Common use of Remedies for Breach of Representations and Warranties of the Assignor Clause in Contracts

Remedies for Breach of Representations and Warranties of the Assignor. 8. The Assignor hereby acknowledges and agrees that in the event of any breach of any of the representations and warranties with respect to any Mortgage Loan made by the Assignor set forth in Section 7 hereof that materially and adversely affects the value of such Mortgage Loan or the interest of the Assignee or the Trust therein and such breach is not cured by the Assignor, it shall, subject to the substitution provisions set in forth in Section 9 hereof, purchase or cause the purchase of the applicable Mortgage Loan at the Repurchase Price (as defined in the Pooling Agreement) within 60 days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty. It is understood and agreed that the obligation of the Assignor set forth herein to cure, repurchase or substitute for a Mortgage Loan in breach of a representation or warranty contained in Section 7 hereof constitutes the sole remedy of the Trust or any other person or entity against the Assignor with respect to such breach.

Remedies for Breach of Representations and Warranties of the Assignor. 810. The Assignor hereby acknowledges and agrees that in the event of any breach of any of the representations and warranties with respect to any Mortgage Loan made by the Assignor set forth in Section 7 hereof that materially and adversely affects the value of such Mortgage Loan or the interest of the Assignee or the Trust therein and such breach is not cured by the Assignor, it shall, subject to the substitution provisions set in forth in Section 9 11 hereof, purchase or cause the purchase of the applicable Mortgage Loan at the Repurchase Price (as defined in the Pooling Agreement) within 60 days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty. It is understood and agreed that the obligation of the Assignor set forth herein to cure, repurchase or substitute for a Mortgage Loan in breach of a representation or warranty contained in Section 7 8 hereof constitutes the sole remedy of the Trust or any other person or entity against the Assignor with respect to such breach.

Remedies for Breach of Representations and Warranties of the Assignor. 8. The Assignor hereby acknowledges and agrees that in the event of any breach of any of the representations and warranties with respect to any Mortgage Loan made by the Assignor set forth in Section 7 hereof that materially and adversely affects the value of such Mortgage Loan or the interest of the Assignee or the Trust therein and such breach is not cured by the Assignor, it shall, subject to the substitution provisions set in forth in Section 9 hereof, purchase or cause the purchase of the applicable Mortgage Loan at the Repurchase Price (as defined in the Pooling Agreement) within 60 days of the earlier of either discovery by or notice to the Assignor of such breach of a representation or warranty. It is understood and agreed that the obligation of the Assignor set forth herein to cure, repurchase or substitute for a Mortgage Loan in breach of a representation or warranty contained in Section 7 hereof constitutes the sole remedy of the Trust or any other person or entity against the Assignor with respect to such breach.. Substitution Obligation for Breach of a Representation or Warranty