Sale and Conveyance of Mortgage Loans. Seller agrees to sell and Purchaser agrees to purchase, from time to time, those certain Mortgage Loans identified in a Mortgage Loan Schedule, on the price and terms set forth herein. Purchaser, on any Funding Date, shall be obligated to purchase only such Mortgage Loans set forth in the applicable Mortgage Loan Schedule, subject to the terms and conditions of this Agreement. Purchaser will purchase Mortgage Loan(s) from Seller, from time to time on such Funding Dates as may be agreed upon by Purchaser and Seller. The closing shall, at Purchaser's option be either: by telephone, confirmed by letter or wire as the parties shall agree; or conducted in person at such place, as the parties shall agree. On the Funding Date and subject to the terms and conditions of this Agreement, each Seller will sell, transfer, assign, set over and convey to the Purchaser, without recourse except as set forth in this Agreement, and the Purchaser will purchase, all of the right, title and interest of the applicable Seller in and to the Mortgage Loans being conveyed by it hereunder, as identified on the Mortgage Loan Schedule. Examination of the Mortgage Files may be made by Purchaser or its designee as follows. No later than five business days prior to the Funding Date, Seller will deliver to Purchaser or Custodian Legal Documents required pursuant to Schedule B. Upon Purchaser's request, Seller shall make the Credit Documents available to Purchaser for review, at Seller's place of business and during reasonable business hours. If Purchaser makes such examination prior to the Funding Date and identifies any Mortgage Loans that do not conform to the Cendant Guide, such Mortgage Loans will be deleted from the Mortgage Loan Schedule at Purchaser's discretion. Purchaser may, at its option and without notice to Seller, purchase all or part of the Mortgage Loans without conducting any partial or complete examination. The fact that Purchaser has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan files shall not affect Purchaser's rights to demand repurchase, substitution or other relief as provided herein. On the Funding Date and in accordance with the terms herein, Purchaser will pay to Seller, by wire transfer of immediately available funds, the Purchase Price, together with interest at the Mortgage Loan Remittance Rate from the Cut-Off Date to the Funding Date, according to the instructions to be provided, respectively, by Cendant Mortgage...
Sale and Conveyance of Mortgage Loans. POSSESSION OF MORTGAGE FILES; BOOKS AND RECORDS; DELIVERY OF MORTGAGE LOAN DOCUMENTS
Sale and Conveyance of Mortgage Loans. POSSESSION OF MORTGAGE FILES; BOOKS AND RECORDS; DELIVERY OF MORTGAGE LOAN DOCUMENTS.....................................................................16 Section 2.01 Sale and Conveyance of Mortgage Loans............................................16 Section 2.02 Possession of Mortgage Files.....................................................18
Sale and Conveyance of Mortgage Loans. POSSESSION OF FILES; PAYMENT OF PURCHASE PRICE; DELIVERY OF MORTGAGE LOAN DOCUMENTS; RECORDATION OF ASSIGNMENTS OF MORTGAGE............................... 10
Sale and Conveyance of Mortgage Loans. POSSESSION OF MORTGAGE FILES; BOOKS AND RECORDS; DELIVERY OF MORTGAGE LOAN DOCUMENTS Section 2.01 Sale and Conveyance of Mortgage Loans Section 2.02 Possession of Mortgage Files
Sale and Conveyance of Mortgage Loans. From time to xxxx Xxxxxx may offer to sell to Purchaser, and Purchaser may elect to purchase form Seller, Mortgage Loans in one or more Transactions pursuant to the terms and conditions of the Program Documents. The agreement of Seller to sell to Purchaser and of Purchaser to purchase from Seller, Mortgage Loans on a particular Closing Date shall be evidenced by the execution of a Purchase Price and Terms Letter. The obligation of Purchaser to purchase any Mortgage Loan from Seller on any particular Closing Date shall be subject to the satisfaction of the conditions precedent to Purchaser's obligation to purchase set forth in Section 2(b). The sale of each Mortgage Loan shall be reflected in Seller's balance sheet and other financial statements as a sale of assets by Seller.
Sale and Conveyance of Mortgage Loans. POSSESSION OF FILES; PAYMENT OF PURCHASE PRICE; DELIVERY OF MORTGAGE LOAN DOCUMENTS; RECORDATION OF ASSIGNMENTS OF MORTGAGE
Section 2.1. Sale and Conveyance of Mortgage Loans; Possession of Files Section 2.2. Delivery of Mortgage Loan Documents Regarding Mortgage Loans; Recordation of Assignments of Mortgage Section 2.3. Purchaser’s Due Diligence Review
Sale and Conveyance of Mortgage Loans. Section 2.1 Sale and Conveyance of Mortgage Loans Concurrently with the execution and delivery hereof, the 207 Seller does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Trustee, without representation, warranty or recourse, and the Trustee hereby accepts delivery of, all the Seller's right, title and interest in and to (i) the Conveyed Mortgage Loans and all rights pertaining thereto, (ii) all scheduled payments of principal and interest due after the Cut-Off Date and received by the Seller with respect to the Conveyed Mortgage Loans at any time, (iii) all principal prepayments received by the Seller after the Cut-Off Date with respect to the Conveyed Mortgage Loans, and (iv) any property which secured a Conveyed Mortgage Loan and which has been acquired by foreclosure or deed in lieu of foreclosure after the Cut-Off Date (such assets described in clauses (i) through (iv) collectively referred to herein as the "Conveyed Assets," and the transfer and assignment by the Seller thereof referred to herein as the "Conveyance"). Notwithstanding anything herein to the contrary, the transfer of the Conveyed Assets shall not constitute the Trustee as an intended third-party beneficiary under the Revolving Loan Purchase Agreement and nothing herein shall entitle the Trustee to the benefit of any representation, warranty, covenant or remedy contained therein or assigned thereby. The price for the Conveyed Assets to be paid by the Trustee on the Closing Date shall be an amount equal to $_________________ (the "Purchase Price").
Sale and Conveyance of Mortgage Loans. The Seller, simultaneously with the delivery of the Mortgage Loan Schedule with respect to the related Mortgage Loan Package to be purchased on each Closing Date, shall execute and deliver an Assignment and Conveyance Agreement in the form attached hereto as Exhibit D (the “Assignment and Conveyance Agreement”). Pursuant to Section 6.03, originals or copies (if acceptable to the Purchaser) of all Mortgage Loan Documents listed on Exhibit A hereto and comprising the Mortgage File shall be delivered to the Purchaser or the Custodian on or prior to the Closing Date. In accordance with Section 6.03, the Seller shall have access to the Mortgage Loan Documents for the sole purpose of interim servicing the related Mortgage Loans. Upon the purchase of the Mortgage Loans, the ownership of each Mortgage Note, Mortgage and each related Mortgage File is vested in the Purchaser and the ownership of all records and documents with respect to each related Mortgage Loan prepared by or which come into the possession of the Seller shall immediately vest in the Purchaser.
Sale and Conveyance of Mortgage Loans. 2 Section 2.01. Agreement to Purchase.............................. 2
