Examples of Servicing Retained Mortgage Loan in a sentence
In addition to the Purchase Price as described above, the Initial Purchaser shall pay to the Seller, at closing, accrued interest on the Stated Principal Balance of each Servicing Retained Mortgage Loan as of the related Cut-off Date at its Net Mortgage Rate from the related Cut-off Date through the day prior to the related Closing Date, both inclusive.
The Stated Principal Balance of each Servicing Retained Mortgage Loan as of the related Cut-off Date is determined after application to the reduction of principal of payments of principal due on or before the related Cut-off Date whether or not collected.
In connection with the transfer and assignment of the Servicing Retained Mortgage Loan to the Trustee, the Depositor does hereby deliver to the Trustee, with a copy to the Servicer and Special Servicer, a copy of the Servicing Retained Servicing Agreement and the Servicing Retained Mortgage Loan Intercreditor Agreement, and assigns to the Trustee its rights as holder of the Servicing Retained Mortgage Loan under the Servicing Retained Mortgage Loan Intercreditor Agreement.
In the event that any payment due under any Servicing Retained Mortgage Loan remains delinquent for a period of 90 days or more, the Seller shall commence foreclosure proceedings.
In the event that any payment due under any Servicing Retained Mortgage Loan remains delinquent for a period of 90 days or more, the Servicer shall commence foreclosure proceedings, provided that prior to commencing foreclosure proceedings, the Servicer shall notify the Purchaser in writing of the Servicer’s intention to do so, and the Servicer shall not commence foreclosure proceedings if the Purchaser objects to such action within ten (10) Business Days of receiving such notice.
With respect to each Servicing Retained Mortgage Loan sold to the Purchaser in a Mortgage Loan Package, on the related Closing Date the Seller shall assign to the Purchaser the related Servicing Agreement, pursuant to which the related Servicer shall service such Mortgage Loan subject to the terms of the Servicing Agreement.
The transfer and assignment of the Servicing Retained Mortgage Loan to the Trustee and the right to service such Mortgage Loan is subject to the terms and conditions of the Servicing Retained Servicing Agreement.
In the event that any payment due under any Servicing Retained Mortgage Loan remains delinquent for a period of 90 days or more, the Seller shall commence foreclosure proceedings, provided that prior to commencing foreclosure proceedings, the Seller shall notify the Purchaser in writing of the Seller’s intention to do so, and the Seller shall not commence foreclosure proceedings if the Purchaser objects to such action within ten (10) Business Days of receiving such notice.
Buyer may terminate the servicing or subservicing of any Servicing Retained Mortgage Loan or Servicing Released Mortgage Loan, respectively, with the then existing Servicer in accordance with either Section 6.2(f) or Section 6.2(n).
In addition to the Purchase Price as described above, the Purchaser shall pay to the Seller, at closing, accrued interest on the Stated Principal Balance of each Servicing Retained Mortgage Loan as of the related Cut-Off Date at its Net Mortgage Interest Rate from the related Cut-Off Date through the day prior to the related Closing Date, both inclusive.