Common use of Washington Mutual uses LERETA Clause in Contracts

Washington Mutual uses LERETA. For Sellers using LERETA all tax contracts will be transferred with life of loan transferable contracts. Seller must notify the applicable tax service to determine the status of the tax contracts. WaMu will need a copy of that notification. The Seller must work with the tax service to ensure that all loans are contracted prior to Transfer Date. In order to ensure that the tax contracts are set up /transferred correctly, WaMu is requiring that 30 days prior to the Transfer Date the seller must have their tax service provide LERETA with the tax contract information tape (Tax tape). A final Tax tape will also be required at the transfer date. This final tape should only include the loans that transferred to WaMu. The final tape is required within 5 business days after the transfer date. The tapes will need to be sent to the following address: Contact WaMu for address. For those loans that transfer without contracts, WaMu will require a valid legal description and be responsible for any costs incurred in connection with those tax contracts. Seller to provide to WaMu with the following information within 5 Business Days after the Final Settlement Date and within 5 Business Days after the Transfer Date: 12A. Open items report. Seller is responsible for the paying all real estate taxes, ground rents, water, sewer and municipal charges, leasehold payments or similar items that are required to be paid within 30 days 12B. Report of all loans without tax service contracts. 12C. Forward all bills received after Transfer Date to: Washington Mutual Bank, FA 539 South Fourth Ave. Xxxxxxxxxx, XX 00000-0000 Attention: Tax Department