Common use of Release of Files Clause in Contracts

Release of Files. (a) If with respect to any Home Loan: (i) the outstanding Principal Balance of such Home Loan plus all interest accrued thereon shall have been paid; (ii) the Master Servicer, or the Servicer shall have received, in escrow, payment in full of such Home Loan in a manner customary for such purposes; (iii) such Home Loan has become a Defective Loan and has been repurchased or a Qualified Substitute Home Loan has been conveyed to the Trust pursuant to Section 3.05; (iv) such Home Loan or the related Foreclosed Property has been sold in connection with the termination of the Trust pursuant to Section 11.01; (v) the FHA has paid a claim with respect to such Home Loan that is an FHA Loan under the Contract of Insurance; or (vi) the related Foreclosed Property has been sold pursuant to Section 4.13. In each such case, the Servicer shall deliver a certificate to the effect that the Servicer has complied with all of its obligations under the Servicing Agreement with respect to such Home Loan and requesting that the Indenture Trustee release to the Servicer the related Home Loan File, then the Indenture Trustee shall, within three Business Days or such shorter period as may be required by applicable law, release, or cause the Custodian to release (unless such Home Loan File has previously been released), the related Home Loan File to the Servicer and execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest ownership of such Home Loan in the Servicer or such other Person as may be specified in such certificate, the forms of any such instrument to be appended to such certificate.