Common use of Satisfaction of Mortgages and Release of Mortgage Files Clause in Contracts

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan the Servicer shall notify the Owner in the Monthly Remittance Advice as provided in Section 4.02, and may request the release of any Mortgage Loan documents. Upon receipt of such request, the Custodian shall, within five (5) Business Days, release the related Mortgage File to the Servicer; provided, that the Servicer shall use its best efforts to obtain the release of the related Mortgage File from the Custodian. The Custodian shall indemnify the Servicer out of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraph. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer otherwise prejudice any rights the Owner may have under the mortgage instruments, upon written demand of the Owner, the Servicer shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the Owner. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall notify the Owner in the Monthly Remittance Advice monthly remittance advice as provided in Section 4.023.02, and may request the release of any Mortgage Loan documents. Upon receipt of such request, the Custodian shall, within five (5) Business Days, release the related Mortgage File to the Servicer; provided, that the Servicer shall use its best efforts to obtain the release of the related Mortgage File Documents from the Custodian. The Custodian shall indemnify the Servicer out of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided Owner in accordance with this paragraphSection 4.02 hereof. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage (or such lesser amount in connection with a discounted payoff accepted by the Servicer with respect to a defaulted Mortgage Loan) or should the Servicer otherwise prejudice any rights the Owner may have under the mortgage instruments, if Servicer is unable to reasonably demonstrate that it will be able to cause the amount of the unpaid indebtedness to be reinstated and secured under the related Mortgage, or if the Mortgagor becomes thirty (30) or more days delinquent following such erroneous release, regardless of Servicer’s ability to obtain reinstatement, upon the Servicer’s receiving knowledge of such an event or upon written demand of the Owner, whichever is earlier, the Servicer shall repurchase deposit the related Mortgage Loan at the Repurchase Price by deposit amount of any shortfall thereof in the Custodial Account within 2 Business Days of receipt of such demand by the Owner; provided, however, that with respect to any such Mortgage Loan subject to judicial action, the Servicer’s obligations under this sentence shall be limited to giving the Owner notice of such judicial action and using good faith efforts to reinstate and secure the amount of the unpaid indebtedness under the related Mortgage. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 2.11 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the Servicer receipt by the Company of a notification that payment in full will be escrowed in a manner customary for such purposes, the Company shall notify the Owner Purchaser by a certification of a servicing officer of the Company (a "Servicing Officer"), which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Monthly Remittance Advice as provided in Custodial Account pursuant to Section 4.024.04 have been or will be so deposited, and may shall request the release execution of any document necessary to satisfy the Mortgage Loan documentsand delivery to it of the portion of the Mortgage File held by the Purchaser or the Purchaser's designee. Upon receipt No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Custodial Account or the Purchaser. In connection with any such requestprepayment in full, the Custodian shall, within five (5) Business DaysCompany shall comply with all applicable laws regarding satisfaction, release the related Mortgage File or reconveyance with respect to the Servicer; provided, that the Servicer shall use its best efforts to obtain the release of the related Mortgage File from the Custodian. The Custodian shall indemnify the Servicer out of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraphMortgage. If the Servicer Company satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer Company otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Servicer Company shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the OwnerPurchaser. The Servicer Company shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 4.12 insuring the Servicer Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the Servicer receipt by the Seller of a notification that payment in full will be escrowed in a manner customary for such purposes, the Seller shall notify the Owner Purchaser in the Monthly Remittance Advice as provided in Section 4.023.02, and may request the release of any Mortgage Loan documents. Upon receipt of such request, the Custodian shall, within five (5) Business Days, release the related Mortgage File to the Servicer; provided, that the Servicer shall use its best efforts to obtain the release of the related Mortgage File Documents from the Custodian. The Custodian shall indemnify the Servicer out of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided Purchaser in accordance with this paragraphSection 4.02 hereof. If the Servicer Seller satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer Seller otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Servicer Seller shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the OwnerPurchaser. The Servicer Seller shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 2.13 insuring the Servicer Seller against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall notify the Owner Purchaser in the Monthly Remittance Advice as provided in Section 4.023.02, and may request the release of any Mortgage Loan documentsDocuments from the Purchaser in accordance with this Section 4.02 hereof. Upon receipt of such request, the Custodian shall, within five (5) Business Days, release the related Mortgage File to the Servicer; provided, that the The Servicer shall use its best efforts to obtain the release discharge of the related Mortgage File from the Custodian. The Custodian shall indemnify the Servicer out Loan as of its own funds for record within any loss, liability or expense incurred related time limit required by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraphapplicable law. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Servicer shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 two (2) Business Days of receipt of such demand by the OwnerPurchaser. Upon such repurchase, all funds maintained in the Escrow Account with respect to such repurchased Mortgage Loan shall be transferred to the Servicer. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 2.12 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the receipt by the Interim Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Interim Servicer shall notify the Owner Purchaser in the Monthly Remittance Advice as provided in Section 4.023.02, and may request the release of any Mortgage Loan documentsDocuments from the Purchaser in accordance with this Section 4.02 hereof. Upon receipt Such Mortgage Note shall be held by the Interim Servicer, in trust, for the purpose of canceling such requestMortgage Note and delivering the cancelled Mortgage Note to the Mortgagor in a timely manner as and to the extent provided under applicable state law. If the Mortgage has been recorded in the name of MERS or its designee, the Custodian shall, within five (5) Business Days, release the related Mortgage File to the Servicer; provided, that the Interim Servicer shall use its best efforts take all necessary action to obtain effect the release of the related Mortgage File from Loan on the Custodian. The Custodian shall indemnify the Servicer out records of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraphMERS. If the Interim Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Interim Servicer otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Interim Servicer shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the OwnerPurchaser. The Interim Servicer shall maintain the a Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 2.12 insuring the Interim Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall immediately notify the Owner Master Servicer by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Monthly Remittance Advice as provided in Custodial Account pursuant to Section 4.024.02(d) have been or will be so deposited, and may shall request delivery to it of the release portion of any the Mortgage Loan documentsFile held by the Custodian. Upon receipt of such requestnotification, the Custodian shall, within five (5) Business Days, release the related Mortgage File to the Servicer; provided, that the Master Servicer shall use its best efforts to obtain notify the release of the related Mortgage File from Indenture Trustee (or the Custodian) in accordance with the provisions of Section 5.12. The Custodian shall indemnify In the Servicer out of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraph. If event the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer it otherwise prejudice any rights right the Owner Trust may have under the mortgage instruments, the Servicer, upon written demand demand, shall remit within two (2) Business Days to the Trust the then outstanding principal balance of the Owner, the Servicer shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the OwnerAccount. The Servicer shall maintain the Servicer Fidelity Bond and the Servicer Errors and Omissions Insurance Policy as provided for in Section 3.14 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the Servicer receipt by the Company of a notification that payment in full will be escrowed in a manner customary for such purposes, the Company shall notify the Owner Purchaser by a certification of a servicing officer of the Company (a “Servicing Officer”), which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Monthly Remittance Advice as provided in Custodial Account pursuant to Section 4.024.04 have been or will be so deposited, and may shall request the release execution of any document necessary to satisfy the Mortgage Loan documentsand delivery to it of the portion of the Mortgage File held by the Purchaser or the Purchaser’s designee. Upon receipt No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Custodial Account or the Purchaser. In connection with any such requestprepayment in full, the Custodian shall, within five (5) Business DaysCompany shall comply with all applicable laws regarding satisfaction, release the related Mortgage File or reconveyance with respect to the Servicer; provided, that the Servicer shall use its best efforts to obtain the release of the related Mortgage File from the Custodian. The Custodian shall indemnify the Servicer out of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraphMortgage. If the Servicer Company satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer Company otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Servicer Company shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the OwnerPurchaser. The Servicer Company shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 4.12 insuring the Servicer Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan XXX, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall notify the Owner Purchaser in the Monthly Remittance Advice as provided in Section 4.02, 6.2 and may request the release of any documents in the Mortgage Loan documentsFile. Upon receipt of such certification and request, the Purchaser shall promptly release or cause the Custodian shall, within five (5) Business Days, to promptly release the related documents in the Mortgage File to the Servicer; provided, that Servicer and the Servicer shall use its best efforts prepare and deliver for execution by the Purchaser or at the Purchaser's option execute under the authority of a power of attorney delivered to obtain the release of the related Mortgage File from the Custodian. The Custodian shall indemnify the Servicer out of its own funds for by the Purchaser any loss, liability satisfaction or release. No expense incurred by in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraphCollection Account. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Servicer shall repurchase the related Mortgage Loan XXX at the Repurchase Price by deposit thereof in the Custodial Collection Account within 2 two Business Days of receipt of such demand by the OwnerPurchaser. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 5.12 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan XXX not satisfied in accordance with the procedures set forth herein. From time to time and as appropriate for the servicing or foreclosure of the XXX including for the purpose of collection under any Primary Mortgage Insurance Policy, upon request of the Servicer and delivery to the Custodian of a servicing receipt signed by a Servicing Officer, the Custodian shall release the portion of the Mortgage File held by the Custodian to the Servicer. Such servicing receipt shall obligate the Servicer to return promptly the related documents in the Mortgage File to the Custodian, when the need therefor by the Servicer no longer exists, unless the XXX has been liquidated and the Liquidation Proceeds relating to the XXX have been deposited in the Collection Account or the Mortgage File or such document has been delivered to an attorney, or to a public trustee or other pubic official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or non-judicially, and the Servicer has promptly delivered to the Purchaser or the Custodian a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such XXX was liquidated, the servicing receipt shall be released by the Purchaser or the Custodian, as applicable, to the Servicer.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the receipt by the [related] Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the [related] Servicer shall immediately notify the Master Servicer by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Custodial Account pursuant to Section 4.02(d) have been or will be so deposited, and the Servicer shall notify request delivery to it of the Owner in portion of the Monthly Remittance Advice as provided in Section 4.02, and may request the release of any Mortgage Loan documents. Upon receipt of such request, File held by the Custodian shall, within five (5) Business Days, release in accordance with the related Mortgage File to provisions of Section 5.12. In the Servicer; provided, that event the Servicer shall use its best efforts to obtain the release of the related Mortgage File from the Custodian. The Custodian shall indemnify the Servicer out of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraph. If the [related] Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer it otherwise prejudice any rights right the Owner Trustee on behalf of the Trust Fund may have under the mortgage instruments, the [related] Servicer, upon written demand demand, shall remit within [two (2)] Business Days to the Trustee on behalf of the Owner, Trust Fund the Servicer shall repurchase then outstanding principal balance of the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the OwnerAccount. The Servicer Servicer[s] shall maintain the Servicer Fidelity Bond and the Servicer Errors and Omissions Insurance Policy as provided for in Section 3.14 insuring the [related] Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan Loan, or the Servicer receipt by the Company of a notification that payment in full will be escrowed in a manner customary for such purposes, the Company shall notify the Owner Purchaser by a certification of a servicing officer of the Company (a "Servicing Officer"), which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Monthly Remittance Advice as provided in Custodial Account pursuant to Section 4.024.04 have been or will be so deposited, and may shall request the release execution of any document necessary to satisfy the Mortgage Loan documentsand delivery to it of the portion of the Mortgage File held by the Purchaser or the Purchaser's designee. Upon receipt No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Custodial Account or the Purchaser. In connection with any such requestprepayment in full, the Custodian shall, within five (5) Business DaysCompany shall comply with all applicable laws regarding satisfaction, release the related Mortgage File or reconveyance with respect to the Servicer; provided, that the Servicer shall use its best efforts to obtain the release of the related Mortgage File from the Custodian. The Custodian shall indemnify the Servicer out of its own funds for any loss, liability or expense incurred by the Servicer as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraphMortgage. If the Servicer Company satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer Company otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Servicer Company shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the OwnerPurchaser. The Servicer Company shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.and

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan the Servicer Company shall notify the Owner Purchaser in the Monthly Remittance Advice as provided in Section 4.025.02, and may request the release of any Mortgage Loan documents. Upon receipt of such request, the Custodian shall, within five (5) Business Days, release the related Mortgage File to the ServicerCompany; provided, that the Servicer Company shall use its best efforts to obtain the release of the related Mortgage File from the Custodian. The Custodian shall indemnify the Servicer Company out of its own funds for any loss, liability or expense incurred by the Servicer Company as a direct result of the failure of the Custodian to release the related Mortgage File as provided in this paragraph. If the Servicer Company satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer Company otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Servicer Company shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the OwnerPurchaser. The Servicer Company shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 4.12 insuring the Servicer Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan the Servicer shall notify the Owner in the Monthly Remittance Advice as provided in Section 4.02, and may request the release of any Mortgage Loan documents. Upon receipt of such request, the Custodian shall, within five (5) Business Days, release the related Mortgage File to the Servicer; provided, that the Servicer shall use its best efforts to obtain the release of the related Mortgage File from the Custodian. The Custodian Pursuant to the Assignment and Assumption Agreement to be executed by the parties in accordance with Section 10.03, the Owner shall indemnify assign to the Servicer all rights against the Custodian that the Owner may have (in its capacity as servicer) arising out of its own funds for any loss, liability or expense incurred a breach by the Servicer as a direct result Custodian of its obligations under the failure of Custodial Agreement with respect to the Custodian to release the related Mortgage File as provided in this paragraphLoans. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer otherwise prejudice any rights the Owner may have under the mortgage instruments, upon written demand of the Owner, the Servicer shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the Owner. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 3.14 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.