Retention of Property by Seller in Trust Sample Clauses

Retention of Property by Seller in Trust. From and after the Sale Date, the sole and exclusive ownership of the Servicing Rights shall vest in the Purchaser. Any possession or control of the Mortgage Files or other related books, records, accounts, funds or other property representing or relating to the Servicing Rights by the Seller following the Sale Date shall be possessed or held by the Seller solely in trust on behalf of, and in a fiduciary capacity for and at the will of, the Purchaser, except that the Seller may retain and maintain copies of documents and records from the Mortgage Files or its prior origination or servicing activities to the extent such documents and records are necessary or appropriate to comply with licensing or other laws applicable to its prior or ongoing business activities.
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Retention of Property by Seller in Trust. From and after the Sale Date, subject to the limitations of the applicable Investor, including the requirement to obtain the consent of the applicable Investor, the sole and exclusive ownership of the Servicing Rights shall vest in the Purchaser. Any possession or control of the Mortgage Files or other related books, records, accounts, funds or other property representing or relating to the Servicing Rights by the Seller following the Sale Date, including during the Interim Period, shall be possessed or held by the Seller in trust on behalf of, and in a fiduciary capacity for and at the will of, the Purchaser, subject to Applicable Requirements including the applicable Investor’s superior rights in some or all of such books, records, accounts, funds or other property representing or relating to the Servicing Rights, and Seller’s obligations to such Investors, and provided that the Seller may retain and maintain copies of documents and records from the Mortgage Files or its prior origination or servicing activities to the extent such documents and records are necessary or appropriate to comply with licensing or other laws applicable to its prior or ongoing business activities, or otherwise consistent with its standard record retention policies.
Sample 1

Related to Retention of Property by Seller in Trust

  • Condition of Property Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve months of the Cut-off Date. An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than twelve months prior to the Cut-off Date. To Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than (i) deferred maintenance for which escrows were established at origination and (ii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.

  • Possession of Property Possession of the Property free and clear of all uses and encroachments, except the Permitted Exceptions, shall be delivered to Purchaser at closing.