Common use of System Clause in Contracts

System. For each of these Loans, MERS (R) serves as mortgagee of record on the Mortgage solely as a nominee in an administrative capacity on behalf of the Trustee, and does not have any beneficial interest in the Loan. In the event that in connection with any Loan the Depositor cannot deliver (a) the original recorded Mortgage, (b) all interim recorded assignments, if any, or (c) the lender's title policy (together with all riders thereto) satisfying the requirements of clause (ii), (iii) or (v) above, respectively, concurrently with the execution and delivery hereof because such document or documents have not been returned from the applicable public recording office in the case of clause (ii) or (iii) above, or because the title policy has not been delivered to either the Servicer or the Depositor by the applicable title insurer in the case of clause (v) above, and, in the case of the assignments, if any, of the Mortgage to the Trustee as required under (iii) above, the Depositor shall promptly deliver to the Trustee, in the case of clause (ii) or (iii) above, such original recorded Mortgage or such original recorded assignment, if any, as the case may be, with evidence of recording indicated thereon upon receipt thereof from the public recording office, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery of the original recorded Mortgage and each such original recorded assignment, if any, or a copy thereof, certified, if appropriate, by the relevant recording office, and each title policy as required by clause (v) above be made later than one year following the Closing Date; provided, however, in the event the Depositor is unable to deliver within one year following the Closing Date, each original recorded Mortgage, and each such original recorded assignment, if any, or each such title policy by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each such assignment, if any, because the related original recorded Mortgage or any related interim recorded assignment have not been returned by the appropriate recording office or, in the case of each title policy, because the title insurer has not received the recording information from the appropriate recording office for such original recorded Mortgage or original recorded assignment, if any, has not been returned by the appropriate recording office, the Depositor shall deliver such documents to the Trustee as promptly as possible upon receipt thereof and, in any event, within 720 days following the Closing Date. The Depositor shall forward or cause to be forwarded to the Trustee (a) from time to time additional original documents evidencing an assumption or modification of a Loan and (b) any other documents required to be delivered by the Depositor or the Servicer to the Trustee. In the event that the original recorded Mortgage is not delivered and, in connection with the payment in full of the related Loan, the public recording office requires the presentation of a "lost instruments affidavit and indemnity" or any equivalent document, because only a copy of the Mortgage can be delivered with the instrument of satisfaction or reconveyance, the Servicer shall execute and deliver or cause to be executed and delivered such a document to the public recording office. In the case where a public recording office retains the original recorded Mortgage or in the case where an original recorded Mortgage is lost after recordation in a public recording office, the appropriate Seller shall deliver to the Trustee a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage. As promptly as practicable subsequent to such transfer and assignment, and in any event, within thirty (30) days thereafter, the Servicer shall (i) affix the Trustee's name to each assignment of Mortgage, if any, as the assignee thereof as Trustee for the benefit of the Certificateholders, (ii) cause such assignment, if any, to be in proper form for recording in the appropriate public office for real property records and (iii) cause to be delivered for recording in the appropriate public office for real property records the assignments, if any, of the Mortgages to the Trustee, except that, with respect to any assignments of Mortgages as to which the information required to prepare such assignment in recordable form has not yet been received, the Servicer's obligation to do so and to deliver the same for such recording shall be as soon as practicable after receipt of such information and in any event within thirty (30) days after receipt thereof. In the case of Loans that have been prepaid in full as of the Closing Date, the Depositor, in lieu of delivering the above documents to the Trustee, will deposit in the Certificate Account the portion of such payment that is required to be deposited in the Certificate Account pursuant to Section 3.05 hereof.

System. For each of these Loans, MERS (R) serves as mortgagee of record on the Mortgage solely as a nominee in an administrative capacity on behalf of the Trustee, and does not have any beneficial interest in the Loan. In the event that in connection with any Loan the Depositor cannot deliver (a) the original recorded Mortgage, (b) all interim recorded assignments, if any, or (c) the lender's title policy (together with all riders thereto) satisfying the requirements of clause (ii), (iii) or (v) above, respectively, concurrently with the execution and delivery hereof because such document or documents have not been returned from the applicable public recording office in the case of clause (ii) or (iii) above, or because the title policy has not been delivered to either the Servicer or the Depositor by the applicable title insurer in the case of clause (v) above, and, in the case of the assignments, if any, of the Mortgage to the Trustee as required under (iii) above, the Depositor shall promptly deliver to the Trustee, in the case of clause (ii) or (iii) above, such original recorded Mortgage or such original recorded assignment, if any, as the case may be, with evidence of recording indicated thereon upon receipt thereof from the public recording office, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery of the original recorded Mortgage and each such original recorded assignment, if any, or a copy thereof, certified, if appropriate, by the relevant recording office, and each title policy as required by clause (v) above be made later than one year following the Closing Date; provided, however, in the event the Depositor is unable to deliver within one year following the Closing Date, Date each original recorded Mortgage, and each such original recorded assignment, if any, or each such title policy by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each such assignment, if any, because the related original recorded Mortgage or any related interim recorded assignment have not been returned by the appropriate recording office or, in the case of each title policy, because the title insurer has not received the recording information from the appropriate recording office for such original recorded Mortgage or original recorded assignment, if any, has not been returned by the appropriate recording office, the Depositor shall deliver such documents to the Trustee as promptly as possible upon receipt thereof and, in any event, within 720 days following the Closing Date. The Depositor shall forward or cause to be forwarded to the Trustee (a) from time to time additional original documents evidencing an assumption or modification of a Loan and (b) any other documents required to be delivered by the Depositor or the Servicer to the Trustee. In the event that the original recorded Mortgage is not delivered and, in connection with the payment in full of the related Loan, the public recording office requires the presentation of a "lost instruments affidavit and indemnity" or any equivalent document, because only a copy of the Mortgage can be delivered with the instrument of satisfaction or reconveyance, the Servicer shall execute and deliver or cause to be executed and delivered such a document to the public recording office. In the case where a public recording office retains the original recorded Mortgage or in the case where an original recorded Mortgage is lost after recordation in a public recording office, the appropriate Seller shall deliver to the Trustee a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage. As promptly as practicable subsequent to such transfer and assignment, and in any event, within thirty (30) days thereafter, the Servicer shall (i) affix the Trustee's name to each assignment of Mortgage, if any, as the assignee thereof as Trustee for the benefit of the Certificateholders, (ii) cause such assignment, if any, to be in proper form for recording in the appropriate public office for real property records and (iii) cause to be delivered for recording in the appropriate public office for real property records the assignments, if any, of the Mortgages to the Trustee, except that, with respect to any assignments of Mortgages as to which the information required to prepare such assignment in recordable form has not yet been received, the Servicer's obligation to do so and to deliver the same for such recording shall be as soon as practicable after receipt of such information and in any event within thirty (30) days after receipt thereof. In the case of Loans that have been prepaid in full as of the Closing Date, Date the Depositor, in lieu of delivering the above documents to the Trustee, will deposit in the Certificate Account the portion of such payment that is required to be deposited in the Certificate Account pursuant to Section 3.05 hereof.

System. For each of these Loans, MERS (R) serves as mortgagee of record on the Mortgage solely as a nominee in an administrative capacity on behalf of the Trustee, and does not have any beneficial interest in the Loan. In the event that in connection with any Loan the Depositor cannot deliver (a) the original recorded Mortgage, (b) all interim recorded assignments, if any, or (c) the lender's title policy (together with all riders thereto) satisfying the requirements of clause (ii), (iii) or (v) above, respectively, concurrently with the execution and delivery hereof because such document or documents have not been returned from the applicable public recording office in the case of clause (ii) or (iii) above, or because the title policy has not been delivered to either the Servicer or the Depositor by the applicable title insurer in the case of clause (v) above, and, in the case of the assignments, if any, of the Mortgage to the Trustee as required under (iii) above, the Depositor shall promptly deliver to the Trustee, in the case of clause (ii) or (iii) above, such original recorded Mortgage or such original recorded assignment, if any, as the case may be, with evidence of recording indicated thereon upon receipt thereof from the public recording office, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery of the original recorded Mortgage and each such original recorded assignment, if any, or a copy thereof, certified, if appropriate, by the relevant recording office, and each title policy as required by clause (v) above be made later than one year following the Closing Date or related Subsequent Transfer Date, as applicable; provided, however, in the event the Depositor is unable to deliver within one year following the Closing Date or related Subsequent Transfer Date, as applicable, each original recorded Mortgage, and each such original recorded assignment, if any, or each such title policy by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each such assignment, if any, because the related original recorded Mortgage or any related interim recorded assignment have not been returned by the appropriate recording office or, in the case of each title policy, because the title insurer has not received the recording information from the appropriate recording office for such original recorded Mortgage or original recorded assignment, if any, has not been returned by the appropriate recording office, the Depositor shall deliver such documents to the Trustee as promptly as possible upon receipt thereof and, in any event, within 720 days following the Closing Date or related Subsequent Transfer Date, as applicable. The Depositor shall forward or cause to be forwarded to the Trustee (a) from time to time additional original documents evidencing an assumption or modification of a Loan and (b) any other documents required to be delivered by the Depositor or the Servicer to the Trustee. In the event that the original recorded Mortgage is not delivered and, in connection with the payment in full of the related Loan, the public recording office requires the presentation of a "lost instruments affidavit and indemnity" or any equivalent document, because only a copy of the Mortgage can be delivered with the instrument of satisfaction or reconveyance, the Servicer shall execute and deliver or cause to be executed and delivered such a document to the public recording office. In the case where a public recording office retains the original recorded Mortgage or in the case where an original recorded Mortgage is lost after recordation in a public recording office, the appropriate Seller shall deliver to the Trustee a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage. As promptly as practicable subsequent to such transfer and assignment, and in any event, within thirty (30) days thereafter, the Servicer shall (i) affix the Trustee's name to each assignment of Mortgage, if any, as the assignee thereof as Trustee for the benefit of the Certificateholders, (ii) cause such assignment, if any, to be in proper form for recording in the appropriate public office for real property records and (iii) cause to be delivered for recording in the appropriate public office for real property records the assignments, if any, of the Mortgages to the Trustee, except that, with respect to any assignments of Mortgages as to which the information required to prepare such assignment in recordable form has not yet been received, the Servicer's obligation to do so and to deliver the same for such recording shall be as soon as practicable after receipt of such information and in any event within thirty (30) days after receipt thereof. In the case of Loans that have been prepaid in full as of the Closing Date or related Subsequent Transfer Date, as applicable, the Depositor, in lieu of delivering the above documents to the Trustee, will deposit in the Certificate Account the portion of such payment that is required to be deposited in the Certificate Account pursuant to Section 3.05 hereof.

System. For each of these Loans, MERS (R) serves as mortgagee of record on the Mortgage solely as a nominee in an administrative capacity on behalf of the Trustee, and does not have any beneficial interest in the Loan. In the event that in connection with any Loan the Depositor cannot deliver (a) the original recorded Mortgage, (b) all interim recorded assignments, if any, or (c) the lender's title policy (together with all riders thereto) satisfying the requirements of clause (ii), (iii) or (v) above, respectively, concurrently with the execution and delivery hereof because such document or documents have not been returned from the applicable public recording office in the case of clause (ii) or (iii) above, or because the title policy has not been delivered to either the Servicer or the Depositor by the applicable title insurer in the case of clause (v) above, and, in the case of the assignments, if any, of the Mortgage to the Trustee as required under (iii) above, the Depositor shall promptly deliver to the Trustee, in the case of clause (ii) or (iii) above, such original recorded Mortgage or such original recorded assignment, if any, as the case may be, with evidence of recording indicated thereon upon receipt thereof from the public recording office, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery of the original recorded Mortgage and each such original recorded assignment, if any, or a copy thereof, certified, if appropriate, by the relevant recording office, and each title policy as required by clause (v) above be made later than one year following the Closing Date or related Subsequent Transfer Date, as applicable; provided, however, in the event the Depositor is unable to deliver within one year following the Closing Date or related Subsequent Transfer Date, as applicable, each original recorded Mortgage, and each such original recorded assignment, if any, or each such title policy by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each such assignment, if any, because the related original recorded Mortgage or any related interim recorded assignment have not been returned by the appropriate recording office or, in the case of each title policy, because the title insurer has not received the recording information from the appropriate recording office for such original recorded Mortgage or original recorded assignment, if any, has not been returned by the appropriate recording office, the Depositor shall deliver such documents to the Trustee as promptly as possible upon receipt thereof and, in any event, within 720 days following the Closing Date or related Subsequent Transfer Date, as applicable. The Depositor shall forward or cause to be forwarded to the Trustee (a) from time to time additional original documents evidencing an assumption or modification of a Loan and (b) any other documents required to be delivered by the Depositor or the Servicer to the Trustee. In the event that the original recorded Mortgage is not delivered and, in connection with the payment in full of the related Loan, the public recording office requires the presentation of a "lost instruments affidavit and indemnity" or any equivalent document, because only a copy of the Mortgage can be delivered with the instrument of satisfaction or reconveyance, the Servicer shall execute and deliver or cause to be executed and delivered such a document to the public recording office. In the case where a public recording office retains the original recorded Mortgage or in the case where an original recorded Mortgage is lost after recordation in a public recording office, the appropriate Seller shall deliver to the Trustee a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage. As promptly as practicable subsequent to such transfer and assignment, and in any event, within thirty (30) days thereafter, the Servicer shall (i) affix the Trustee's name to each assignment of Mortgage, if any, as the assignee thereof as Trustee for the benefit of the Certificateholders, (ii) cause such assignment, if any, to be in proper form for recording in the appropriate public office for real property records and (iii) cause to be delivered for recording in the appropriate public office for real property records the assignments, if any, of the Mortgages to the Trustee, except that, with respect to any assignments of Mortgages as to which the information required to prepare such assignment in recordable form has not yet been received, the Servicer's obligation to do so and to deliver the same for such recording shall be as soon as practicable after receipt of such information and in any event within thirty (30) days after receipt thereof. In the case of Loans that have been prepaid in full as of the Closing Date, the Depositor, in lieu of delivering the above documents to the Trustee, will deposit in the Certificate Account the portion of such payment that is required to be deposited in the Certificate Account pursuant to Section 3.05 hereof.recording