of any such special servicer will not result in the Collection Account qualification, reduction or withdrawal of the ratings assigned to the Notes by the Rating Agencies without regard to the Policy as evidenced in writing by a letter from each Rating Agency. Upon the transfer of servicing to the special servicer, the special servicer shall thereupon assume in writing all of the rights and the Indenture Trustee, upon receipt obligations of a certificate from the Servicer in the form of Exhibit C-1 hereto, shall release or cause hereunder arising thereafter with respect to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans any Mortgage Loans released pursuant hereto Loan, and the Servicer shall succeed to all the Indenture Trustee's righthave no further rights or obligations hereunder, title and interest in and with respect to such Mortgage Loans and all security and documents related theretoLoan. Such assignment The special servicer shall be an assignment outright entitled to the Servicing Fee and not for security. The Servicer shall thereupon own other compensation accruing after the servicing transfers to the special servicer with respect to such Mortgage Loans, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer or the Securityholders with respect thereto.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities LLC)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, provided that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the TrustCertificateholders. The Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquentdelinquent at a price equal to the purchase price described below. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to calculated in the Loan Purchase Price thereof), same manner set forth in Section 2.02) shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Servicer in the form of Exhibit C-1 L hereto, shall release or cause to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans Loan any Mortgage Loans Loan released pursuant hereto and the Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans Loan and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Servicer shall thereupon own such Mortgage LoansLoan, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer Credit Enhancer or the Securityholders Certificateholders with respect thereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Master Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Master Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, provided that if the Master Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Master Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Master Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Master Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the TrustCertificateholders. The Master Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 [91] days or more delinquentdelinquent at a price equal to the purchase price described below. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price an amount equal to 100% of the Asset Balance of such Mortgage Loan Purchase Price thereof), plus accrued interest thereon at the applicable Loan Rate from the date through which interest was last paid by the related Mortgagor to the first day of the month in which such amount is to be distributed to the related Certificateholders) shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Master Servicer in the form of Exhibit C-1 G hereto, shall release or cause to be released to the Master Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Master Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans Loan any Mortgage Loans Loan released pursuant hereto and the Master Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans Loan and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer shall thereupon own such Mortgage LoansLoan, and all security and documents, free of any further obligation to the Indenture Trustee[, the Insurer Credit Enhancer] or the Securityholders Certificateholders with respect thereto.
Appears in 1 contract
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Master Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Master Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, provided that if the Master Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Master Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Master Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Master Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the TrustCertificateholders. The Master Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquentdelinquent at a price equal to the purchase price described below. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price an amount equal to 100% of the Asset Balance of such Mortgage Loan Purchase Price thereof), plus accrued interest thereon at the applicable Loan Rate from the date through which interest was last paid by the related Mortgagor to the first day of the month in which such amount is to be distributed to Certificateholders) shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Master Servicer in the form of Exhibit C-1 G hereto, shall release or cause to be released to the Master Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Master Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans Loan any Mortgage Loans Loan released pursuant hereto and the Master Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans Loan and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer shall thereupon own such Mortgage LoansLoan, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer Credit Enhancer or the Securityholders Certificateholders with respect thereto.
Appears in 1 contract
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Master Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Master Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, provided that if the Master Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Master Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Master Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Master Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the TrustCertificateholders. The Master Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquentdelinquent at a price equal to the purchase price described below. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to calculated in the Loan Purchase Price thereof), same manner set forth in Section 2.02) shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Master Servicer in the form of Exhibit C-1 ___ hereto, shall release or cause to be released to the Master Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Master Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans Loan any Mortgage Loans Loan released pursuant hereto and the Master Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans Loan and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer shall thereupon own such Mortgage LoansLoan, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer Credit Enhancer or the Securityholders Certificateholders with respect thereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the Trust. The Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquent. The Servicer shall notify the Insurer in writing of any such purchase. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to the Loan Purchase Price thereof), shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Servicer in the form of Exhibit C-1 hereto, shall release or cause to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans any Mortgage Loans released pursuant hereto and the Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Servicer shall thereupon own such Mortgage Loans, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer Insurer, the Noteholders or the Securityholders Residual Certificateholders with respect thereto.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)
Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans. The Servicer shall foreclose upon or otherwise comparably convert to ownership Mortgaged Properties securing such of the Mortgage Loans as come into and continue in default when, in the opinion of the Servicer based upon the practices and procedures referred to in the following sentence, no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.02; provided, that if the Servicer has actual knowledge or reasonably believes that any Mortgaged Property is affected by hazardous or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then the Servicer will not cause the Trust to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable and as shall be normal and usual in its general mortgage servicing activities. The foregoing is subject to the proviso that the Servicer shall not be required to incur any Liquidation Expenses or to otherwise expend its own funds in connection with any foreclosure or towards the correction of any default on a related senior mortgage loan or restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Indenture Trustee, or to its nominee on behalf of the Trust. The Servicer, in its sole discretion, shall have the right but not the obligation to purchase for its own account from the Trust any Mortgage Loan which is 91 days or more delinquent. The price for any Mortgage Loan purchased hereunder (which shall be at a purchase price equal to the Loan Purchase Price thereof), shall be deposited in the Collection Account and the Indenture Trustee, upon receipt of a certificate from the Servicer in the form of Exhibit C-1 hereto, shall release or cause to be released to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty, as shall be necessary to vest in the purchaser of such Mortgage Loans any Mortgage Loans released pursuant hereto and the Servicer shall succeed to all the Indenture Trustee's right, title and interest in and to such Mortgage Loans and all security and documents related thereto. Such assignment shall be an assignment outright and not for security. The Servicer shall thereupon own such Mortgage Loans, and all security and documents, free of any further obligation to the Indenture Trustee, the Insurer or the Securityholders with respect thereto.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Greenpoint Mortgage Securities Inc/)