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

Repurchase of Mortgage Loans with First Payment Defaults. If the related Mortgagor is thirty (30) days or more delinquent with respect to a Monthly Payment under a Mortgage Loan at any time prior to the expiration of the Holding Period for such Mortgage Loan, the Company shall, at the Purchaser's option exercised no later then ninety (90) days after the end of the related Holding Period, repurchase such Loan from the Purchaser in accordance with Section 3.03 hereof; provided, that the Company shall not be required to repurchase such Mortgage Loan if it can demonstrate to the Purchaser's reasonable satisfaction within thirty (30) days of such reported delinquency that the related Mortgagor timely made all payments required of the Mortgagor but such payment was otherwise misapplied. In the event a Mortgagor exercises any right of rescission it may have with respect to the related Mortgage Loan that arises as a result of an act or omission prior to the related Closing Date, the Company shall repurchase such Mortgage Loan at the related Repurchase Price within thirty (30) days of receiving notice of such Mortgagor's intention to rescind the Mortgage Loan.

Repurchase of Mortgage Loans with First Payment Defaults. If Unless otherwise provided in the Purchase Price and Terms Letter, if the related Mortgagor is thirty (30) days or more delinquent with respect to a Monthly Payment under a Mortgage Loan at any time prior to the expiration of the Holding Period for such Mortgage Loan, the Company shall, at the Purchaser's option exercised no later then ninety (90) days after the end of the related Holding Periodoption, repurchase such Loan from the Purchaser in accordance with Section 3.03 hereof; provided, provided that the Company shall not be required to repurchase such Mortgage Loan if it can demonstrate to the Purchaser's reasonable satisfaction within thirty (30) days of such reported delinquency that the related Mortgagor timely made all payments required of the Mortgagor but such payment was otherwise misapplied. In the event a Mortgagor exercises any right of rescission recession it may have with respect to the related Mortgage Loan that arises as a result of an act or omission prior to the related Closing Date, the Company shall repurchase such Mortgage Loan at the related Repurchase Price within thirty (30) days of receiving notice of such Mortgagor's intention to rescind the Mortgage Loan.

Repurchase of Mortgage Loans with First Payment Defaults. If the related Mortgagor is thirty (30) 30 days or more delinquent with respect to a Monthly Payment under a Mortgage Loan at any time prior to the expiration of the Holding Period for such Mortgage Loan, the Company shall, at the Purchaser's option exercised no later then ninety (90) days after the end of the related Holding Periodoption, repurchase such Loan from the Purchaser in accordance with Section 3.03 hereof; provided, that the Company shall not be required to repurchase such Mortgage Loan if it can demonstrate to the Purchaser's reasonable satisfaction within thirty (30) 30 days of such reported delinquency that the related Mortgagor timely made all payments required of the Mortgagor but such payment was otherwise misapplied. In the event a Mortgagor exercises any right of rescission recession it may have with respect to the related Mortgage Loan that arises as a result of an act or omission prior to the related Closing Date, the Company shall repurchase such Mortgage Loan at the related Repurchase Price within thirty (30) 30 days of receiving notice of such Mortgagor's intention to rescind the Mortgage Loan.

Repurchase of Mortgage Loans with First Payment Defaults. If Except as set forth in a Purchase Price and Terms Letter, if the related Mortgagor is thirty (30) 30 days or more delinquent with respect to a Monthly Payment under a Mortgage Loan at any time prior to the expiration of the Holding Period for such Mortgage Loan, the Company Seller shall, at the Purchaser's option exercised no later then ninety (90) 90 days after the end of the related Holding Period, repurchase such Loan from the Purchaser in accordance with Section 3.03 hereof; provided, that the Company Seller shall not be required to repurchase such Mortgage Loan if it can demonstrate to the Purchaser's reasonable satisfaction within thirty (30) 30 days of such reported delinquency that the related Mortgagor timely made all payments required of the Mortgagor but such payment was otherwise misapplied. In the event a Mortgagor exercises any right of rescission it may have with respect to the related Mortgage Loan that arises as a result of an act or omission prior to the related Closing Date, the Company Seller shall repurchase such Mortgage Loan at the related Repurchase Price within thirty (30) 30 days of receiving notice of such Mortgagor's intention to rescind the Mortgage Loan.