Common use of Remedies for Breach of Agreement Clause in Contracts

Remedies for Breach of Agreement. In addition to other rights and remedies that Lender may have, upon discovery by either Mortgage Broker or Lender of any breach of any representation, warranty or covenant of this Agreement, the party discovering the breach shall promptly notify the other. Within thirty (30) days after discovery by or notice to Mortgage Broker of any breach, Mortgage Broker shall promptly cure such breach to the reasonable satisfaction of Lender. Notwithstanding the cure period set forth above, in the event of a breach of representation, or warranty, or covenant of this Agreement which in the reasonable judgment of Lender cannot be cured within such thirty (30) day time period, or if Lender is required to repurchase a Loan sold to an investor due to a deficiency in or omission with respect to such loan which is attributable to Mortgage Broker then Mortgage Broker shall purchase such loan for the “Repurchase Price”. The Repurchase Price shall be an amount equal to the sum of (a) the current unpaid principal balance of the Loan at the time of repurchase (or at the time of the foreclosure sale date if the related loan has been foreclosed), (b) accrued but unpaid interest on such principal balance at the Note rate from the paid-to date of the Loan through and including the last day of the month in which the Repurchase Price is paid, (c) all costs and expenses, including without limitation, reasonable attorneys’ fees and expenses, incurred by Lender as a result of Mortgage Broker’s breach of this Agreement or enforcing the terms of this Agreement or Mortgage Broker’s obligation to repurchase the Loan, (d) any premium paid by Lender in excess of the principal balance of the Loan at the time of purchase (excluding the service release premium) if Lender has not sold the Loan at the time of Mortgage Broker’s repurchase or if Lender has sold the Loan and it is required to reimburse the purchaser, the premium that the purchaser paid to Lender, (e) any unreimbursed advances made by Lender, including without limitation taxes or insurance or payments authorized by the Note or the mortgage or applicable law to protect Lender’s interest in the Loan or related property and (f) any other fees, costs or amounts relating thereto. The Repurchase Price shall be reduced by (a) any proceeds of mortgage insurance collected by Lender with respect to the Loan that have not been applied to the unpaid principal balance; and (b) if the Loan has been foreclosed and the property has been sold to a third party, the proceeds of the sale price received by Lender net of all advances, costs and expenses, including but not limited to reasonable attorneys’ fees and expenses, incurred by Lender in connection with such sale. It is agreed by the parties that Mortgage Broker's repurchase obligation shall not be obviated by the fact that the property securing the Loan has been foreclosed upon and said property has been acquired by Lender or a third party. The repurchase obligation encompasses the repurchase of the property from Lender if Lender has acquired the property, or, if a third party has acquired the property, reimbursing Lender as set forth herein. Notwithstanding anything to the contrary, in no event shall a full credit bid made by Lender, its successors or assigns, or any related party, at a foreclosure sale of any Loan affect in any way the rights and remedies of Lender or the obligations of Mortgage Broker under this Agreement, including without limitation the obligations of Mortgage Broker to repurchase and indemnify Lender as provided herein.

Remedies for Breach of Agreement. In addition to other rights and remedies that Lender may have, upon discovery by either Mortgage Broker or Lender of any breach of any representation, warranty or covenant of this Agreement, the party discovering the breach shall promptly notify the other. Within thirty (30) days after discovery by or notice to Mortgage Broker of any breach, Mortgage Broker shall promptly cure such breach to the reasonable satisfaction of Lender. Notwithstanding the cure period set forth above, in the event of a breach of representation, or warranty, or covenant of this Agreement which in the reasonable judgment of Lender cannot be cured within such thirty (30) day time period, or if Lender is required to repurchase a Loan loan sold to an investor due to a deficiency in or omission with respect to such loan which is attributable to Mortgage Broker then Mortgage Broker shall purchase such loan for the “Repurchase Price”. The Repurchase Price shall be an amount equal to the sum of (ai) the current unpaid principal balance of the Loan loan at the time of repurchase (or at the time of the foreclosure sale date if the related loan has been foreclosed), (bii) accrued but unpaid interest on such principal balance at the Note rate from the paid-to date of the Loan loan through and including the last day of the month in which the Repurchase Price is paid, (ciii) all costs and expenses, including without limitation, reasonable attorneys’ fees and expenses, incurred by Lender Xxxxxx as a result of Mortgage Broker’s breach of this Agreement or enforcing the terms of this Agreement or Mortgage Broker’s obligation to repurchase the Loanloan, (div) any premium paid by Lender in excess of the principal balance of the Loan loan at the time of purchase (excluding the service release premium) if Lender has not sold the Loan loan at the time of Mortgage Broker’s repurchase or if Lender has sold the Loan loan and it is required to reimburse the purchaser, the premium that the purchaser paid to Lender, (ev) any unreimbursed advances made by LenderXxxxxx, including without limitation taxes or insurance or payments authorized by the Note or the mortgage or applicable law to protect LenderXxxxxx’s interest in the Loan loan or related property and (fvi) any other fees, costs or amounts relating thereto. The Repurchase Price shall be reduced by (ai) any proceeds of mortgage insurance collected by Lender Xxxxxx with respect to the Loan loan that have not been applied to the unpaid principal balance; and (bii) if the Loan loan has been foreclosed and the property has been sold to a third party, the proceeds of the sale price received by Lender net of all advances, costs and expenses, including but not limited to reasonable attorneys’ fees and expenses, incurred by Lender Xxxxxx in connection with such sale. It is agreed by the parties that Mortgage BrokerXxxxxx's repurchase obligation shall not be obviated by the fact that the property securing the Loan loan has been foreclosed upon and said property has been acquired by Lender Xxxxxx or a third party. The repurchase obligation encompasses the repurchase of the property from Lender if Lender Xxxxxx has acquired the property, or, if a third party has acquired the property, reimbursing Lender as set forth herein. Notwithstanding anything to the contrary, in no event shall a full credit bid made by LenderXxxxxx, its successors or assigns, or any related party, at a foreclosure sale of any Loan loan affect in any way the rights and remedies of Lender or the obligations of Mortgage Broker under this Agreement, including without limitation the obligations of Mortgage Broker to repurchase and indemnify Lender as provided herein. Xxxxxx further agrees that the fact that Xxxxxx has or has not exercised its right to contact Applicant(s) under Section 2.5 and/or its rights under Section 7 shall not be a defense to any remedy of Lender under this Section 6 or to Broker's obligation to indemnify Lender under Sections 7 or 8.

Remedies for Breach of Agreement. In addition to other rights and remedies that Lender may have, upon discovery by either Mortgage Broker or Lender of any breach of any representation, warranty or covenant of this Agreement, the party discovering the breach shall promptly notify the other. Within thirty (30) days after discovery by or notice to Mortgage Broker of any breach, Mortgage Broker shall promptly cure such breach to the reasonable satisfaction of Lender. Notwithstanding the cure period set forth above, in the event of a breach of representation, or warranty, or covenant of this Agreement which in the reasonable judgment of Lender cannot be cured within such thirty (30) day time period, or if Lender is required to repurchase a Loan loan sold to an investor due to a deficiency in or omission with respect to such loan which is attributable to Mortgage Broker then Mortgage Broker shall purchase such loan for the “Repurchase Price”. The Repurchase Price shall be an amount equal to the sum of (ai) the current unpaid principal balance of the Loan loan at the time of repurchase (or at the time of the foreclosure sale date if the related loan has been foreclosed), (bii) accrued but unpaid interest on such principal balance at the Note rate from the paid-to date of the Loan loan through and including the last day of the month in which the Repurchase Price is paid, (ciii) all costs and expenses, including without limitation, reasonable attorneys’ fees and expenses, incurred by Lender as a result of Mortgage Broker’s breach of this Agreement or enforcing the terms of this Agreement or Mortgage Broker’s obligation to repurchase the Loanloan, (div) any premium paid by Lender in excess of the principal balance of the Loan loan at the time of purchase (excluding the service release premium) if Lender has not sold the Loan loan at the time of Mortgage Broker’s repurchase or if Lender has sold the Loan loan and it is required to reimburse the purchaser, the premium that the purchaser paid to Lender, (ev) any unreimbursed advances made by Lender, including without limitation taxes or insurance or payments authorized by the Note or the mortgage or applicable law to protect Lender’s interest in the Loan loan or related property and (fvi) any other fees, costs or amounts relating thereto. The Repurchase Price shall be reduced by (ai) any proceeds of mortgage insurance collected by Lender with respect to the Loan loan that have not been applied to the unpaid principal balance; and (bii) if the Loan loan has been foreclosed and the property has been sold to a third party, the proceeds of the sale price received by Lender net of all advances, costs and expenses, including but not limited to reasonable attorneys’ fees and expenses, incurred by Lender in connection with such sale. It is agreed by the parties that Mortgage Broker's repurchase obligation shall not be obviated by the fact that the property securing the Loan loan has been foreclosed upon and said property has been acquired by Lender or a third party. The repurchase obligation encompasses the repurchase of the property from Lender if Lender has acquired the property, or, if a third party has acquired the property, reimbursing Lender as set forth herein. Notwithstanding anything to the contrary, in no event shall a full credit bid made by Lender, its successors or assigns, or any related party, at a foreclosure sale of any Loan loan affect in any way the rights and remedies of Lender or the obligations of Mortgage Broker under this Agreement, including without limitation the obligations of Mortgage Broker to repurchase and indemnify Lender as provided herein. Broker further agrees that the fact that Lender has or has not exercised its right to contact Applicant(s) under Section 2.5 and/or its rights under Section 7 shall not be a defense to any remedy of Lender under this Section 6 or to Broker's obligation to indemnify Lender under Sections 7 or 8.

Remedies for Breach of Agreement. In addition to other rights and remedies that Lender may have, upon discovery by either Mortgage Broker or Lender of any breach of any representation, warranty or covenant of this Agreement, the party discovering the breach shall promptly notify the other. Within thirty (30) days after discovery by or notice to Mortgage Broker of any breach, Mortgage Broker shall promptly cure such breach to the reasonable satisfaction of Lender. Notwithstanding the cure period set forth above, in the event of a breach of representation, or warranty, or covenant of this Agreement which in the reasonable judgment of Lender cannot be cured within such thirty (30) day time period, or if Lender is required to repurchase a Loan loan sold to an investor due to a deficiency in or omission with respect to such loan which is attributable to Mortgage Broker then Mortgage Broker shall purchase such loan for the “Repurchase Price”. .” The Repurchase Price shall be an amount equal to the sum of (ai) the current unpaid principal balance of the Loan loan at the time of repurchase (or at the time of the foreclosure sale date if the related loan has been foreclosed), (bii) accrued but unpaid interest on such principal balance at the Note rate from the paid-to date of the Loan loan through and including the last day of the month in which the Repurchase Price is paid, (ciii) all costs and expenses, including without limitation, reasonable attorneys’ fees and expenses, incurred by Lender Xxxxxx as a result of Mortgage Broker’s breach of this Agreement or enforcing the terms of this Agreement or Mortgage Broker’s obligation to repurchase the Loanloan, (div) any premium paid by Lender in excess of the principal balance of the Loan loan at the time of purchase (excluding the service release premium) if Lender has not sold the Loan loan at the time of Mortgage Broker’s repurchase or if Lender has sold the Loan loan and it is required to reimburse the purchaser, the premium that the purchaser paid to Lender, (ev) any unreimbursed advances made by LenderXxxxxx, including without limitation taxes or insurance or payments authorized by the Note or the mortgage or applicable law to protect LenderXxxxxx’s interest in the Loan loan or related property and (fvi) any other fees, costs or amounts relating thereto. The Repurchase Price shall be reduced by (ai) any proceeds of mortgage insurance collected by Lender Xxxxxx with respect to the Loan loan that have not been applied to the unpaid principal balance; and (b) if the Loan has been foreclosed and the property has been sold to a third party, the proceeds of the sale price received by Lender net of all advances, costs and expenses, including but not limited to reasonable attorneys’ fees and expenses, incurred by Lender in connection with such sale. It is agreed by the parties that Mortgage Broker's repurchase obligation shall not be obviated by the fact that the property securing the Loan has been foreclosed upon and said property has been acquired by Lender or a third party. The repurchase obligation encompasses the repurchase of the property from Lender if Lender has acquired the property, or, if a third party has acquired the property, reimbursing Lender as set forth herein. Notwithstanding anything to the contrary, in no event shall a full credit bid made by Lender, its successors or assigns, or any related party, at a foreclosure sale of any Loan affect in any way the rights and remedies of Lender or the obligations of Mortgage Broker under this Agreement, including without limitation the obligations of Mortgage Broker to repurchase and indemnify Lender as provided herein.and

Remedies for Breach of Agreement. In addition to other rights and remedies that Lender may have, upon discovery by either Mortgage Broker the event Melton breaches or Lender of in any breach of way xxxxxxes any representation, warranty or covenant provision of this Agreement, including specifically the party discovering the breach shall promptly notify the other. Within thirty (30) days after discovery by or notice Covenant Not to Mortgage Broker of any breach, Mortgage Broker shall promptly cure such breach to the reasonable satisfaction of Lender. Notwithstanding the cure period Compete set forth in Paragraph 7 above, in addition to all the event of a remedies available to Amwest Surety at law and in equity, Amwest Surety shall be entitled immediately: a) to cease making any further payments set forth in Paragraph 2 above, b) to provide Melton with notice that he will xxxxxit any unvested Stock Options to which he would otherwise have been entitled under Paragraph 3 herein, and c) to terminate any and all coverage under the plans set forth in Paragraph 4 above, except for COBRA continuation coverage. In addition, Amwest Surety and Melton recognize and acknowledgx xxxx any breach of representationthe Covenant Not to Compete by Melton can not reasonably or xxxxxately compensate Amwest Surety in damages, and that Amwest Surety shall be entitled to injunctive relief, which may include, but not be limited to, restraining Melton from rendering any servixx xxxt would breach the Covenant Not to Compete set forth in Paragraph 7, the arbitration agreement contained in paragraph 10 notwithstanding. No remedy conferred on Amwest Surety by any of the specific provisions in this Agreement, including this Paragraph 8, is intended to be exclusive of any other remedy, and each and every remedy shall be cumulative, and shall be in addition to every other remedy given hereunder or hereafter existing at law or in equity, or warranty, by statute or covenant of this Agreement which in the reasonable judgment of Lender cannot be cured within such thirty (30) day time period, or if Lender is required to repurchase a Loan sold to an investor due to a deficiency in or omission with respect to such loan which is attributable to Mortgage Broker then Mortgage Broker shall purchase such loan for the “Repurchase Price”otherwise. The Repurchase Price election of any one or more remedies by Amwest Surety shall be an amount equal not constitute a waiver of its right to pursue other available remedies. Amwest Surety agrees to provide to Melton notice of breaches of txxx Xgreement by Melton (including reasonable xxxxxxics which form the sum of (abasis for such breach) the current unpaid principal balance 15 days before it shall exercise any of the Loan at the time of repurchase (or at the time of the foreclosure sale date if the related loan has been foreclosed), (b) accrued but unpaid interest on such principal balance at the Note rate from the paid-to date of the Loan through and including the last day of the month in which the Repurchase Price is paid, (c) all costs and expenses, including without limitation, reasonable attorneys’ fees and expenses, incurred by Lender as a result of Mortgage Broker’s breach of this Agreement or enforcing the terms of this Agreement or Mortgage Broker’s obligation to repurchase the Loan, (d) any premium paid by Lender in excess of the principal balance of the Loan at the time of purchase (excluding the service release premium) if Lender has not sold the Loan at the time of Mortgage Broker’s repurchase or if Lender has sold the Loan and it is required to reimburse the purchaser, the premium that the purchaser paid to Lender, (e) any unreimbursed advances made by Lender, including without limitation taxes or insurance or payments authorized by the Note or the mortgage or applicable law to protect Lender’s interest in the Loan or related property and (f) any other fees, costs or amounts relating thereto. The Repurchase Price shall be reduced by (a) any proceeds of mortgage insurance collected by Lender with respect to the Loan that have not been applied to the unpaid principal balance; and (b) if the Loan has been foreclosed and the property has been sold to a third party, the proceeds of the sale price received by Lender net of all advances, costs and expenses, including but not limited to reasonable attorneys’ fees and expenses, incurred by Lender in connection with such sale. It is agreed by the parties that Mortgage Broker's repurchase obligation shall not be obviated by the fact that the property securing the Loan has been foreclosed upon and said property has been acquired by Lender or a third party. The repurchase obligation encompasses the repurchase of the property from Lender if Lender has acquired the property, or, if a third party has acquired the property, reimbursing Lender as remedies set forth herein. Notwithstanding anything to the contraryIf Melton, in no event the opinion of Amwxxx Xxrety, does not fully and completely cure all breaches specified in the notice within 15 days after his receipt of such notice, Amwest Surety shall a full credit bid made be entitled to exercise any or all of its rights set forth in this paragraph in addition to every other right or remedy existing at law or in equity, by Lender, its successors statute or assigns, or any related party, at a foreclosure sale of any Loan affect in any way the rights and remedies of Lender or the obligations of Mortgage Broker under this Agreement, including without limitation the obligations of Mortgage Broker to repurchase and indemnify Lender as provided hereinotherwise.