Common use of REDEMPTION OF MORTGAGES Clause in Contracts

REDEMPTION OF MORTGAGES. 9.1 Upon repayment in full of all sums due in relation to Loans sold by the Seller to the Mortgages Trustee secured by a Mortgage and/or other Related Security comprised in the Portfolio, the Servicer shall (and is hereby authorised by the Mortgages Trustee and the Beneficiaries to) execute a receipt or discharge or relevant Land Registry Form DS1 of the Mortgage and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable, to implement an electronic notification of discharge to Land Registry and to release the relevant Title Deeds to the person or persons entitled thereto. 9.2 In relation to Loans which are not Dematerialised Loans the Servicer undertakes that prior to any actual release by it of the relevant Title Deeds it will take reasonable and appropriate steps to satisfy itself that the relevant Title Deeds are being released to the person or persons entitled thereto. 9.3 The Servicer shall procure that if, upon completion of the Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower is recovered or received, the balance, after discharge of all sums due by the Borrower, is paid to the person or persons next entitled thereto.

REDEMPTION OF MORTGAGES. 9.1 Upon repayment in full of all sums due in relation to any Loans sold by comprised in the Seller to the Mortgages Trustee Portfolio secured by a Mortgage and/or other Related Security comprised in the Portfolio, the Servicer shall (shall, and is hereby authorised by the Mortgages Trustee LLP and the Beneficiaries Security Trustee to) , execute a receipt or discharge or relevant Land Registry Form DS1 of with respect to the Mortgage and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the other Related Security as it considers to be necessary or advisable, to implement an electronic notification of discharge to Land Registry and to release the relevant Title Deeds (to the extent that the relevant Loan is not a Dematerialised Loan and such Title Deeds are in its possession) to the person or persons entitled thereto. 9.2 In relation to Loans which are not Dematerialised Loans Loans, the Servicer undertakes that prior to any actual release by it of the relevant Title Deeds it will take reasonable and appropriate steps steps, acting as a Reasonable, Prudent Mortgage Lender, to satisfy itself that the relevant Title Deeds are being released to the person or persons entitled thereto. 9.3 The Servicer shall procure that if, upon completion of the Enforcement ProceduresProcedures in relation to a Loan and its Related Security in the Portfolio, an amount in excess of all sums due by from the relevant Borrower is recovered or received, the balance, after discharge of all sums due by from the relevant Borrower, is paid to the person or persons next entitled thereto.

REDEMPTION OF MORTGAGES. 9.1 Upon repayment in full of all sums due in relation to Loans sold by the Seller to the Mortgages Trustee secured by a Mortgage (and/or other Related Security Security) comprised in the Portfolio, the Servicer shall shall, (and is hereby authorised by the Mortgages Trustee and the Beneficiaries to) execute a receipt or discharge or relevant Land Registry Form DS1 of the Mortgage and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable, to implement an electronic notification of discharge to the Land Registry and to release the relevant Title Deeds to the person or persons entitled thereto. 9.2 In relation to Loans which are not Dematerialised Loans the Servicer undertakes that prior to any actual release by it of the relevant Title Deeds it will take reasonable and appropriate steps to satisfy itself that the relevant Title Deeds are being released to the person or persons entitled thereto. 9.3 The Servicer shall procure that if, upon completion of the Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower is recovered or received, the balance, after discharge of all sums due by the Borrower, is paid to the person or persons next entitled thereto.

REDEMPTION OF MORTGAGES. 9.1 8.1 Upon repayment in full of all sums due in relation to Loans sold by the Seller to the Mortgages Trustee a Mortgage Loan secured by a Mortgage and/or other Related Security comprised in the Mortgage Portfolio, the Servicer shall (Mortgage Administrator shall, and is hereby authorised by the Mortgages Trustee Issuer and the Beneficiaries Originator Beneficiary to) , execute a receipt or discharge or relevant Land Registry Form DS1 of the such Mortgage and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable, to implement an electronic notification Electronic Notification of discharge Discharge to the Land Registry and to release the relevant Title Deeds Deeds, if held in physical form, to the person or persons entitled thereto. 9.2 In relation to Loans which are not Dematerialised Loans the Servicer 8.2 The Mortgage Administrator undertakes that prior to any actual release by it of the relevant Title Deeds it will take reasonable and appropriate steps to satisfy itself that the relevant Title Deeds are being released to the person or persons entitled thereto. 9.3 8.3 The Servicer Mortgage Administrator shall procure that if, upon completion of the any Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower is recovered or received, the balance, after discharge of all sums due by the Borrower, is paid to the person or persons next entitled thereto.

REDEMPTION OF MORTGAGES. 9.1 Upon repayment in full of all sums due in relation to Loans sold by the Seller to the Mortgages Trustee secured by a Mortgage (and/or other Related Security Security) comprised in the Portfolio, the Servicer shall shall, (and is hereby authorised by the Mortgages Trustee and the Beneficiaries to) execute a receipt or discharge or relevant Land Registry Form DS1 of the Mortgage and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable, to implement an electronic notification of discharge to the Land Registry or (as applicable) the Registers of Scotland and to release the relevant Title Deeds to the person or persons entitled thereto. 9.2 In relation to Loans which are not Dematerialised Loans the Servicer undertakes that prior to any actual release by it of the relevant Title Deeds it will take reasonable and appropriate steps to satisfy itself that the relevant Title Deeds are being released to the person or persons entitled thereto. 9.3 The Servicer shall procure that if, upon completion of the Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower is recovered or received, the balance, after discharge of all sums due by the Borrower, is paid to the person or persons next entitled thereto.