Common use of Cure or Repurchase Clause in Contracts

Cure or Repurchase. If CMI, in its sole and exclusive discretion, determines any Loan purchased pursuant to this Agreement: (i) was underwritten and/or originated in violation of any term, condition, requirement or procedure contained in this Agreement or the CMI Manual in effect as of the date CMI purchased such Loan; (ii) was underwritten and/or originated based on any materially inaccurate information or material misrepresentation made by the Loan borrower(s), Correspondent, Correspondent’s directors, officers, employees, agents, independent contractors and/or affiliates, or any other party providing information relating to said Loan; (iii) was or is capable of being rescinded by the applicable borrower(s) pursuant to the provisions of any applicable federal (including but not limited to the Truth-In-Lending Act) or state law or regulation; (iv) must be repurchased from any secondary market investor (including but not limited to the ▇▇▇▇▇▇ Mae, ▇▇▇▇▇▇▇ Mac, FHA, VA, HUD or Government National Mortgage Association) due to a breach by Correspondent of any representation, warranty or covenant contained in this Agreement or the CMI Manual or a failure by Correspondent to comply in all material respects with the applicable CMI Manual terms, conditions, requirements and procedures; and/or (v) was subject to an Early Payment Default (as defined in the CMI Manual), an Early Payoff (as defined in the CMI Manual) or any other payment related defect (as defined in the CMI Manual) Correspondent will, upon notification by CMI, correct or cure such defect within the time prescribed by CMI to the full and complete satisfaction of CMI. If, after receiving such notice from CMI, Correspondent is unable to correct or cure such defect within the prescribed time, Correspondent shall, at CMI’s sole discretion, either (i) repurchase such defective Loan from CMI at the price required by CMI (“Repurchase Price”) or (ii) agree to such other remedies (including but not limited to additional indemnification and/or refund of a portion of the Loan purchase price) as CMI may deem appropriate. If CMI requests a repurchase of a defective Loan, Correspondent shall, within ten (10) business days of Correspondent’s receipt of such repurchase request, pay to CMI the Repurchase Price by cashier’s check or wire transfer of immediately available federal funds. If such defective Loan is owned by CMI at the time of repurchase by Correspondent, CMI shall, upon receipt of the Repurchase Price, release to Correspondent the related mortgage file and shall execute and deliver such instruments of transfer or assignment, in each case without recourse or warranty, as shall be necessary to vest in Correspondent or its designee title to the repurchased Loan. Correspondent agrees and acknowledges that the provisions of this Sec. 11 do not, in any way, eliminate, diminish or impair Correspondent’s indemnification obligations contained in Sec. 10.

Cure or Repurchase. If CMI, in its sole and exclusive discretion, determines any Loan purchased pursuant to this Agreement: (i) was underwritten and/or originated in violation of any term, condition, requirement or procedure contained in this Agreement or the CMI Manual in effect as of the date CMI purchased such Loan; (ii) was underwritten and/or originated based on any materially inaccurate information or material misrepresentation made by the Loan borrower(s), Correspondent, Correspondent’s 's directors, officers, employees, agents, independent contractors and/or affiliates, or any other party providing information relating to said Loan; (iii) was or is capable of being rescinded by the applicable borrower(s) pursuant to the provisions of any applicable federal (including but not limited to the Truth-Inin-Lending Act) or state law or regulation; (iv) must be repurchased from any secondary market investor (including but not limited to the ▇▇▇▇▇▇ Mae, ▇▇▇▇▇▇▇ Mac, . FHA, VA, HUD or Government National Mortgage Association) due to a breach by Correspondent of any representation, warranty or covenant contained in this Agreement or the CMI Manual or a failure by Correspondent to comply in all material respects with the applicable CMI Manual terms, conditions, requirements and procedures; and/or (v) was subject to an Early Payment Default (as defined in the CMI Manual), an Early Payoff (as defined in the CMI Manual) or any other payment related defect (as defined in the CMI Manual) Correspondent will, upon notification by CMI, correct or cure such defect within the time prescribed by CMI to the full and complete satisfaction of CMI. If, after receiving such notice from CMI, Correspondent is unable to correct or cure such defect within the prescribed time, Correspondent shall, at CMI’s 's sole discretion, either (i) repurchase such defective Loan from CMI at the price required by CMI (“"Repurchase Price”") or (ii) agree to such other remedies (including but not limited to additional indemnification and/or refund of a portion of the Loan purchase price) as CMI CMl may deem appropriate. If CMI requests a repurchase of a defective Loan, Correspondent shall, within ten (10) business days of Correspondent’s 's receipt of such repurchase request, pay to CMI the Repurchase Price by cashier’s 's check or wire transfer of immediately available federal funds. If such defective Loan is owned by CMI at the time of repurchase by Correspondent, . CMI shall, upon receipt of the Repurchase Price, release to Correspondent the related mortgage file and shall execute and deliver such instruments of transfer or assignment, in each case without recourse or warranty, as shall be necessary to vest in Correspondent or its designee title to the repurchased Loan. Correspondent agrees and acknowledges that the provisions of this Sec. 11 do not, in any way, eliminate, diminish or impair Correspondent’s 's indemnification obligations contained in Sec. 10.

Cure or Repurchase. If CMILender, in its sole and exclusive discretion, determines that any Loan purchased pursuant to this AgreementLoan: (i) was underwritten and/or originated in violation of any termterm or condition of this Agreement, condition, requirement or procedure contained the Guide referenced in this Agreement or the CMI Manual in effect as of the date CMI purchased such Loan;Section 3(f) above and all amendments thereto: (ii) was underwritten and/or originated based on any materially inaccurate information or material misrepresentation made by the Loan loan borrower(s), CorrespondentBroker, Correspondent’s directors, officers, Broker's employees, agents, independent contractors agents and/or affiliates, or any other party providing information relating to said Loan; (iii) was or is capable of being rescinded by the applicable borrower(s) pursuant to the provisions of any applicable federal (or state law or regulation including but not limited to the federal Truth-In-Lending Act) or state law or regulation;; and/or (iv) must be repurchased from any secondary market investor manual Investor (including but not limited to the ▇▇▇▇▇▇ Mae, ▇▇▇▇▇▇▇ Mac, FHA, VA, HUD or Government Federal National Mortgage AssociationAssociation and Federal Home Loan Mortgage Corporation) due to a breach by Correspondent Broker of any representation, warranty or covenant contained in this Agreement or Agreement. the CMI Manual or a failure by Correspondent to comply Guide referenced in Section 3(f) above and all material respects with the applicable CMI Manual terms, conditions, requirements and procedures; and/or (v) was subject to an Early Payment Default (as defined in the CMI Manual), an Early Payoff (as defined in the CMI Manual) or any other payment related defect (as defined in the CMI Manual) Correspondent willamendment thereto Broker ??, upon notification by CMILender and/or such secondary market Investor, (i) Immediately correct or cure pure such defect within the time prescribed by CMI Lender and/or any such secondary market Investor to the full and complete satisfaction of CMI. If, after receiving Lender and/or any such notice from CMI, Correspondent is unable to correct secondary market Investor or cure such defect within the prescribed time, Correspondent shall, at CMI’s sole discretion, either (iii) repurchase such defective Loan from CMI at Lender or such secondary market investor and the price required by CMI Lender or such secondary market, investor (“Repurchase "Buyout Price”) or (ii) agree to such other remedies (including but not limited to additional indemnification and/or refund of a portion of the Loan purchase price) as CMI may deem appropriate"). If CMI Lender or such secondary market investor requests a repurchase of a defective Loan, Correspondent such repurchase. Broker shall, within ten (10) business days of Correspondent’s Broker's receipt of such repurchase request, pay to CMI Lender and/or such secondary market investor the Repurchase Buyout Price by cashier’s 's check or wire transfer of immediately available federal funds. If such defective Loan is owned by CMI at the time of repurchase by Correspondent, CMI shall, upon receipt of the Repurchase Price, release to Correspondent the related mortgage file and shall execute and deliver such instruments of transfer or assignment, in each case without recourse or warranty, as shall be necessary to vest in Correspondent or its designee title to the repurchased Loan. Correspondent Broker agrees and acknowledges that the provisions of this Sec. Section 11 do not, in any way, eliminate, diminish or impair Correspondent’s the indemnification obligations contained in Sec. Section 10.