Common use of Servicer Breach Clause in Contracts

Servicer Breach. In addition to taking any action required pursuant to Section 7.01, upon discovery or notice of any breach by a Servicer of any representation, warranty or covenant under the Servicing Agreement which materially and adversely affects the value of any Mortgage Loan or the interest of the Trust therein (it being understood that any such breach shall be deemed to have materially and adversely affected the value of such Mortgage Loan or the interest of the Trust therein if the Trust incurs a loss as a result of such breach), the Trustee shall promptly notify the Master Servicer of such breach and direct the Master Servicer to request that the Servicer of such Mortgage Loan cure such breach and, if such Servicer does not cure such breach in all material respects within 60 days from the date on which it is notified of such breach, to enforce the obligation of such Servicer under the Servicing Agreement to purchase such Mortgage Loan from the Trustee. Notwithstanding the foregoing, if such breach results in a Qualification Defect, such cure or purchase must take place within 75 days of the Defect Discovery Date. If a Seller has breached a representation or warranty under a Sales Agreement that is substantially identical to a representation or warranty breached by a Servicer, the Master Servicer shall first proceed against such Seller. If such Seller does not, within 60 days after notification of the breach, take steps to cure such breach or purchase or substitute for the Mortgage Loan, the Master Servicer shall enforce the obligation of such Servicer under the Servicing Agreement to cure such breach or purchase the Mortgage Loan from the Trust as provided in this Section 2.03(b). Except as specifically set forth herein, the Trustee shall have no responsibility to enforce any provision of the Sales Agreement or Servicing Agreements assigned to it hereunder, to oversee compliance therewith, or to take notice of any breach or default thereunder. No successor servicer shall have any obligation to repurchase a Mortgage Loan except to the extent specifically set forth in the Servicing Agreement signed by such successor servicer.

Servicer Breach. In addition to taking any action required pursuant to --------------- Section 7.017.01 hereof, upon discovery or notice of any breach by a Servicer of any representation, warranty or covenant under the Servicing Agreement which materially and adversely affects the value of any Mortgage Loan Asset or the interest of the Trust therein (it being understood that any such defect or breach shall be deemed to have materially and adversely affected the value of such the related Mortgage Loan Asset or the interest of the Trust therein if the Trust incurs a loss as a result of such defect or breach), the Trustee promptly shall promptly notify the Master Servicer of such breach and direct the Master Servicer to request that the Servicer of such Mortgage Loan cure such breach and, if such the Servicer does not cure such breach in all material respects within 60 90 days from the date on which it is notified of such the breach, to enforce the Servicer's obligation of such Servicer under the Servicing Agreement to purchase such Mortgage Loan Asset from the Trustee. Notwithstanding the foregoing, however, if such breach results in is a Qualification Defect, such cure or purchase must take place within 75 days of the Defect Discovery Date. If a In the event the Seller has breached a representation or warranty under a the Sales Agreement that is substantially identical to a representation or warranty breached by a the Servicer, the Master Servicer shall first proceed against such the Seller. If such the Seller does not, not within 60 90 days after notification of the breach, take steps to cure such breach or purchase or substitute for the Mortgage LoanAsset, the Master Servicer shall enforce the obligation obligations of such the Servicer under the Servicing Agreement to cure such breach or purchase the Mortgage Loan Asset from the Trust as provided in this Section 2.03(b). Except as specifically set forth herein, the Trustee shall have no responsibility to enforce any provision of the Sales Agreement or Agreements and Servicing Agreements assigned to it hereunder, to oversee compliance therewiththereof, or to take notice of any breach or default thereunderthereof. No successor servicer shall have any obligation to repurchase a Mortgage Loan Asset except to the extent specifically set forth in the Servicing Agreement signed by such successor substitute servicer.

Servicer Breach. In addition to taking any action required pursuant to Section 7.017.01 hereof, upon discovery by a Responsible Officer of the Master Servicer, the Securities Administrator or notice the Trustee of any breach by a the Servicer of any representation, warranty or covenant under the Sale and Servicing Agreement Agreement, which breach materially and adversely affects the value of any Mortgage Loan or the interest of the Trust therein (it being understood that any such breach shall be deemed to have materially and adversely affected the value of such the related Mortgage Loan or the interest of the Trust therein if the Trust incurs or may incur a loss as a result of such breach), the party discovering such breach shall give prompt written notice of the specific defect or breach of representation, warranty or covenant to the other applicable parties (including, without limitation, the Depositor, the Company, the Securities Administrator, the Trustee shall promptly notify and the Master Servicer applicable responsible party). Upon discovery by a Responsible Officer of the Securities Administrator of such breach and direct or receipt of notice thereof, the Master Servicer to Securities Administrator shall promptly request in writing that the such Servicer of such Mortgage Loan correct or cure such breach. Upon discovery by a Responsible Officer of the Securities Administrator of a breach andof a representation or warranty, if the Securities Administrator shall provide to the Trustee and the Depositor written notice of each Mortgage Loan in breach of a representation or warranty (i) for which cure has been requested and (ii) for which cure has been requested, but which has not been satisfactorily cured within the cure period set forth in the Sale and Servicing Agreement. If by the end of such cure period set forth in the Sale and Servicing Agreement the Servicer does not cure such breach in all material respects within 60 days from respects, the date on which it is notified Securities Administrator shall notify the Depositor in writing of such breach, to failure. The Trustee shall enforce the such Servicer’s obligation of such Servicer under the Sale and Servicing Agreement to purchase such Mortgage Loan from the Trustee. Notwithstanding the foregoing, however, if such breach results in or is a Qualification Defect, such cure or purchase must take place within 75 days of the Defect Discovery Date. If a Seller has breached a representation or warranty under a Sales Agreement that is substantially identical to a representation or warranty breached by a Servicer, the Master Servicer shall first proceed against such Seller. If such Seller does not, within 60 days after notification of the breach, take steps to cure such breach or purchase or substitute for the Mortgage Loan, the Master Servicer shall enforce the obligation of such Servicer under the Servicing Agreement to cure such breach or purchase the Mortgage Loan from the Trust as provided in this Section 2.03(b). Except as specifically set forth herein, the Trustee shall have no responsibility to enforce any provision of the Sales Agreement or Servicing Agreements assigned to it hereunder, to oversee compliance therewith, or to take notice of any breach or default thereunder. No successor servicer shall have any obligation to repurchase a Mortgage Loan except to the extent specifically set forth in the Servicing Agreement signed by such successor servicer.

Servicer Breach. In addition to taking any action required pursuant to Section 7.017.01 hereof, upon discovery by a Responsible Officer of the Master Servicer, the Securities Administrator or notice the Trustee of any breach by a any Servicer of any representation, warranty or covenant under the related Servicing Agreement Agreement, which breach materially and adversely affects the value of any Mortgage Loan or the interest of the Trust therein (it being understood that any such breach shall be deemed to have materially and adversely affected the value of such the related Mortgage Loan or the interest of the Trust therein if the Trust incurs or may incur a loss as a result of such breach), the party discovering such breach shall give prompt written notice thereof to the other applicable parties (including, without limitation, the Depositor, the Securities Administrator, the Trustee shall promptly notify and the Master Servicer applicable responsible party). Upon discovery by a Responsible Officer of the Securities Administrator of such breach and direct or receipt of notice thereof, the Master Servicer to Securities Administrator shall promptly request in writing that the such Servicer of such Mortgage Loan correct or cure such breach andin accordance with the Trust Agreement. Upon discovery by a Responsible Officer of the Securities Administrator of a breach of a representation or warranty, if the Securities Administrator shall provide to the Trustee and the Depositor written notice of each Mortgage Loan in breach of a representation or warranty (i) for which cure, repurchase or substitution has been requested and (ii) for which cure, repurchase or substitution has been requested, but which has not been satisfactorily cured, repurchased or substituted for within the cure period set forth in the related Servicing Agreement. If by the end of such cure period set forth in the related Servicing Agreement such Servicer does not cure such breach in all material respects within 60 days from respects, the date on which it is notified Securities Administrator shall notify the Depositor in writing of such breach, to failure. The Trustee shall enforce the such Servicer’s obligation of under such Servicer under the Servicing Agreement to purchase such Mortgage Loan from the Trustee. Notwithstanding the foregoing, however, if such breach results in or is a Qualification Defect, such cure cure, purchase or purchase substitution must take place within 75 days of the Defect Discovery Date. If a Seller has breached a representation or warranty under a Sales Agreement that is substantially identical to a representation or warranty breached by a Servicer, the Master Servicer shall first proceed against such Seller. If such Seller does not, within 60 days after notification of the breach, take steps to cure such breach or purchase or substitute for the Mortgage Loan, the Master Servicer shall enforce the obligation of such Servicer under the Servicing Agreement to cure such breach or purchase the Mortgage Loan from the Trust as provided in this Section 2.03(b). Except as specifically set forth herein, the Trustee shall have no responsibility to enforce any provision of the Sales Agreement or Servicing Agreements assigned to it hereunder, to oversee compliance therewith, or to take notice of any breach or default thereunder. No successor servicer shall have any obligation to repurchase a Mortgage Loan except to the extent specifically set forth in the Servicing Agreement signed by such successor servicer.