Common use of Repurchase of Mortgage Loans With Early Payment Default Clause in Contracts

Repurchase of Mortgage Loans With Early Payment Default. In the event that (i) the first Due Date for a Mortgage Loan is prior to the Cut-off Date and the initial Monthly Payment is not made by the related Mortgagor within thirty (30) days of such Due Date or (ii) at any time prior to the first day of the fourth calendar month following the date of origination of a Mortgage Loan, a Monthly Payment on such Mortgage Loan due following the Cut-off Date is not made by the related Mortgagor within thirty (30) days of the related Due Date, then, in any such case, the Seller shall repurchase the affected Mortgage Loans at the Purchase Price, which shall be paid as provided in Subsection 7.03 hereof. The Seller shall notify the Purchaser of any such default under this Subsection 7.04 within thirty (30) days of any such Mortgage Loan becoming thirty (30) days delinquent.

Repurchase of Mortgage Loans With Early Payment Default. In the event that (i) the first Due Date for a Mortgage Loan is prior to the Cut-off Date and the initial Monthly Payment is not made by the related Mortgagor within thirty (30) days of such Due Date or (ii) at any time prior to the first day of the fourth calendar month following the date of origination of a Mortgage Loan, a Monthly Payment on such Mortgage Loan due following the Cut-off Date is not made by the related Mortgagor within thirty (30) days of the related Due Date, then, in any such case, the Seller shall repurchase the affected Mortgage Loans at the Purchase Price, which shall be paid as provided in Subsection 7.03 hereof. The Seller shall notify the Purchaser of any such default under this Subsection 7.04 within thirty (30) days of any such Mortgage Loan becoming thirty (30) days delinquent.. Subsection 7.05