Common use of Review of Documentation Clause in Contracts

Review of Documentation. The Depositor, by execution and delivery hereof, acknowledges receipt of the Mortgage Files pertaining to the Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof by the trustee, LaSalle Bank National Association (the "Trustee") for the Mortgage Loans for the Depositor. The Trustee is required to review, within 45 days following the Closing Date, each applicable Mortgage File. If in the course of such review the Trustee identifies any material defect, the Seller shall be obligated to cure such defect or to repurchase the related Mortgage Loan from the Depositor (or, at the direction of and on behalf of the Depositor, from the Trust Fund), or to substitute a Replacement Mortgage Loan therefor, in each case to the same extent and in the same manner as the Depositor is obligated to the Trustee and the Trust Fund under the Pooling Agreement.

Appears in 7 contracts

Samples: Mortgage Loan Sale and Assignment Agreement (Mortgage Loan Asset-Backed Certificates Series 2006-5), Mortgage Loan Sale and Assignment Agreement (OwnIt Mortgage Loan Trust Series 2006-4), Mortgage Loan Sale and Assignment Agreement (Merrill Lynch Mortgage Investors Inc)

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Review of Documentation. The Depositor, by execution and delivery hereof, acknowledges receipt of the Mortgage Files pertaining to the Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof by the trustee, LaSalle Bank National Association Xxxxx Fargo Bank, N.A. (the "Trustee") for the Mortgage Loans for the Depositor. The Trustee is required to review, within 45 days following the Closing Date, each applicable Mortgage File. If in the course of such review the Trustee identifies any material defect, the Seller shall be obligated to cure such defect or to repurchase the related Mortgage Loan from the Depositor (or, at the direction of and on behalf of the Depositor, from the Trust Fund), or to substitute a Replacement Mortgage Loan therefor, in each case to the same extent and in the same manner as the Depositor is obligated to the Trustee and the Trust Fund under the Pooling Agreement.

Appears in 7 contracts

Samples: Mortgage Loan Sale and Assignment Agreement (Merrill Lynch Mortgage Investors Inc), Mortgage Loan Sale and Assignment Agreement (Merrill Lynch Mortgage Investors Trust, Series 2004-Wmc5), Mortgage Loan Sale and Assignment Agreement (Ownit Mortgage Loan Trust, Series 2006-2)

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Review of Documentation. The Depositor, by execution and delivery hereof, acknowledges receipt of the Mortgage Files pertaining to the Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof by the trustee, LaSalle HSBC Bank USA, National Association (the "Trustee") for the Mortgage Loans for the Depositor. The Trustee is required to review, within 45 days following the Closing Date, each applicable Mortgage File. If in the course of such review the Trustee identifies any material defect, the Seller shall be obligated to cure such defect or to repurchase the related Mortgage Loan from the Depositor (or, at the direction of and on behalf of the Depositor, from the Trust Fund), or to substitute a Replacement Mortgage Loan therefor, in each case to the same extent and in the same manner as the Depositor is obligated to the Trustee and the Trust Fund under the Pooling Agreement.

Appears in 5 contracts

Samples: Mortgage Loan Sale and Assignment Agreement (Merrill Lynch Mortgage Investors, Inc. Ownit 2005-1), Mortgage Loan Sale and Assignment Agreement (Ownit Mortgage Loan Trust, Series 2005-4), Mortgage Loan Sale and Assignment Agreement (Merrill Lynch Mortgage Investors Ownit Series 2005-2)

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