Common use of TERMINATION OF INTERIM SERVICING RIGHTS Clause in Contracts

TERMINATION OF INTERIM SERVICING RIGHTS. The Seller's rights and obligations to interim service each Mortgage Loan as provided in this Agreement, shall terminate on the earlier of the related Settlement Date or the date which is thirty (30) calendar days following the related Closing Date; provided that, the Buyer may in its sole discretion extend such thirty (30) day interim servicing period by one or more additional thirty (30) day periods by providing written notice to Seller prior to the termination of such interim servicing period. If an Event of Insolvency or any default hereunder by the Seller occurs at any time, the Seller's rights and obligations to service the Mortgage Loan(s), as provided in this Agreement, shall terminate immediately, without any notice of action by the Buyer. Upon any such termination, the Buyer is hereby authorized and empowered to sell and transfer such rights to service the Mortgage Loan(s) for such price and on such terms and conditions as the Buyer shall reasonably determine, and the Seller shall have no right to attempt to sell or transfer such rights to service. The Seller shall perform all acts and take all actions so that the Mortgage Loan(s) and all files and documents relating to such Mortgage Loan held by the Seller, together with all escrow amounts relating to such Mortgage Loan, are delivered to Successor Servicer. To the extent that the approval of any Third Party Underwriter or any other insurer or guarantor is required for any such sale or transfer, the Seller shall fully cooperate with the Buyer to obtain such approval. All amounts paid by the purchaser of such rights to service the Mortgage Loan(s) shall be the property of the Buyer.

TERMINATION OF INTERIM SERVICING RIGHTS. The Seller's rights and obligations to interim service each Mortgage Loan as provided in this Agreement, shall terminate on the earlier of the related Settlement Date or the date which is thirty (30) calendar days following the related Closing Date; provided that, the Seller's rights and obligations to service such Mortgage Loan shall be extended automatically unless notice to the contrary is given by the Buyer to the Seller prior to the termination of the initial thirty-day period. The Buyer may in its sole discretion further extend such thirty (30) thirty-day interim servicing period by one or more additional thirty (30) thirty-day periods by providing written notice to the Seller prior to the termination of such interim servicing period. If an Event of Insolvency occurs or if any default hereunder representation or warranty made by the Seller occurs at hereunder is untrue in any timematerial respect as of the date when made, or if the Seller fails to comply in any material respect with any covenant made hereunder, the Seller's rights and obligations to service the Mortgage Loan(s), as provided in this Agreement, shall terminate immediately, without any notice of or other action by the Buyer. Upon any such termination, the Buyer is hereby authorized and empowered to sell and transfer such rights to service the Mortgage Loan(s) for such price and on such terms and conditions as the Buyer shall reasonably determine, and the Seller shall have no right to attempt to sell or transfer such rights to service. The Seller shall perform all acts and take all actions so that the Mortgage Loan(s) and all files and documents relating to such Mortgage Loan held by the Seller, together with all escrow amounts relating to such Mortgage Loan, are delivered to Successor Servicer. To the extent that the approval of any Third Party Underwriter or any other insurer or guarantor is required for any such sale or transfer, the Seller shall fully cooperate with the Buyer to obtain such approval. All amounts paid by the purchaser of such rights to service the Mortgage Loan(s) shall be the property of the Buyer.

TERMINATION OF INTERIM SERVICING RIGHTS. The Seller's rights and obligations to interim service each Mortgage Loan as provided in this Agreement, shall terminate on the earlier of the related Settlement Date or the date which is thirty (30) calendar days following the related Closing Date; provided that, the Seller's rights and obligations to service such Mortgage Loan shall be extended automatically unless notice to the contrary is given by the Buyer to the Seller prior to the termination of the initial thirty-day period. The Buyer may in its sole discretion further extend such thirty (30) thirty-day interim servicing period by one or more additional thirty (30) thirty-day periods by providing written notice to the Seller prior to the termination of such interim servicing period. If an Event of Insolvency or any default hereunder by the Seller occurs at any time, the Seller's rights and obligations to service the Mortgage Loan(s), as provided in this Agreement, shall terminate immediately, without any notice of action by the Buyer. Upon any such termination, the Buyer is hereby authorized and empowered to sell and transfer such rights to service the Mortgage Loan(s) for such price and on such terms and conditions as the Buyer shall reasonably determine, and the Seller shall have no right to attempt to sell or transfer such rights to service. The Seller shall perform all acts and take all actions so that the Mortgage Loan(s) and all files and documents relating to such Mortgage Loan held by the Seller, together with all escrow amounts relating to such Mortgage Loan, are delivered to Successor Servicer. To the extent that the approval of any Third Party Underwriter or any other insurer or guarantor is required for any such sale or transfer, the Seller shall fully cooperate with the Buyer to obtain such approval. All amounts paid by the purchaser of such rights to service the Mortgage Loan(s) shall be the property of the Buyer.