Common use of Review of Mortgage Loans; Repurchase of Mortgage Loans Clause in Contracts

Review of Mortgage Loans; Repurchase of Mortgage Loans. The Purchaser or its designee shall review the documents delivered pursuant to Section 1.03 or Section 2.03 hereof within 270 days after the Closing Date or the date of substitution, as the case may be, to ascertain that all required documents have been executed and received and that such documents relate to the mortgage loans identified on the Mortgage Loan Schedule. If the Purchaser or its designee discovers that any document or documents constituting a part of a Mortgage File is missing or defective in any material respect, the Purchaser or its designee shall notify the Mortgage Loan Seller promptly (and in any event within no more than five Business Days). The Mortgage Loan Seller shall correct or cure any such omission or defect within 60 days from the date the Mortgage Loan Seller was notified of the omission or defect, and, if the Mortgage Loan Seller does not correct or cure each omission or defect within such period, the Mortgage Loan Seller shall repurchase such Mortgage Loan at the Purchase Price within 90 days of the date the Mortgage Loan Seller was notified of such omission or defect. At the time of such repurchase, the Purchaser or the Trustee, as appropriate, shall, in exchange for a written receipt therefor, release documents in its possession relating to such Mortgage Loan to the Mortgage Loan Seller. The Mortgage Loan Seller shall repurchase all Mortgage Loans to which an exception was taken in the Exception Report and confirmed to the Company by the Trustee unless such exception is cured to the satisfaction of the Purchaser within five Business Days of the date hereof (or such other period as is agreed by the Purchaser and the Trustee, but not more than 60 days). At the time of such repurchase, the Purchaser or the Trustee, as appropriate, shall, in exchange for a written receipt therefor, release documents in its possession relating to such Mortgage Loan to the Mortgage Loan Seller.

Review of Mortgage Loans; Repurchase of Mortgage Loans. The Purchaser or its designee shall review the documents delivered pursuant to Section 1.03 or Section 2.03 hereof within 270 days after the Closing Date or the date of substitution, as the case may be, to ascertain that all required documents have been executed and received and that such documents relate to the mortgage loans identified on the applicable Mortgage Loan Schedule. If the Purchaser or its designee discovers that any document or documents constituting a part of a Mortgage File is missing or defective in any material respect, the Purchaser or its designee shall notify the Mortgage Loan Seller promptly (and in any event within no more than five Business Days). The Mortgage Loan Seller shall correct or cure any such omission or defect within 60 days from the date the Mortgage Loan Seller was notified of the omission or defect, and, if the Mortgage Loan Seller does not correct or cure each omission or defect within such period, the Mortgage Loan Seller shall repurchase such Mortgage Loan at the Purchase Price within 90 days of the date the Mortgage Loan Seller was notified of such omission or defect. At the time of such repurchase, the Purchaser or the Trustee, as appropriate, shall, in exchange for a written receipt therefor, release documents in its possession relating to such Mortgage Loan to the Mortgage Loan Seller. The Mortgage Loan Seller shall repurchase all Mortgage Loans to which an exception was taken in the Exception Report and confirmed to the Company by the Trustee unless such exception is cured to the satisfaction of the Purchaser within five Business Days of the date hereof (or such other period as is agreed by the Purchaser and the Trustee, but not more than 60 days). At the time of such repurchase, the Purchaser or the Trustee, as appropriate, shall, in exchange for a written receipt therefor, release documents in its possession relating to such Mortgage Loan to the Mortgage Loan Seller.