Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 33 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2006-1), Securitization Servicing Agreement (BNC CORP Mortgage Loan Trust 2007-Bnc4), Securitization Servicing Agreement (BNC Mortgage Loan Trust 2007-3)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 33 contracts
Samples: Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3), Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, it will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria Underwriting Guidelines for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loanstransferee. If the credit of the proposed transferee does not meet such underwriting criteriaUnderwriting Guidelines, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 31 contracts
Samples: Flow Seller's Warranties and Servicing Agreement (Lehman Sarm 2005-9), Flow Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-15), Flow Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-16)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, it will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria Underwriting Guidelines for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loanstransferee. If the credit of the proposed transferee does not meet such underwriting criteriaUnderwriting Guidelines, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 27 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-10), Flow Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-12), Flow Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-1)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 23 contracts
Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1), Servicing Agreement (Structured Asset Securities Corp 2005-Wf4), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-Wf2)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit creditworthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 21 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-), Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mort Pa THR Ce Ser 2001-18a), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 24a)
Transfers of Mortgaged Property. The Servicer Seller shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Seller shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Seller shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Seller reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Seller shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Seller is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Seller has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Seller for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (0.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Seller as additional servicing compensation, and any portion thereof in excess of one-half of one percent (0.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Seller shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Seller with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Seller diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 15 contracts
Samples: Interim Servicing Agreement (Structured Asset Securities Corp), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Lehman Sarm 2005-5), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-17)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 13 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding Corp), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-H Trust)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. The Servicer shall be entitled to retain as additional servicing compensation any assumption fees collected by the Servicer in connection with a Mortgagor entering into an assumption agreement. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its Servicers and their affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 13 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2007-4f), Servicing Agreement (GSR Mortgage Loan Trust 2007-5f), Flow Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 12 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Transfers of Mortgaged Property. The Servicer Seller shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Seller shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Seller shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Seller reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Seller shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Seller is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Seller has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Seller for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (0.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Seller as additional servicing compensation, and any portion thereof in excess of one-half of one percent (0.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Seller shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Seller diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 11 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Flow Interim Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit creditworthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 10 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-11h), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-23), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-21)
Transfers of Mortgaged Property. The Servicer shall use its best efforts be required to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall Servicer, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty guarantee insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving follow Accepted Servicing Practices including but not limited to Servicer conducting a review of the credit and financial capacity of the proposed transferee which are used by individual receiving the Servicerproperty, its affiliates or Xxxxxx Mae with respect to underwriting and may approve the assumption if it believes the recipient is capable of assuming the mortgage loans of the same type as the Mortgage Loansobligations. If the credit of the proposed transferee does not meet such satisfy the relevant underwriting criteriacriteria and the transfer of ownership actually occurs, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 10 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess of one-half of one percent (.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 10 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (0.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Servicer as additional servicing compensation, and any portion thereof in excess of one-half of one percent (0.5%) shall be deposited in the Custodial Account for the benefit of the Trustee. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 8 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Ff3), Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2003-FFB), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement the fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Owner’s consent. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 8 contracts
Samples: Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar5), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar7), Sale and Servicing Agreement (Bear Stearns ARM Trust 2007-2)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such assumption fee shall be retained by the Servicer as Ancillary Income. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 7 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-7), Securitization Servicing Agreement (Fremont Home Loan Trust 2004-3), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-7)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 7 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-4), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3), Securitization Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law Applicable Law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law Applicable Law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable lawApplicable Law, accelerate the maturity of the Mortgage Loan.
Appears in 7 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law Applicable Law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law Applicable Law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable lawApplicable Law, accelerate the maturity of the Mortgage Loan.
Appears in 7 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-5f), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-8f)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 7 contracts
Samples: Servicing Agreement (SASCO Mortgage Loan Trust 2005-Wf3), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, ; provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumptionassumption agreement that may be entered into by the Servicer, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 6 contracts
Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp3), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4), Securitization Servicing Agreement (Lehman XS 2007-4n)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 6 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-3f), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-2f)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 6 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one percent (1.0%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess one percent (1.0%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumptionassumption or substitution of liability, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan Loan, the Index, the Lifetime Mortgage Interest Rate Cap, the Initial Rate Cap or the Gross Margin of any Mortgage Loan, nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Fxxxxx Mxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-5), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-4)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, ; provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumptionassumption agreement that may be entered into by the Servicer, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Fxxxxx Mxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 6 contracts
Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp1), Securitization Servicing Agreement (Lehman XS Trust Series 2006-4n), Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp2)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law Applicable Law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law Applicable Law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. The Company shall notify the Purchaser that any such substitution of liability or assumption agreement has been completed by forwarding to the Purchaser the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable lawApplicable Law, accelerate the maturity of the Mortgage Loan.
Appears in 6 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-4f), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-9f), Flow Seller’s Warranties and Servicing Agreement (STARM Mortgage Loan Trust 2007-1)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess of one-half of one percent (.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 5 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 26a)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess of one-half of one percent (.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 5 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 7), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 5 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-4), Servicing Agreement (Lehman Mortgage Trust 2007-3), Servicing Agreement (Lehman Mortgage Trust 2007-5)
Transfers of Mortgaged Property. The Servicer shall use its best efforts be required to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall Servicer, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty guarantee insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use follow Accepted Servicing Practices and the underwriting criteria for approving practices and procedures of prudent mortgage lenders in the respective states where the Mortgage Properties are located including but not limited to Servicer conducting a review of the credit and financial capacity of the proposed transferee which are used by individual receiving the Servicerproperty, its affiliates or Xxxxxx Mae with respect to underwriting and may approve the assumption if it believes the recipient is capable of assuming the mortgage loans of the same type as the Mortgage Loansobligations. If the credit of the proposed transferee does not meet such satisfy the relevant underwriting criteriacriteria and the transfer of ownership actually occurs, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 5 contracts
Samples: Servicing Agreement (GSR 2006-4f), Servicing Agreement (GSR Mortgage Loan Trust 2006-2f), Servicing Agreement (GSR Mortgage Loan Trust 2006-1f)
Transfers of Mortgaged Property. The Servicer shall use its best commercially reasonable efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller owner of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller owner of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, the fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials terms shall be changedchanged without the Owner’s consent. To the extent that any Mortgage Loan is assumableassumable under the terms of the Mortgage Note, the Servicer shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shallshall diligently, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 5 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 5 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI Policy or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. The Company shall notify the Purchaser that any such substitution of liability or assumption agreement has been completed by forwarding to the Purchaser the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. If any fee is collected by the Company for entering into an assumption or substitution of liability agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting Underwriting Guidelines criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 5 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Af1), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar4), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1)
Transfers of Mortgaged Property. The Servicer Seller shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Seller shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Seller shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Seller reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Seller shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Seller is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Seller has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Seller for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (0.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Seller as additional servicing compensation, and any portion thereof in excess of one-half of one percent (0.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Seller shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Seller with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Seller diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 5 contracts
Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-5), Servicing Agreement (Lehman Mortgage Trust 2007-10), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-11xs)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law Applicable Law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law Applicable Law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable lawApplicable Law, accelerate the maturity of the Mortgage Loan.
Appears in 4 contracts
Samples: Trust Agreement (GSAA Home Equity 2005-12), Trust Agreement (GSAA Home Equity Trust 2005-3), Trust Agreement (GSAA Home Equity Trust 2005-3)
Transfers of Mortgaged Property. The Interim Servicer shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Interim Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Interim Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Interim Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Interim Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurerNote, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Interim Servicer for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (0.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Interim Servicer as additional servicing compensation, and any portion thereof in excess of one-half of one percent (0.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Interim Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the relevant underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its Sellers and their affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Interim Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy or PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, all fees, will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria Underwriting Guidelines for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteriaUnderwriting Guidelines, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 4 contracts
Samples: Servicing Agreement (Sail 2006-3), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc4), Mortgage Loan Purchase Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 4 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4), Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003-38)
Transfers of Mortgaged Property. The Servicer shall use its best efforts be required to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall Servicer, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty guarantee insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use follow Accepted Servicing Practices and the underwriting criteria for approving practices and procedures of prudent mortgage lenders in the respective states where the Mortgage Properties are located including but not limited to Servicer conducting a review of the credit and financial capacity of the proposed transferee which are used by individual receiving the Servicerproperty, its affiliates or Xxxxxx Mae with respect to underwriting and may approve the assumption if it believes the recipient is capable of assuming the mortgage loans of the same type as the Mortgage Loansobligations. If the credit of the proposed transferee does not meet such satisfy the relevant underwriting criteriacriteria and the transfer of ownership actually occurs, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 4 contracts
Samples: Flow Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Sl2), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-4), Servicing Rights Purchase and Servicing Agreement (GSAA Home Equity Trust 2006-2)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, ; provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumptionassumption agreement that may be entered into by the Servicer, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Fxxxxx Mxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar7), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar6), Securitization Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-Ar2)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI Policy or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. The Company shall notify the Purchaser that any such substitution of liability or assumption agreement has been completed by forwarding to the Purchaser the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. If any fee is collected by the Company for entering into an assumption or substitution of liability agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A2), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, ; provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumptionassumption agreement that may be entered into by the Servicer, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Greenpoint Mortgage Funding Trust 2007-Ar1), Securitization Servicing Agreement (Lehman XS Trust Series 2007-15n), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar8)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan shall nor any other material terms may be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Seller's Warranties and Servicing Agreement (MASTR Alternative Loan Trust 2006-1), Seller's Warranties and Servicing Agreement (MASTR Asset Securitization Trust 2006-2), Seller's Warranties and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Ab1)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Fxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-8), Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2006-16n), Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2007-12n)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall Servicer, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty guarantee insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. Where an assumption is allowed pursuant to this Section 4.01, the Servicer, with the prior written consent of the insurer under the PMI Policy or LPMI Policy, if any, is authorized to enter into a substitution of liability agreement with the Person to whom the Mortgaged Property has been conveyed or is proposed to be conveyed pursuant to which the original Mortgagor is released from liability and such Person is substituted as Mortgagor and becomes liable under the related Mortgage Note. Any such substitution of liability agreement shall be in lieu of an assumption agreement. The Servicer shall notify the Owner that any such substitution of liability or assumption agreement has been completed by forwarding to the Owner, or its designee, the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use follow Accepted Servicing Practices and the underwriting criteria for approving practices and procedures of prudent mortgage lenders in the respective states where the Mortgaged Properties are located including but not limited to Servicer conducting a review of the credit and financial capacity of the proposed transferee which are used by individual receiving the Servicerproperty, its affiliates or Xxxxxx Mae with respect to underwriting and may approve the assumption if it believes the recipient is capable of assuming the mortgage loans of the same type as the Mortgage Loansobligations. If the credit of the proposed transferee does not meet such satisfy the relevant underwriting criteriacriteria and the transfer of ownership actually occurs, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan. The Servicer shall be required to take any action otherwise required by this Section 4.01 only if it determines that the proceeds to the Owner (after giving effect to the recovery of the Servicer’s out-of-pocket expenses) from payment on, or disposition of the related Mortgage Loan or REO Property would be increased as a result of the taking of such action.
Appears in 3 contracts
Samples: Servicing Agreement (PennyMac Mortgage Investment Trust), Servicing Agreement (PennyMac Mortgage Investment Trust), Servicing Agreement (PennyMac Mortgage Investment Trust)
Transfers of Mortgaged Property. The Servicer shall use its best efforts be required to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall Servicer, in the Purchaser's name, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage mortgagee guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae FNMA with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Servicing Agreement (D&n Capital Corp), Servicing Agreement (Flagstar Capital Corp), Servicing Agreement (Franklin Finance Corp)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law Applicable Law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law Applicable Law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable lawApplicable Law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Master Servicing and Trust Agreement (GS Mortgage GSAA Home Eq. Trust 2004-7)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumptionassumption agreement that may be entered into by the Servicer, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp. 2005 S-3), Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S2), Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S1)
Transfers of Mortgaged Property. The Servicer Subservicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Subservicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, ; provided, however, that the Servicer Subservicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer Subservicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Subservicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Subservicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Subservicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumptionassumption agreement that may be entered into by the Subservicer, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Subservicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the ServicerSubservicer, its affiliates or Xxxxxx Mae Fxxxxx Mxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Subservicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-4n), Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp1), Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp2)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. The Company shall notify the Purchaser that any such substitution of liability or assumption agreement has been completed by forwarding to the Purchaser the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Warranties and Servicing Agreement (Banc of America Funding 2007-a Trust)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, immediately notify the Purchaser and exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2), Master Seller's Warranties and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3), Master Seller's Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit creditworthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-5), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-6)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall Servicer, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty guarantee insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. Where an assumption is allowed pursuant to this Subsection 4.01, the Servicer, with the prior written consent of the insurer under the PMI Policy or LPMI Policy, if any, is authorized to enter into a substitution of liability agreement with the Person to whom the Mortgaged Property has been conveyed or is proposed to be conveyed pursuant to which the original Mortgagor is released from liability and such Person is substituted as Mortgagor and becomes liable under the related Mortgage Note. Any such substitution of liability agreement shall be in lieu of an assumption agreement. The Servicer shall notify the Owner that any such substitution of liability or assumption agreement has been completed by forwarding to the Owner, or its designee, the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use follow Accepted Servicing Practices and the underwriting criteria for approving practices and procedures of prudent mortgage lenders in the respective states where the Mortgaged Properties are located including but not limited to Servicer conducting a review of the credit and financial capacity of the proposed transferee which are used by individual receiving the Servicerproperty, its affiliates or Xxxxxx Mae with respect to underwriting and may approve the assumption if it believes the recipient is capable of assuming the mortgage loans of the same type as the Mortgage Loansobligations. If the credit of the proposed transferee does not meet such satisfy the relevant underwriting criteriacriteria and the transfer of ownership actually occurs, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Flow Servicing Agreement (Pennymac Financial Services, Inc.), Flow Servicing Agreement (Pennymac Financial Services, Inc.), Flow Servicing Agreement (Pennymac Financial Services, Inc.)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates 2004-S2), Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-Ffa), Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-S1)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Fxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-6), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2006-Bnc1)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, ; provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or or, with respect to the Non-Conventional Mortgage Loans, if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyMIC or LGC or Loan Note Guarantee. If the Servicer Company reasonably believes it is unable under applicable law Applicable Law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event that the Servicer Company is unable under applicable law Applicable Law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without the Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable lawApplicable Law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law Applicable Law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law Applicable Law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. The Company shall notify the Purchaser that any such substitution of liability or assumption agreement has been completed by forwarding to the Purchaser the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable lawApplicable Law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1), Master Servicing and Trust Agreement (GS Mortgage GSAA Home Eq. Trust 2004-7)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (BNC Mortgage Loan Trust 2007-2), Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Fxxxxx Mxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (BNC Mortgage Loan Trust 2007-1), Securitization Servicing Agreement (Structured Asset Securities CORP 2007-Bc1)
Transfers of Mortgaged Property. The Servicer shall use its best efforts be required to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall Servicer, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty guarantee insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. Where an assumption is allowed pursuant to this Subsection 4.01, the Servicer, with the prior written consent of the insurer under the Primary Insurance Policy or LPMI Policy, if any, is authorized to enter into a substitution of liability agreement with the person to whom the Mortgaged Property has been conveyed or is proposed to be conveyed pursuant to which the original Mortgagor is released from liability and such Person is substituted as Mortgagor and becomes liable under the related Mortgage Note. Any such substitution of liability agreement shall be in lieu of an assumption agreement. Servicer shall notify Owner that any such substitution of liability or assumption agreement has been completed by forwarding to the Owner, or its designee, the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use follow Accepted Servicing Practices and the underwriting criteria for approving practices and procedures of prudent mortgage lenders in the respective states where the Mortgage Properties are located including but not limited to Servicer conducting a review of the credit and financial capacity of the proposed transferee which are used by individual receiving the Servicerproperty, its affiliates or Xxxxxx Mae with respect to underwriting and may approve the assumption if it believes the recipient is capable of assuming the mortgage loans of the same type as the Mortgage Loansobligations. If the credit of the proposed transferee does not meet such satisfy the relevant underwriting criteriacriteria and the transfer of ownership actually occurs, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Oa1)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit creditworthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Seller's Warranties and Servicing Agreement (Sasco 2006-3h), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-2)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. The Servicer shall be entitled to retain as additional servicing compensation any assumption fees collected by the Servicer in connection with a Mortgagor entering into an assumption agreement. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its Servicers and their affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-4)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights right to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, ; provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain remains liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (0.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess of one-half of one percent (0.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumableassumed, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit Company's Summary of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type Underwriting Guidelines attached hereto as the Mortgage LoansExhibit A-1. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corp), Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corp)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one percent (1.0%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess one percent (1.0%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumptionassumption or substitution of liability, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan Loan, the Index, the Lifetime Mortgage Interest Rate Cap, the Initial Rate Cap or the Gross Margin of any Mortgage Loan, nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan. Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Company of a notification that payment in full will be escrowed in a manner customary for such purposes, the Company shall notify the Purchaser in the Monthly Remittance Advice as provided in Section 5.02, and may request the release of any Mortgage Loan Documents. In connection with any such prepayment in full, the Company shall comply with all applicable laws regarding satisfaction, release or reconveyance with respect to the Mortgage. If the Company satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Company otherwise prejudice any rights the Purchaser may have under the mortgage instruments, upon written demand of the Purchaser, the Company shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the Purchaser. The Company shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 4.12 insuring the Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein. Servicing Compensation. As compensation for its services hereunder, the Company shall be entitled to withdraw from the Custodial Account or to retain from interest payments on the Mortgage Loans the amount of its Servicing Fee. The Servicing Fee shall be payable monthly and shall be computed on the basis of the same unpaid principal balance and for the period respecting which any related interest payment on a Mortgage Loan is computed. The Servicing Fee shall be payable only at the time of and with respect to those Mortgage Loans for which payment is in fact made of the entire amount of the Monthly Payment. The obligation of the Purchaser to pay the Servicing Fee is limited to, and payable solely from, the interest portion of such Monthly Payments collected by the Company. Additional servicing compensation in the form of assumption fees, to the extent provided in Section 6.01, and late payment charges and Prepayment Penalties, shall be retained by the Company to the extent not required to be deposited in the Custodial Account. The Company shall be required to pay all expenses incurred by it in connection with its servicing activities hereunder and shall not be entitled to reimbursement thereof except as specifically provided for herein. Notwithstanding anything in this Agreement to the contrary, in the event of a Principal Prepayment in full, the Company shall not waive, and shall not permit the waiver of, any Prepayment Penalty or portion thereof required by the terms of the related Mortgage Note unless (i) the Company determines that such waiver would maximize recovery of Liquidations Proceeds for such Mortgage Loan, taking into account the value of such Prepayment Penalty, or (ii) (A) the enforeceability therefore is limited (1) by bankruptcy, insolvency, moratorium, receivership, or other similar law relating to creditors' rights generally or (2) due to acceleration in connection with a foreclosure or other involuntary payment or (B) the enforceability is otherwise limited or prohibited by applicable law. Annual Statement as to Compliance. The Company shall deliver to the Purchaser, on or before May 31 each year beginning May 31, 2003, an Officer's Certificate, stating that (i) a review of the activities of the Company during the preceding calendar year and of performance under this Agreement has been made under such officer's supervision, and (ii) the Company has complied fully with the provisions of Article II and Article IV, and (iii) to the best of such officer's knowledge, based on such review, the Company has fulfilled all its obligations under this Agreement throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof and the action being taken by the Company to cure such default. Annual Independent Public Accountants' Servicing Report. On or before May 31st of each year beginning May 31, 2003, the Company, at its expense, shall cause a firm of independent public accountants which is a member of the American Institute of Certified Public Accountants to furnish a statement to each Purchaser to the effect that such firm has examined certain documents and records relating to the servicing of the Mortgage Loans and this Agreement and that such firm is of the opinion that the provisions of Article II and Article IV have been complied with, and that, on the basis of such examination conducted substantially in compliance with the Single Attestation Program for Mortgage Bankers, nothing has come to their attention which would indicate that such servicing has not been conducted in compliance therewith, except for (i) such exceptions as such firm shall believe to be immaterial, and (ii) such other exceptions as shall be set forth in such statement. Right to Examine Company Records. The Purchaser shall have the right to examine and audit any and all of the books, records, or other information of the Company, whether held by the Company or by another on its behalf, with respect to or concerning this Agreement or the Mortgage Loans, during business hours or at such other times as may be reasonable under applicable circumstances, upon reasonable advance notice. AGENCY TRANSFER; PASS-THROUGH TRANSFER Removal of Mortgage Loans from Inclusion Under this Agreement Upon an Agency Transfer, or a Pass-Through Transfer on One or More Reconstitution Dates. The Purchaser and the Company agree that with respect to any Pass-Through Transfer, Whole Loan Transfer or Agency Transfers, as applicable, the Company shall cooperate with the Purchaser in effecting such transfers and shall negotiate in good faith and execute any Reconstitution Agreement required to effectuate the foregoing; provided that, such Reconstitution Agreement shall not materially increase the Company's obligations or liabilities hereunder, nor diminish any of the Company's rights, and provide to any master servicer or the trustee, as applicable, and/or the Purchaser any and all publicly available information and appropriate verification of information which may be reasonably available to the Company, whether through letters of its auditors and counsel or otherwise, as the Purchaser, trustee or a master servicer shall reasonable request as to the related Mortgage Loans. Purchaser shall reimburse Company for any and all costs or expenses incurred by Company (i) in obtaining "accountant comfort letters" with respect to information supplied in response to Purchaser requests, (ii) in connection with any due diligence performed in connection with a Pass-Through or Whole Loan Transfer or (iii) making the Mortgage Loan Documents or Servicing Files available to parties participating in a Pass-Through or Whole Loan Transfer, including without limitation, shipping costs. Such information may be included in any disclosure document prepared in connection with the Pass-Through Transfer, Whole Loan Transfer or Agency Transfer, as applicable; provided, however, that Company shall indemnify the Purchaser against any liability arising from any material omissions or misstatements in any information supplied by the Company and included in a disclosure document; and provided, further, that the Purchaser shall indemnify the Company against any liability arising from any information included in a disclosure document that was not supplied by the Company. The Company shall execute any Reconstitution Agreements required within a reasonable period of time after receipt of such agreements which time shall be sufficient for the Company and the Company's counsel to review such agreements. Company shall use its Best Efforts to complete such review within ten (10) Business Days after mutual agreement as to the terms thereof, but such time shall not exceed fifteen (15) Business Days after mutual agreement as to the terms thereof. The Company shall not be required to restate any representations and warranties as of the date of any Pass-Through Transfer, Whole Loan Transfer or Agency Transfers other than the representations and warranties set forth in Section 3.01 (provided, that the Company shall not be required to restate the representation and warranty set forth in Section 3.01(j)). In the event of any Agency Transfer, Pass-Through or Whole Loan Transfer, the Company shall have no obligation to pay any custodial fees charged by the Agency. Purchaser's Repurchase and Indemnification Obligations. Upon receipt by the Company of notice from Xxxxxx Xxx, Xxxxxxx Mac or the trustee of a breach of any Purchaser representation or warranty contained in any Reconstitution Agreement or a request by Xxxxxx Mae, Xxxxxxx Mac or the trustee, as the case may be, for the repurchase of any Mortgage Loan transferred to Xxxxxx Mae or Xxxxxxx Mac pursuant to an Agency Transfer or to a trustee pursuant to a Pass-Through Transfer, the Company shall promptly notify the Purchaser of same and shall, at the direction of the Purchaser, use its best efforts to cure and correct any such breach and to satisfy the requests or concerns of Xxxxxx Mae, Xxxxxxx Mac, or the trustee related to such deficiencies of the related Mortgage Loans transferred to Xxxxxx Mae, Xxxxxxx Mac, or the trustee. The Purchaser shall repurchase from the Company any Mortgage Loan transferred to Xxxxxx Mae or Xxxxxxx Mac pursuant to an Agency Transfer or to a trustee pursuant to a Pass-Through Transfer with respect to which the Company has been required by Xxxxxx Mae, Xxxxxxx Mac, or the trustee to repurchase due to a breach of a representation or warranty made by the Purchaser with respect to the Mortgage Loans, or the servicing thereof prior to the transfer date to Xxxxxx Mae, Xxxxxxx Mac, or the trustee in any Reconstitution Agreement and not due to a breach of the Company's representations or obligations thereunder or pursuant to this Agreement. The repurchase price to be paid by the Purchaser to the Company shall equal that repurchase price paid by the Company to Xxxxxx Mae, Xxxxxxx Mac, or the third party purchaser plus all reasonable costs and expenses borne by the Company in connection with the cure of said breach of a representation or warranty made by the Purchaser and in connection with the repurchase of such Mortgage Loan from Xxxxxx Mae, Xxxxxxx Mac, or the trustee, including, but not limited to, reasonable and necessary attorneys' fees. At the time of repurchase, the Custodian and the Company shall arrange for the reassignment of the repurchased Mortgage Loan to the Purchaser according to the Purchaser's instructions and the delivery to the Custodian of any documents held by Xxxxxx Mae, Xxxxxxx Mac, or the trustee with respect to the repurchased Mortgage Loan pursuant to the related Reconstitution Agreement. In the event of a repurchase, the Company shall, simultaneously with such reassignment, give written notice to the Purchaser that such repurchase has taken place, and amend the related Mortgage Loan Schedule to reflect the addition of the repurchased Mortgage Loan to this Agreement. In connection with any such addition, the Company and the Purchaser shall be deemed to have made as to such repurchased Mortgage Loan the representations and warranties set forth in this Agreement. COMPANY TO COOPERATE Provision of Information. During the term of this Agreement and provided such request will cause the Company to violate any applicable law or statute, the Company shall furnish to the Purchaser such periodic, special, or other reports or information and copies or originals of any documents contained in the Servicing File for each Mortgage Loan, whether or not provided for herein, as shall be necessary, reasonable, or appropriate with respect to the Purchaser, any regulatory requirement pertaining to the Purchaser or the purposes of this Agreement. All such reports, documents or information shall be provided by and in accordance with all reasonable instructions and directions which the Purchaser may give. Purchaser shall pay any costs related to any special reports. The Company shall execute and deliver all such instruments and take all such action as the Purchaser may reasonably request from time to time, in order to effectuate the purposes and to carry out the terms of this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-5), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)
Transfers of Mortgaged Property. The Servicer Seller shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Seller shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Seller shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Seller reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Seller shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Seller is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Seller has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Seller for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (0.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Seller as additional servicing compensation, and any portion thereof in excess of one-half of one percent (0.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Seller shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Fxxxxx Mxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Seller diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-15), Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall Company shall, with the Purchaser’s prior written consent, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit creditworthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (Greenwich Capital Acceptance Inc), Servicing Agreement (Structured Asset Mortgage Investments Inc)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the thee primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials teens shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10), Servicing Agreement (Structured Asset Securities Corp. 2005-14)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one percent (1.0%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess one percent (1.0%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original <PAGE> Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement, Servicing Agreement
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Fxxxxx Mxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (LXS 2007-3), Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2006-14n)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, ; provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc4), Securitization Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Xxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-16), Seller's Warranties and Servicing Agreement (Lehman XS Trust Series 2006-10n)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Servicing Agreement (LMT 2006-4)
Transfers of Mortgaged Property. The Servicer shall use its best efforts be required to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law or the terms of the Mortgage Note from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related Primary Mortgage Insurance Policy or LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall Servicer, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and and, to the original extent permitted by applicable State law, the Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty guarantee insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. The Servicer shall notify the Owner that any such substitution of liability or assumption agreement has been completed and forward to the Custodian the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage Loan Documents and shall, for all purposes, be considered a part of such related Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving follow Accepted Servicing Practices including but not limited to Servicer conducting a review of the credit and financial capacity of the proposed transferee which are used by individual receiving the Servicerproperty, its affiliates or Xxxxxx Mae with respect to underwriting and may approve the assumption if it believes the recipient is capable of assuming the mortgage loans of the same type as the Mortgage Loansobligations. If the credit of the proposed transferee does not meet such satisfy the relevant underwriting criteriacriteria and the transfer of ownership actually occurs, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-1), Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1)
Transfers of Mortgaged Property. The Servicer shall use its best efforts be required to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall Servicer, in the Purchaser's name, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property Mortgaged Property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage mortgagee guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae FNMA with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Servicing Agreement (California Federal Preferred Capital Corpation), Servicing Agreement (First Nationwide Preferred Capital Corp)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption not specifically allowed under the terms of the Mortgage Note by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp), Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (ia) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (iib) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller Trustee of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller Trustee of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement the fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Trustee’s consent. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness credit-worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans by the Seller of the same type as the Mortgage Loans. If the credit credit-worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (FBR Securitization, Inc.), Pooling and Servicing Agreement (First NLC Securitization, Inc.)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, ; provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. The Company shall notify the Purchaser that any substitution of liability or assumption agreement has been completed by forwarding to the Purchaser the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit-worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit credit-worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Flow Sale and Interim Servicing Agreement (ABFC 2006-He1 Trust)
Transfers of Mortgaged Property. The Servicer Seller shall use its best efforts be required to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Seller shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer Seller reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall Seller, in the Purchaser's name, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Seller is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurerNote, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Seller shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Seller with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Seller diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with Fanxxx Xxe xxth respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Master Seller’s Warranties and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-4)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would will impair or threaten to impair any recovery under the related LPMI Primary Mortgage Insurance Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement or a substitution of liability agreement, such fee, including any prepayment fees or penalties, will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumableassumed, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which that are customarily used by the Servicer, its affiliates or Xxxxxx Mae Company with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corporation)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement the fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Owner's consent. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, such fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Fannie Mae with respect to underwriting mortgage loans of the same type as the Mortgage xxx Xoxxxage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” "due_on_sale" provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” "due_on_sale" clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” "due_on_sale" clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, it will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria Underwriting Guidelines for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loanstransferee. If the credit of the proposed transferee does not meet such underwriting criteriaUnderwriting Guidelines, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one percent (1.0%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess one percent (1.0%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumptionassumption or substitution of liability, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan Loan, the Index, the Lifetime Mortgage Interest Rate Cap, the Initial Rate Cap or the Gross Margin of any Mortgage Loan, nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae Fxxxxx Mxx with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan. Satisfaction of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Company of a notification that payment in full will be escrowed in a manner customary for such purposes, the Company shall notify the Purchaser in the Monthly Remittance Advice as provided in Section 5.02, and may request the release of any Mortgage Loan Documents. In connection with any such prepayment in full, the Company shall comply with all applicable laws regarding satisfaction, release or reconveyance with respect to the Mortgage. If the Company satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Company otherwise prejudice any rights the Purchaser may have under the mortgage instruments, upon written demand of the Purchaser, the Company shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within 2 Business Days of receipt of such demand by the Purchaser. The Company shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 4.12 insuring the Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein. Servicing Compensation. As compensation for its services hereunder, the Company shall be entitled to withdraw from the Custodial Account or to retain from interest payments on the Mortgage Loans the amount of its Servicing Fee. The Servicing Fee shall be payable monthly and shall be computed on the basis of the same unpaid principal balance and for the period respecting which any related interest payment on a Mortgage Loan is computed. The Servicing Fee shall be payable only at the time of and with respect to those Mortgage Loans for which payment is in fact made of the entire amount of the Monthly Payment. The obligation of the Purchaser to pay the Servicing Fee is limited to, and payable solely from, the interest portion of such Monthly Payments collected by the Company. Additional servicing compensation in the form of assumption fees, to the extent provided in Section 6.01, and late payment charges and Prepayment Penalties, shall be retained by the Company to the extent not required to be deposited in the Custodial Account. The Company shall be required to pay all expenses incurred by it in connection with its servicing activities hereunder and shall not be entitled to reimbursement thereof except as specifically provided for herein. Notwithstanding anything in this Agreement to the contrary, in the event of a Principal Prepayment in full, the Company shall not waive, and shall not permit the waiver of, any Prepayment Penalty or portion thereof required by the terms of the related Mortgage Note unless (i) the Company determines that such waiver would maximize recovery of Liquidations Proceeds for such Mortgage Loan, taking into account the value of such Prepayment Penalty, or (ii) (A) the enforeceability therefore is limited (1) by bankruptcy, insolvency, moratorium, receivership, or other similar law relating to creditors' rights generally or (2) due to acceleration in connection with a foreclosure or other involuntary payment or (B) the enforceability is otherwise limited or prohibited by applicable law. Annual Statement as to Compliance. The Company shall deliver to the Purchaser, on or before May 31 each year beginning May 31, 2003, an Officer's Certificate, stating that (i) a review of the activities of the Company during the preceding calendar year and of performance under this Agreement has been made under such officer's supervision, and (ii) the Company has complied fully with the provisions of Article II and Article IV, and (iii) to the best of such officer's knowledge, based on such review, the Company has fulfilled all its obligations under this Agreement throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof and the action being taken by the Company to cure such default. Annual Independent Public Accountants' Servicing Report. On or before May 31st of each year beginning May 31, 2003, the Company, at its expense, shall cause a firm of independent public accountants which is a member of the American Institute of Certified Public Accountants to furnish a statement to each Purchaser to the effect that such firm has examined certain documents and records relating to the servicing of the Mortgage Loans and this Agreement and that such firm is of the opinion that the provisions of Article II and Article IV have been complied with, and that, on the basis of such examination conducted substantially in compliance with the Single Attestation Program for Mortgage Bankers, nothing has come to their attention which would indicate that such servicing has not been conducted in compliance therewith, except for (i) such exceptions as such firm shall believe to be immaterial, and (ii) such other exceptions as shall be set forth in such statement. Right to Examine Company Records. The Purchaser shall have the right to examine and audit any and all of the books, records, or other information of the Company, whether held by the Company or by another on its behalf, with respect to or concerning this Agreement or the Mortgage Loans, during business hours or at such other times as may be reasonable under applicable circumstances, upon reasonable advance notice. AGENCY TRANSFER; PASS-THROUGH TRANSFER Removal of Mortgage Loans from Inclusion Under this Agreement Upon an Agency Transfer, or a Pass-Through Transfer on One or More Reconstitution Dates. The Purchaser and the Company agree that with respect to any Pass-Through Transfer, Whole Loan Transfer or Agency Transfers, as applicable, the Company shall cooperate with the Purchaser in effecting such transfers and shall negotiate in good faith and execute any Reconstitution Agreement required to effectuate the foregoing; provided that, such Reconstitution Agreement shall not materially increase the Company's obligations or liabilities hereunder, nor diminish any of the Company's rights, and provide to any master servicer or the trustee, as applicable, and/or the Purchaser any and all publicly available information and appropriate verification of information which may be reasonably available to the Company, whether through letters of its auditors and counsel or otherwise, as the Purchaser, trustee or a master servicer shall reasonable request as to the related Mortgage Loans. Purchaser shall reimburse Company for any and all costs or expenses incurred by Company (i) in obtaining "accountant comfort letters" with respect to information supplied in response to Purchaser requests, (ii) in connection with any due diligence performed in connection with a Pass-Through or Whole Loan Transfer or (iii) making the Mortgage Loan Documents or Servicing Files available to parties participating in a Pass-Through or Whole Loan Transfer, including without limitation, shipping costs. Such information may be included in any disclosure document prepared in connection with the Pass-Through Transfer, Whole Loan Transfer or Agency Transfer, as applicable; provided, however, that Company shall indemnify the Purchaser against any liability arising from any material omissions or misstatements in any information supplied by the Company and included in a disclosure document; and provided, further, that the Purchaser shall indemnify the Company against any liability arising from any information included in a disclosure document that was not supplied by the Company. The Company shall execute any Reconstitution Agreements required within a reasonable period of time after receipt of such agreements which time shall be sufficient for the Company and the Company's counsel to review such agreements. Company shall use its Best Efforts to complete such review within ten (10) Business Days after mutual agreement as to the terms thereof, but such time shall not exceed fifteen (15) Business Days after mutual agreement as to the terms thereof. The Company shall not be required to restate any representations and warranties as of the date of any Pass-Through Transfer, Whole Loan Transfer or Agency Transfers other than the representations and warranties set forth in Section 3.01 (provided, that the Company shall not be required to restate the representation and warranty set forth in Section 3.01(j)). In the event of any Agency Transfer, Pass-Through or Whole Loan Transfer, the Company shall have no obligation to pay any custodial fees charged by the Agency. Purchaser's Repurchase and Indemnification Obligations. Upon receipt by the Company of notice from Fxxxxx Mxx, Fxxxxxx Mac or the trustee of a breach of any Purchaser representation or warranty contained in any Reconstitution Agreement or a request by Fxxxxx Mae, Fxxxxxx Mac or the trustee, as the case may be, for the repurchase of any Mortgage Loan transferred to Fxxxxx Mae or Fxxxxxx Mac pursuant to an Agency Transfer or to a trustee pursuant to a Pass-Through Transfer, the Company shall promptly notify the Purchaser of same and shall, at the direction of the Purchaser, use its best efforts to cure and correct any such breach and to satisfy the requests or concerns of Fxxxxx Mae, Fxxxxxx Mac, or the trustee related to such deficiencies of the related Mortgage Loans transferred to Fxxxxx Mae, Fxxxxxx Mac, or the trustee. The Purchaser shall repurchase from the Company any Mortgage Loan transferred to Fxxxxx Mae or Fxxxxxx Mac pursuant to an Agency Transfer or to a trustee pursuant to a Pass-Through Transfer with respect to which the Company has been required by Fxxxxx Mae, Fxxxxxx Mac, or the trustee to repurchase due to a breach of a representation or warranty made by the Purchaser with respect to the Mortgage Loans, or the servicing thereof prior to the transfer date to Fxxxxx Mae, Fxxxxxx Mac, or the trustee in any Reconstitution Agreement and not due to a breach of the Company's representations or obligations thereunder or pursuant to this Agreement. The repurchase price to be paid by the Purchaser to the Company shall equal that repurchase price paid by the Company to Fxxxxx Mae, Fxxxxxx Mac, or the third party purchaser plus all reasonable costs and expenses borne by the Company in connection with the cure of said breach of a representation or warranty made by the Purchaser and in connection with the repurchase of such Mortgage Loan from Fxxxxx Mae, Fxxxxxx Mac, or the trustee, including, but not limited to, reasonable and necessary attorneys' fees. At the time of repurchase, the Custodian and the Company shall arrange for the reassignment of the repurchased Mortgage Loan to the Purchaser according to the Purchaser's instructions and the delivery to the Custodian of any documents held by Fxxxxx Mae, Fxxxxxx Mac, or the trustee with respect to the repurchased Mortgage Loan pursuant to the related Reconstitution Agreement. In the event of a repurchase, the Company shall, simultaneously with such reassignment, give written notice to the Purchaser that such repurchase has taken place, and amend the related Mortgage Loan Schedule to reflect the addition of the repurchased Mortgage Loan to this Agreement. In connection with any such addition, the Company and the Purchaser shall be deemed to have made as to such repurchased Mortgage Loan the representations and warranties set forth in this Agreement. COMPANY TO COOPERATE Provision of Information. During the term of this Agreement and provided such request will cause the Company to violate any applicable law or statute, the Company shall furnish to the Purchaser such periodic, special, or other reports or information and copies or originals of any documents contained in the Servicing File for each Mortgage Loan, whether or not provided for herein, as shall be necessary, reasonable, or appropriate with respect to the Purchaser, any regulatory requirement pertaining to the Purchaser or the purposes of this Agreement. All such reports, documents or information shall be provided by and in accordance with all reasonable instructions and directions which the Purchaser may give. Purchaser shall pay any costs related to any special reports. The Company shall execute and deliver all such instruments and take all such action as the Purchaser may reasonably request from time to time, in order to effectuate the purposes and to carry out the terms of this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to Company shall, in accordance with Accepted Servicing Practices, enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI any PPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” clause" clause or that either a decision not to exercise the "due-on-sale" provision or a decision to permit an assumption of the Mortgage Loan is in the best interest of the Purchaser, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Flow Sale and Servicing Agreement (ABFC 2006-Opt3 Trust)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one percent (1.0%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess one percent (1.0%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp 2004-S3)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit creditworthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Lehman XS Trust Series 2006-10n)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess of one-half of one percent (.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the thee primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other materials terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Trust 2005-6)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI Policy or LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-"dueon- sale” " clause, the Servicer shall enter into (i) an assumption and modification agreement with the person Person to whom such property has been conveyed, pursuant to which such person Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumptionassumption or substitution of liability, none the Servicer shall follow the underwriting practices and procedures of prudent mortgage lenders in the state in which the related Mortgaged Property is located. With respect to an assumption or substitution of liability, Mortgage Interest Rate, the amount of the Monthly Payment, and the final maturity date of such Mortgage Interest Rate borne Note may not be changed without the Owner's consent. The Servicer shall notify the Owner that any such substitution of liability or assumption agreement has been completed by forwarding to the Owner the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage NoteFile and shall, for all purposes, be considered a part of such Mortgage File to the term of the Mortgage Loan or the outstanding principal amount of the Mortgage Loan shall be changedsame extent as all other documents and instruments constituting a part thereof. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage LoansLoan. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan. Notwithstanding the foregoing paragraphs of this Section 6.01 or any other provision of this Agreement, the Servicer shall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a Mortgage Loan by operation of law or any assumption which the Servicer may be restricted by law from preventing, for any reason whatsoever. For purposes of this Section 6.01, the term "assumption" is deemed to also include a sale of the Mortgaged Property subject to the Mortgage that is not accompanied by an assumption or substitution of liability agreement.
Appears in 1 contract
Samples: Servicing Agreement (HSI Asset Loan Obligation Trust 2006-2)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” the Mortgage Termination Event provision of the Mortgage Note and Mortgage in accordance with Accepted Servicing Practices and applicable law contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan XXX under the “due-on-sale” clause applicable thereto, Mortgage Termination Event clause; provided, however, that the Servicer shall not exercise such rights if prohibited by law or the related Mortgage Note from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Primary Mortgage Insurance Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” Mortgage Termination Event clause, the Servicer shall with the Purchaser's prior written approval enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event that the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, such fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Stated Interest Rate borne by the related Mortgage Note, the Appreciation Share, any Mortgage Termination Events, the term of the Mortgage Loan or XXX, nor the outstanding principal amount of the Mortgage Loan XXX shall be changed. To the extent that In connection with any Mortgage Loan is assumablesuch assumption or substitution of liability, the Servicer shall inquire diligently into follow the creditworthiness underwriting practices and procedures of the proposed transfereeXxxxxx Mae Guide or Xxxxxxx Mac Guide. The Servicer shall notify the Purchaser that any such substitution of liability or assumption agreement has been completed by forwarding to the Purchaser the original of any such substitution of liability or assumption agreement, which document shall be added to the related Mortgage File and shall use shall, for all purposes, be considered a part of such Mortgage File to the underwriting criteria for approving the credit of the proposed transferee which are used same extent as all other documents and instruments constituting a part thereof. All fees collected by the Servicer for entering into an assumption or substitution of liability agreement shall belong to the Servicer, its affiliates . Notwithstanding the foregoing paragraphs of this Section or Xxxxxx Mae with respect to underwriting mortgage loans any other provision of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteriathis Agreement, the Servicer diligently shallshall not be deemed to be in default, breach or any other violation of its obligations hereunder by reason of any assumption of a XXX by operation of law or any assumption which the Servicer may be restricted by law from preventing, for any reason whatsoever. For purposes of this Section 7.1, the term "assumption" is deemed to also include a sale of the Mortgaged Property subject to the extent permitted Mortgage that is not accompanied by the Mortgage an assumption or the Mortgage Note and by applicable law, accelerate the maturity substitution of the Mortgage Loanliability agreement.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Samco Mortgage Securities Corp)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to Company shall, in accordance with Accepted Servicing Practices, enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI any PPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “due-on-sale” clauseclause or that either a decision not to exercise the “due-on-sale” provision or a decision to permit an assumption of the Mortgage Loan is in the best interest of the Purchaser, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged without Purchaser’s consent. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Flow Sale and Servicing Agreement (ABFC 2006-Opt2 Trust)
Transfers of Mortgaged Property. The Servicer Company shall use its best efforts to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-sale” " clause applicable thereto, provided, however, that the Servicer Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI or LPMI Policy, if any. If the Servicer Company reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer Company shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Company as additional servicing compensation, and any portion thereof in excess of one-half of one percent (.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer Company shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Fannie Mae with respect to underwriting mortgage loans of the same type as the Mortgage ax xxx Mxxxgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer Company diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Transfers of Mortgaged Property. The Servicer shall use its commercially reasonable best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, ; provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if anyso. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (ia) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (iib) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, if any, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement the fee will be retained by the Servicer as additional servicing compensation. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changedchanged unless such change would be consistent with Accepted Servicing Practices. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness credit-worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae with respect to underwriting mortgage loans by the Seller of the same type as the Mortgage Loans. If the credit credit-worthiness of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (FBR Securitization Trust 2005-1)
Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “due-on-sale” clause, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Servicer for entering into an assumption agreement, a portion of such fee, up to an amount equal to one-half of one percent (0.5%) of the outstanding principal balance of the related Mortgage Loan, will be retained by the Servicer as additional servicing compensation, and any portion thereof in excess of one-half of one percent (0.5%) shall be deposited in the Custodial Account for the benefit of the Purchaser. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae FNMA with respect to underwriting mortgage loans of the same type as the Mortgage Loans. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Transfers of Mortgaged Property. The Servicer shall use its best efforts be required to enforce any “"due-on-sale” " provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “"due-on-on- sale” " clause applicable thereto, provided, however, that the Servicer shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related LPMI PMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such “"due-on-sale” " clause, the Servicer shall Servicer, in the Purchaser's name, shall, to the extent permitted by applicable law, enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage mortgagee guaranty insurer, a substitution of liability agreement with the seller purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the seller purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. In connection with any such assumption, none of neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan or nor the outstanding principal amount of the Mortgage Loan shall be changed. To the extent that any Mortgage Loan is assumable, the Servicer shall inquire diligently into the creditworthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used by the Servicer, its affiliates or Xxxxxx Mae FNMA with respect to underwriting mortgage loans of the same type as the Mortgage Loans. For Mortgage Loans which are not eligible for purchase by FNMA (commonly referred to as "non-conforming"), Servicer shall use underwriting criteria which would be used by a prudent lender in underwriting non-conforming loans for its own portfolio. If the credit of the proposed transferee does not meet such underwriting criteria, the Servicer diligently shall, to the extent permitted by the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity of the Mortgage Loan.
Appears in 1 contract
Samples: Servicing Agreement (Chevy Chase Preferred Capital Corp)