Common use of Release of Mortgage Files Clause in Contracts

Release of Mortgage Files. (a) CitiMortgage will promptly notify the Trustee of the payment in full of any mortgage loan or CitiMortgage’s receipt of notice that payment in full will be escrowed in a manner customary for such purpose, and will request delivery to it of the mortgage file. CitiMortgage’s notice will include a Servicing Officer certification that all amounts that CitiMortgage must deposit in the certificate account, in connection with the payment pursuant to section 3.3 have been or will be so deposited. Upon receipt of the certification and request, the Trustee will promptly direct the Mortgage Document Custodian to release the related mortgage documents to CitiMortgage. For the servicing or foreclosure of any mortgage loan, including collection under a primary mortgage insurance policy, the Trustee will, upon CitiMortgage’s request and its delivery to the Trustee of a receipt signed by a Servicing Officer, direct the Mortgage Document Custodian to release the related mortgage documents to CitiMortgage. The Trustee will execute such documents furnished it as are necessary to the prosecution of any such proceedings. The receipt will obligate CitiMortgage to return the mortgage documents to the Mortgage Document Custodian when CitiMortgage no longer needs them, unless the mortgage loan has been prepaid or liquidated in the interim, in which case, upon receipt of a Servicing Officer certification similar to that described in the first paragraph of this section, the Trustee will release the receipt to CitiMortgage.

Release of Mortgage Files. (a) CitiMortgage will promptly notify the Trustee of the payment in full of any mortgage loan or CitiMortgage’s receipt of notice that payment in full will be escrowed in a manner customary for such purpose, and will request delivery to it of the mortgage file. CitiMortgage’s notice will include a Servicing Officer certification that all amounts that CitiMortgage must deposit in the certificate account, in connection with the payment pursuant to section 3.3 have been or will be so deposited. Upon receipt of the certification and request, the Trustee will promptly direct the Mortgage Document Note Custodian to release the related mortgage documents note to CitiMortgage. For the servicing or foreclosure of any mortgage loan, including collection under a primary mortgage insurance policy, the Trustee will, upon CitiMortgage’s request and its delivery to the Trustee of a receipt signed by a Servicing Officer, direct the Mortgage Document Note Custodian to release the related mortgage documents note to CitiMortgage. The Trustee will execute such documents furnished it as are necessary to the prosecution of any such proceedings. The receipt will obligate CitiMortgage to return the mortgage documents note to the Mortgage Document Note Custodian when CitiMortgage no longer needs themit, unless the mortgage loan has been prepaid or liquidated in the interim, in which case, upon receipt of a Servicing Officer certification similar to that described in the first paragraph of this section, the Trustee will release the receipt to CitiMortgage.

Release of Mortgage Files. (a) CitiMortgage will promptly notify the Trustee of the payment in full of any mortgage loan or CitiMortgage’s receipt of notice that payment in full will be escrowed in a manner customary for such purpose, and will request delivery to it of the mortgage file. CitiMortgage’s notice will include a Servicing Officer certification that all amounts that CitiMortgage must deposit in the certificate account, in connection with the payment pursuant to section 3.3 have been or will be so deposited. Upon receipt of the certification and request, the Trustee will promptly direct the Mortgage Document Custodian to release the related mortgage documents to CitiMortgage. For the servicing or foreclosure of any mortgage loan, including collection under a primary mortgage insurance policy, the Trustee will, upon CitiMortgage’s request and its delivery to the Trustee of a receipt signed by a Servicing Officer, direct the Mortgage Document Custodian to release the related mortgage documents to CitiMortgage. The Trustee will execute such documents furnished it as are necessary to the prosecution of any such proceedings. 77 The receipt will obligate CitiMortgage to return the mortgage documents to the Mortgage Document Custodian when CitiMortgage no longer needs them, unless the mortgage loan has been prepaid or liquidated in the interim, in which case, upon receipt of a Servicing Officer certification similar to that described in the first paragraph of this section, the Trustee will release the receipt to CitiMortgage.