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, or the receipt by the Servicer of notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer may notify the Owner, which notification 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 Collection Account pursuant to Section 3.04 herein have been or will be so deposited, and may request delivery to it of the Mortgage File. In addition, from time to time and as appropriate for the servicing or foreclosure of a Mortgage Loan, including for this purpose collection under any insurance policy, the Servicer may request delivery to it by Custodian of the related Mortgage File. Upon receipt of such notification and request pursuant to this Section 3.16, the Owner shall request that the Custodian, within five (5) Business Days, release the related Mortgage File to the Servicer. Should Servicer be called upon or elect to assist in obtaining any documents or information which may be missing from the Legal File, Owner shall be required to reimburse Servicer for any reasonable expense incurred by Servicer in providing that assistance, whether or not Servicer is ultimately successful in obtaining the missing information.

Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer may notify the Owner, which notification 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 Collection Account pursuant to Section 3.04 herein have been or will be so deposited, and may request delivery to it of the Mortgage File. In addition, from time to time and as appropriate for the servicing or foreclosure of a Mortgage Loan, including for this purpose collection under any insurance policy, the Servicer may request delivery to it by Custodian of the related Mortgage File. Upon receipt of such notification and request pursuant to this Section 3.16, the Owner shall request that the Custodian, within five (5) Business Days, release the related Mortgage File to the Servicer. On the Closing Date, the Servicer may provide notice to Owner and request Mortgage Files as provided in this subsection, and in such case Custodian will provide such Mortgage File within five (5) Business Days of such request. Should Servicer be called upon or elect to assist in obtaining any documents or information which may be missing from the Legal File, Owner shall be required to reimburse Servicer for any reasonable expense incurred by Servicer in providing that assistance, whether or not Servicer is ultimately successful in obtaining the missing information.