Common use of Refinancings of Mortgage Loans Clause in Contracts

Refinancings of Mortgage Loans. In addition to waivers and arrangements permitted by Section 3.11, the Servicer reserves the right to offer refinancings of any Mortgage Loan, if such refinancing arises out of a request by the related Mortgagor for a refinancing or a modification, or for other relief from the provisions of the related Mortgage Loan. For the purposes of this Section, a "refinancing" will include any process with a Mortgagor that results in the refinanced Mortgage Loan being identified and serviced as a "new mortgage loan" in the books, records and servicing files of the Servicer. On the Deposit Date for the Collection Period in which occurred the effective date of the refinancing of any Mortgage Loan pursuant to this Section, the Servicer shall deposit, or cause to be deposited, into the Collection Account an amount equal to the prepayment in full of such Mortgage Loan (net of all Servicing Advances and Periodic Interest Advances relating to such Mortgage Loan, which shall be deemed reimbursed to the Servicer) and, upon receipt by the Trustee and Custodian of written notification of such deposit signed by a Servicing Officer, the related Mortgage File shall be released, and the Custodian and the Trustee shall comply with the provisions of Section 3.12.

Refinancings of Mortgage Loans. In addition to waivers and arrangements permitted by Section 3.11, the Servicer reserves the right to offer refinancings of any Mortgage Loan, if such refinancing arises out of a request by the related Mortgagor for a refinancing or a modification, or for other relief from the provisions of the related Mortgage Loan. For the purposes of this Section, a "“refinancing" ” will include any process with a Mortgagor that results in the refinanced Mortgage Loan being identified and serviced as a "“new mortgage loan" ” in the books, records and servicing files of the Servicer. On the Deposit Date for the Collection Period in which occurred the effective date of the refinancing of any Mortgage Loan pursuant to this Section, the Servicer shall deposit, or cause to be deposited, into the Collection Account an amount equal to the prepayment in full of such Mortgage Loan (net of all Servicing Advances and Periodic Interest Delinquency Advances relating to such Mortgage Loan, which shall be deemed reimbursed to the Servicer) and, upon receipt by the Trustee and Custodian Paying Agent of written notification of such deposit signed by a Servicing Officer, the related Mortgage File shall be released, and the Custodian and the Trustee shall comply with the provisions of Section 3.12.

Refinancings of Mortgage Loans. In addition to waivers and arrangements permitted by Section 3.11, the Servicer reserves the right to offer refinancings of any Mortgage Loan, if such refinancing arises out of a request by the related Mortgagor for a refinancing or a modification, or for other relief from the provisions of the related Mortgage Loan. For the purposes of this Section, a "refinancing" will include any process with a Mortgagor that results in the refinanced Mortgage Loan being identified and serviced as a "new mortgage loan" in the books, records and servicing files of the Servicer. On the Deposit Date for the Collection Period in which occurred the effective date of the refinancing of any Mortgage Loan pursuant to this Section, the Servicer shall deposit, or cause to be deposited, into the Collection P&I Account an amount equal to the prepayment in full of such Mortgage Loan (net of all Servicing Advances and Periodic Interest Delinquency Advances relating with respect to such Mortgage Loan, which shall be deemed reimbursed to the Servicer) and, upon receipt by the Trustee and Custodian of written notification of such deposit signed by a Servicing Officer, the related Mortgage File shall be released, and the Custodian Custodians and the Trustee shall comply with the provisions of Section 3.12.

Refinancings of Mortgage Loans. In addition to waivers and arrangements permitted by Section 3.113.01, the Servicer CMSI reserves the right to offer refinancings of any Affiliated Mortgage Loan or Third Party Mortgage Loan, if such refinancing arises out of a request by the related Mortgagor for a refinancing or a modification, or for other relief from the provisions of the related Mortgage Loan. For the purposes of this Section, a "refinancing" will include any process with a Mortgagor that results in the refinanced Mortgage Loan being identified and serviced as a "new mortgage loan" in the books, records and servicing files of the Servicer. On the Deposit Date for in the Collection Period in which occurred month next following the effective date of the refinancing of any Mortgage Loan pursuant to this Section, the Servicer CMSI shall deposit, or cause to be deposited, into the Collection Account an amount equal to the prepayment in full of such Mortgage Loan (net of all Servicing Voluntary Advances and Periodic Interest Trustee Advances relating with respect to such Mortgage Loan, which shall be reimbursed to the Trustee or deemed reimbursed to CMSI, as the Servicercase may be) and, upon receipt by the Trustee and Custodian of written notification of such deposit signed by a Servicing Officeran Authorized Officer of CMSI, the related Mortgage File shall be released, and the Custodian and the Trustee shall comply with the provisions of Section 3.123.22. For the purposes of this Section, a "refinancing" will include any process with a Mortgagor that results in the refinanced Mortgage Loan be identified and serviced as a "new mortgage loan" in the books, records and servicing files of the Servicer.

Refinancings of Mortgage Loans. In addition to waivers and arrangements permitted by Section 3.11, the Servicer reserves the right to offer refinancings of any Mortgage Loan, if such refinancing arises out of a request by the related Mortgagor for a refinancing or a modification, or for other relief from the provisions of the related Mortgage Loan. For the purposes of this Section, a "refinancing" will include any process with a Mortgagor that results in the refinanced Mortgage Loan being identified and serviced as a "new mortgage loan" in the books, records and servicing files of the Servicer. On the Deposit Date for the Collection Period in which occurred the effective date of the refinancing of any Mortgage Loan pursuant to this Section, the Servicer shall deposit, or cause to be deposited, into the Collection Account an amount equal to the prepayment in full of such Mortgage Loan (net of all Servicing Advances and Periodic Interest Advances relating to such Mortgage Loan, which shall be deemed reimbursed to the Servicer) and, upon receipt by the Trustee and Mortgage Note Custodian of written notification of such deposit signed by a Servicing Officer, the Trustee will promptly direct the Mortgage Note Custodian to release the related Mortgage File shall be releasedNote, in trust, to the Servicer or its designee, and the Mortgage Note Custodian and the Trustee shall comply with the provisions of Section 3.12. In addition, upon such deposit, the Servicer, on behalf of the Trustee, shall release the remainder of the related Mortgage File.

Refinancings of Mortgage Loans. In addition to waivers and arrangements permitted by Section 3.11, the Servicer reserves the right to offer refinancings of any Mortgage Loan, if such refinancing arises out of a request by the related Mortgagor for a refinancing or a modification, or for other relief from the provisions of the related Mortgage Loan. For the purposes of this Section, a "refinancing" will include any process with a Mortgagor that results in the refinanced Mortgage Loan being identified and serviced as a "new mortgage loan" in the books, records and servicing files of the Servicer. On the Deposit Date for the Collection Period in which occurred the effective date of the refinancing of any Mortgage Loan pursuant to this Section, the Servicer shall deposit, or cause to be deposited, into the Collection Account an amount equal to the prepayment in full of such Mortgage Loan (net of all Servicing Advances, Delinquency Advances, Bi-Weekly Interest Advances and Periodic Simple Interest Advances relating to such Mortgage Loan, which shall be deemed reimbursed to the Servicer) and, upon receipt by the Trustee and Custodian of written notification of such deposit signed by a Servicing Officer, the related Mortgage File shall be released, and the Custodian and the Trustee shall comply with the provisions of Section 3.12.