Common use of Servicer to Purchase and Service Loans Clause in Contracts

Servicer to Purchase and Service Loans. The Servicer has agreed to purchase the Loans from the Participant and to service such Loans as provided in the applicable Program Guide, the Servicer Agreement, and GNMA Guide, the FHLMC Guide or the FNMA guidelines, as applicable to the type of financing; provided, however, the Servicer is not obligated to purchase Loans which are not current with respect to all payments required under such Loan, including, but not limited to, the payment of principal and interest and escrow payments for taxes and hazard insurance, or otherwise not in compliance with the applicable Program Guide. (provided this Section is not applicable for MCC stand-alone programs).

Servicer to Purchase and Service Loans. The Servicer has agreed to purchase the Loans from the Participant and to service such Loans as provided in the applicable Program Guide, the Servicer Agreement, and GNMA Guide, the FHLMC Guide or the FNMA guidelines, as applicable to the type of financing; provided, however, the Servicer is not obligated to purchase Loans which are not current with respect to all payments required under such Loan, including, but not limited to, the payment of principal and interest and escrow payments for taxes and hazard insurance, or otherwise not in compliance with the applicable Program Guide. (provided this Section is not applicable for MCC stand-alone programs).programs).‌