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

Repurchase of Mortgage Loans with First Payment Defaults. If a Mortgagor is thirty (30) days or more delinquent with respect to the first Monthly Payment due to the Purchaser on the related Mortgage Loan immediately following the related Closing Date, the Seller, at the Purchaser's option, shall promptly repurchase such Mortgage Loan from the Purchaser within thirty (30) calendar days' of receipt of written notice from the Purchaser. Any repurchase pursuant to this Section 3.04 shall be effected in accordance with the procedures set forth in Section 3.03 hereof, however, any such repurchase shall be made at the Repurchase Price.

Appears in 16 contracts

Samples: Assignment Agreement (Morgan Stanley Mortgage Loan Trust 2006-7), Assignment, Assumption and Recognition Agreement (Morgan Stanley Mortgage Loan Trust 2006-2), And Recognition Agreement (Morgan Stanley Mortgage Loan Trust 2007-1xs)

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Repurchase of Mortgage Loans with First Payment Defaults. If a Mortgagor is thirty (30) days or more delinquent with respect to the first Monthly Payment due to the Purchaser on the related Mortgage Loan immediately following the related Closing Date, the Seller, at the Purchaser's ’s option, shall promptly repurchase such Mortgage Loan from the Purchaser within thirty (30) calendar days' of receipt of written notice from the Purchaser. Any repurchase pursuant to this Section 3.04 shall be effected in accordance with the procedures set forth in Section 3.03 hereof, however, any such repurchase shall be made at the Repurchase Price.

Appears in 11 contracts

Samples: Assignment, Assumption and Recognition Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs), Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)

Repurchase of Mortgage Loans with First Payment Defaults. If a Mortgagor is thirty forty-five (3045) days or more delinquent with respect to the first Monthly Payment due to the Purchaser on the related Mortgage Loan immediately following the related Closing Date, the Seller, at the Purchaser's option, shall promptly repurchase such Mortgage Loan from the Purchaser within thirty (30) calendar days' of receipt of written notice from the Purchaser. Any repurchase pursuant to this Section 3.04 shall be effected in accordance with the procedures set forth in Section 3.03 hereof, however, any such repurchase shall be made at the Repurchase Price.

Appears in 2 contracts

Samples: Servicing Agreement (GSAA Home Equity Trust 2006-14), Mortgage Loan Sale and Servicing Agreement (GSAA Home Equity Trust 2006-16)

Repurchase of Mortgage Loans with First Payment Defaults. If a Mortgagor is thirty (30) days or more delinquent with respect to the first Monthly Payment due to the Purchaser on the related Mortgage Loan immediately following the related Closing Date, the Seller, at the Purchaser's option, shall promptly repurchase such Mortgage Loan from the Purchaser within thirty (30) calendar days' of receipt of written notice from the Purchaser. Any repurchase pursuant to this Section 3.04 3.05 shall be effected in accordance with the procedures set forth in Section 3.03 hereof, however, and any such repurchase shall be made at the Repurchase Price.

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2)

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Repurchase of Mortgage Loans with First Payment Defaults. If Except as set forth in the related Purchase Price and Terms Letter, if a Mortgagor is thirty (30) calendar days or more delinquent with respect to the first Monthly Payment due to the Purchaser on the related Mortgage Loan immediately following the related Closing Date, the Seller, at the Purchaser's ’s option, shall promptly repurchase such Mortgage Loan from the Purchaser within thirty (30) calendar days' days of receipt of written notice from the Purchaser. Any repurchase pursuant to this Section 3.04 3.05 shall be effected in accordance with the procedures set forth in Section 3.03 hereof, however, any such repurchase shall be made at the Repurchase Price.

Appears in 1 contract

Samples: Warranties and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6)

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