Common use of Release of Mortgage Files; Wrongful Satisfaction of Mortgages Clause in Contracts

Release of Mortgage Files; Wrongful Satisfaction of Mortgages. Upon the payment in full of any Mortgage Loan, the Company will obtain the portion of the Mortgage File that is in the possession of the Custodian, prepare and process any required satisfaction or release of the Mortgage and notify the Owner as provided in Section 5.02. If the Company satisfies or releases the lien of a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, the Company, upon written demand, shall remit to the Owner the then Assumed Principal Balance of the related Mortgage Loan by deposit thereof in the Custodial Account. The Company shall maintain the Fidelity Bond as provided for in Section 4.13 insuring the Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Release of Mortgage Files; Wrongful Satisfaction of Mortgages. Upon the payment in full of any Mortgage Loan, the Company will obtain the portion of the Mortgage File that is in the possession of the CustodianOwner, prepare and process any required satisfaction or release of the Mortgage and notify the Owner as provided in Section 5.02. If the Company satisfies or releases the lien of a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, the Company, upon written demand, shall remit to the Owner the then Assumed Principal Balance of the related Mortgage Loan, plus accrued interest at the Mortgage Loan Remittance Rate through the date of release, by deposit thereof in the Custodial Account. The Company shall maintain the Fidelity Bond as provided for in Section 4.13 insuring the Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Release of Mortgage Files; Wrongful Satisfaction of Mortgages. Upon the payment in full of any Mortgage Loan, the Company Seller will obtain the portion of the Mortgage File that is in the possession of the Custodian, prepare and process any required satisfaction or release of the Mortgage and notify the Owner Purchaser as provided in Section 5.02. If the Company Seller satisfies or releases the lien of a Mortgage Xxxx-xxxx without having obtained payment in full of the indebtedness secured by the Mortgage, the CompanySeller, upon written demand, shall remit to the Owner Purchaser the then Assumed Principal Balance of the related Mortgage Loan by deposit thereof in the Custodial Account. The Company Seller shall maintain the Fidelity Bond as provided for in Section 4.13 insuring the Company Seller against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Release of Mortgage Files; Wrongful Satisfaction of Mortgages. Upon the payment in full of any Mortgage Loan, the Company Seller will obtain the portion of the Mortgage File that is in the possession of the Custodian, prepare and process any required satisfaction or release of the Mortgage and notify the Owner Purchaser as provided in Section 5.02. If the Company Seller satisfies or releases the lien of a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, the CompanySeller, upon written demand, shall remit to the Owner Purchaser the then Assumed Principal Balance of the related Mortgage Loan by deposit thereof in the Custodial Account. The Company Seller shall maintain the Fidelity Bond as provided for in Section 4.13 insuring the Company Seller against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Release of Mortgage Files; Wrongful Satisfaction of Mortgages. Upon the payment in full of any Mortgage Loan, the Company will obtain the portion of the Mortgage File that is in the possession of the Custodian, prepare and process any required satisfaction or release of the Mortgage and notify the Owner as provided in Section 5.02. If the Company satisfies or releases the lien of a Mortgage Mxxx-xxxx without having obtained payment in full of the indebtedness secured by the Mortgage, the Company, upon written demand, shall remit to the Owner the then Assumed Principal Balance of the related Mortgage Loan by deposit thereof in the Custodial Account. The Company shall maintain the Fidelity Bond as provided for in Section 4.13 insuring the Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.