Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the issuance and delivery of the Related Participation Certificate, and subject to the remedies of Purchaser in Section 5, Seller or Servicer shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each Mortgage (except with respect to any MERS Mortgage Loan) and shall retain only bare legal title (and not an equitable interest) in the Related Mortgage Loan, all for the benefit of Purchaser for the sole purpose of facilitating the subservicing of such Mortgage Loan and the issuance of a Security backed by such Mortgage Loan. Where Seller has appointed FHLMC as Custodian, the parties hereto acknowledge that the Mortgage Notes acquired hereunder have been deposited with FHLMC to facilitate the issuance of FHLMC Securities with respect thereto and that prior to such issuance FHLMC is holding such Mortgage Notes as Custodian for Purchaser.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the issuance and delivery of the related Trust Receipt, and subject to the remedies of Purchaser in Section 3, Seller shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each Mortgage in trust for the benefit of Purchaser, for the sole purpose of facilitating the servicing of such Mortgage Loan.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the delivery of the related Submission Package, and subject to the remedies of Purchaser set forth in Section 7, the related Seller shall remain the named payee or endorsee of each related Mortgage Note and the mortgagee or assignee of record of each Mortgage (except with respect to a MERS Designated Mortgage Loan) in trust for the benefit of Purchaser, for the sole purpose of facilitating the servicing of such Mortgage Loan.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the issuance and delivery of the related Trust Receipt, and subject to the remedies of Purchasers in Section 3, the related Seller may remain the last named payee or endorsee of each Mortgage Note and (except with respect to any MERS Mortgage Loan) the mortgagee or assignee of record of each Mortgage in trust for the benefit of the related Purchaser, for the sole purpose of facilitating the servicing of such Mortgage Loan. Notwithstanding the foregoing, beneficial ownership of each Mortgage and the related Mortgage Note shall be vested solely in the related Purchaser or the appropriate designee of such Purchaser, as the case may be. All rights arising out of the Mortgage Loans including, but not limited to, all funds received by the related Seller after the related Purchase Date on or in connection with a Mortgage Loan shall be vested in the related Purchaser or one or more designees of such Purchaser.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the issuance and delivery of the related Participation Certificate, and subject to the remedies of Participant in Section 3, Seller shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each Mortgage (except with respect to a MERS Designated Mortgage Loan) in trust for the benefit of Participant, for the sole purpose of facilitating the servicing of such Mortgage Loan and the issuance of a Security backed by such Mortgage Loan. Where Seller has appointed FHLMC or FNMA, as applicable, as Custodian, the parties hereto acknowledge that the Mortgage Notes acquired hereunder have been deposited with FHLMC or FNMA, as applicable, to facilitate the issuance of FHLMC Securities or FNMA Securities, as applicable, with respect thereto and that prior to such issuance FHLMC or FNMA, as applicable, is holding such Mortgage Notes as Custodian for Participant.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. Section 8(c) of the Existing MLPSA is hereby amended by deleting such subsection in its entirety and replacing it with the following:
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the issuance and delivery of the Related Participation Certificate, and subject to the remedies of Purchaser in Section 5, Seller (or its designated subservicer) as subservicer shall remain the last named payee or endorsee of each Mortgage Note related to a Related Mortgage Loan and the mortgagee or assignee of record of each Mortgage related to a Related Mortgage Loan (except with respect to any MERS Designated Mortgage Loan) and shall retain only record title to the Mortgages (and not an equitable interest) in the Related Mortgage Loan, all for the benefit of Purchaser for the sole purpose of facilitating the subservicing of such Related Mortgage Loan and the issuance of a Security backed by such Related Mortgage Loan. Where Seller has appointed Xxxxxxx Mac as Custodian, the parties hereto acknowledge that the Mortgage Notes related to a Participation Certificate acquired hereunder have been deposited with Xxxxxxx Mac to facilitate the issuance of Xxxxxxx Mac Securities with respect thereto and that prior to such issuance Xxxxxxx Mac is holding such Mortgage Notes as Custodian for Purchaser.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. From and after the delivery of the related Conduit Submission Package, and subject to the remedies of Purchaser in Section 3, the related Seller shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each Mortgage (except with respect to a MERS Designated Mortgage Loan) in trust for the benefit of Purchaser, for the sole purpose of facilitating the servicing of such Mortgage Loan.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the issuance and delivery of the Related Participation Certificate, and subject to the remedies of Purchaser in Section 5, Seller or Servicer as subservicer shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each Mortgage (except with respect to any MERS Mortgage Loan) and shall retain only bare legal title (and not an equitable interest) in the Related Mortgage Loan, all for the benefit of Purchaser for the sole purpose of facilitating the subservicing of such Mortgage Loan and the issuance of a Security backed by such Mortgage Loan.
Record Title to Mortgage Loans; Intent of Parties; Security Interest. Section 8 of the Existing Purchase and Sale Agreement is hereby amended by deleting clause (c) in its entirety and replacing it with the following (modified text underlined for review purposes):
