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 30 days or more delinquent with respect to the Mortgage Loan's first Monthly Payment either (i) after origination of such Mortgage Loan, or (ii) 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 Seller shall repurchase such delinquent Mortgage Loan within thirty (30) days of such request, provided notification in accordance with Section 17 is given to the Seller within 180 days of the applicable Closing Date.