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) or more days delinquent with respect to either the Mortgage Loan's Monthly Payment due in the month in which the Closing Date occurs or the Monthly Payment due in the month following the month of the Closing Date, the Seller, at the Purchaser's option exercised in its sole discretion within forty-five (45) days following the occurrence of such delinquency, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the percentage of par as stated in the related Purchase Price and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan.

Repurchase of Mortgage Loans with First Payment Defaults. (a) If the related Mortgagor is thirty (30) or more days delinquent with respect to either the Mortgage Loan's first Monthly Payment due in the month in which the Closing Date occurs or the Monthly Payment due in the month following the month after origination of the Closing Datesuch Mortgage Loan, the Seller, at the Purchaser's option exercised in its sole discretion discretion, shall acknowledge the delinquency and its obligations under this Section 9.05 within forty-five ten (4510) days following the occurrence of such delinquency, Mortgage Loan's delinquency and shall repurchase such Mortgage Loan from the Purchaser within twenty-five (25) days of such delinquency at a price equal to the percentage of par as stated in the related Purchase Price and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan.