Common use of Repurchase of Mortgage Loans with Early Payment Defaults Clause in Contracts

Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor is thirty (30) or more days delinquent with respect to (i) the Mortgage Loan's first Monthly Payment after origination or (ii) either of the Mortgage Loan's first two (2) Monthly Payments after the related Closing Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the Repurchase Price. The Purchaser shall notify the Seller and request a repurchase within sixty (60) days after the related Mortgagor's failure to make such payment and the Seller shall repurchase such delinquent Mortgage Loan within thirty (30) days of such request.

Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor is thirty (30) or more days delinquent with respect to (i) the Mortgage Loan's first Monthly Payment after origination or (ii) either of the Mortgage Loan's first two (2) Monthly Payments after the related Closing Date, the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the Repurchase Price. The Purchaser shall notify the Seller and request a repurchase within sixty (60) days after the related Mortgagor's failure to make such payment and the Seller shall repurchase such delinquent Mortgage Loan within thirty twenty (3020) days of such request.