Common use of Sale and Transfer of Servicing and Escrows Clause in Contracts

Sale and Transfer of Servicing and Escrows. (a) The Loans shall be sold on a servicing released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Loans on and after the Closing Date will be assumed by Purchaser. Seller shall be discharged and indemnified by Purchaser from all liability with respect to servicing of the Loans on and after the Closing Date, and Purchaser shall be indemnified by Seller from all liability with respect to servicing the Loans prior to the Closing Date. (b) As of the Closing Date, Purchaser will assume, and agrees to undertake and discharge, any and all obligations of the holder and servicer of any Loans that are mortgage Loans, if any, as such obligations may relate to the escrow, maintenance of escrow and payments from escrow of moneys paid by or on account of the applicable mortgagor. On or before the fifth (5th) Business Day after the Closing Date, Seller shall remit by wire transfer of immediately available funds to Purchaser any and all funds held in escrow that were collected and received pursuant to a mortgage Loan for the payment of taxes, assessments, hazard insurance premiums, primary mortgage insurance policy premiums, if applicable, or comparable items prior to the Closing Date plus any Accrued Interest. Seller makes no warranties or representations of any kind or nature as to the sufficiency of such sum to discharge any obligations with respect to mortgage Loans.

Sale and Transfer of Servicing and Escrows. (a) The Loans shall be sold on a servicing released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Loans on and after the Closing Date will be assumed by PurchaserBuyer. Seller shall be discharged and indemnified by Purchaser Buyer from all liability with respect to servicing of the Loans after the Closing Date and Buyer shall be discharged and indemnified by Seller from all liability with respect to servicing of the Loans on and after the Closing Date, and Purchaser shall be indemnified by Seller from all liability with respect to servicing the Loans or prior to the Closing Date. (ba) As of the close of business on the Closing Date, Purchaser Buyer will assume, and agrees to undertake and discharge, any and all obligations of the holder and servicer of any Mortgage Loans that are mortgage Loans, if any, as such obligations may relate to the escrow, maintenance of escrow and payments from escrow of moneys paid by or on account of the applicable mortgagor. On or before the fifth (5th) Business Day after the Closing Date, Seller shall remit by wire transfer of immediately available funds to Purchaser any and Buyer all funds held in escrow that were collected and received pursuant to a mortgage Mortgage Loan for the payment of taxes, assessments, hazard insurance premiums, primary mortgage insurance policy premiums, if applicable, or comparable items prior to the Closing Date plus any Accrued Interest. Seller makes no warranties or representations of any kind or nature as to the sufficiency of such sum to discharge any obligations with respect to mortgage Mortgage Loans.

Sale and Transfer of Servicing and Escrows. (a) The Loans shall be sold on a servicing released basis. As of the Closing Date, all rights, obligations, liabilities liabilities, and responsibilities with respect to the servicing of the Loans on and after the Closing Date will be assumed by PurchaserBuyer. Seller shall be discharged and indemnified by Purchaser Buyer from all liability with respect to servicing of the Loans on and after the Closing Date, Date and Purchaser Buyer shall be indemnified by Seller from all liability with respect to servicing the Loans prior to the Closing Date. (b) As of the Closing Date, Purchaser Buyer will assume, and agrees to undertake and discharge, any and all obligations of the holder and servicer of any Loans that are mortgage Loansloans, if any, as such obligations may relate to the escrow, maintenance of escrow escrow, and payments from escrow of moneys paid by or on account of the applicable mortgagor. On or before the fifth (5th) Business Day after the Closing Date, Seller shall remit by wire transfer of immediately available funds to Purchaser Buyer any and all funds held in escrow that were collected and received pursuant to a mortgage Loan for the payment of taxes, assessmentsassessment, hazard insurance premiums, primary mortgage insurance policy premiums, if applicable, or comparable items prior to the Closing Date plus any Accrued Interest. Seller makes no warranties or representations of any kind or nature as to warrants and represents the sufficiency of such sum to discharge any applicable obligations of Seller with respect to mortgage Loans.