Common use of Recordation with Respect to Mortgage Loans Clause in Contracts

Recordation with Respect to Mortgage Loans. Notwithstanding any provisions in these Standard Terms to the contrary, OMI shall cause, with respect to each Mortgage Loan, Assignments of Mortgages to the Trustee to be prepared and recorded with respect to all Mortgages not later than one-hundred twenty (120) calendar days following the Closing Date, which recordation shall be an expense of the Company. For each Mortgage for which an Assignment of Mortgage is not duly and timely recorded as provided above, the Company shall repurchase such Mortgage pursuant to the provisions of 2.06 hereof. As evidence of recordation, the Trustee shall be entitled to rely upon, among other things (i) a certification from a title insurance company, (ii) an Opinion of Counsel, (iii) a recorded Assignment or (iv) a clerk's receipt as to the recordation of any or all of the Assignments.

Recordation with Respect to Mortgage Loans. Notwithstanding any provisions in these Standard Terms to the contrary, OMI the Company shall cause, with respect to each Mortgage Loan, cause Assignments of Mortgages to the Trustee to be prepared and recorded with respect to all Mortgages not later than one-hundred twenty (120) calendar days following the Closing Date, which recordation shall be an expense of the Company. For each Mortgage for which an Assignment of Mortgage is not duly and timely recorded as provided above, the Company shall repurchase such Mortgage pursuant to the provisions of 2.06 hereof. As evidence of recordation, the Trustee shall be entitled to rely upon, among other things (i) a certification from a title insurance company, (ii) an Opinion of Counsel, (iii) a recorded Assignment or (iv) a clerk's receipt as to the recordation of any or all of the Assignments.