Common use of Cure or Repurchase Clause in Contracts

Cure or Repurchase. If Citicorp, in its sole and exclusive discretion, determines any mortgage loan purchased pursuant to this Agreement: (i) was underwritten and/or originated in violation of any term or condition of this Agreement, the Manual and/or Program Requirements and all amendments and bulletins thereto which was (or were) in effect as of the mortgage loan closing date; (ii) was or is capable of being rescinded by the applicable borrower(s) pursuant to the provisions of any applicable federal or state law or regulation including but not limited to the federal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; and/or (iii) must be repurchased from any secondary market investor (including but not limited to the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation) due to a breach by Correspondent of any representation or warranty contained in this Agreement, the Manual and/or Program Requirements and all amendments and bulletins thereto. Correspondent will, upon notification by Citicorp and/or such secondary market investor, (i) immediately correct or cure such defect within the time prescribed by Citicorp and/or any such secondary market investor to the full and complete satisfaction of Citicorp and/or any such secondary market investor or (ii) repurchase such defective loan from Citicorp or such secondary market investor at the price required by Citicorp or such secondary market investor ("Repurchase Price"). If Citicorp or such secondary market investor requests such repurchase, Correspondent shall, within ten (10) business days of Correspondent's receipt of such repurchase request, pay to Citicorp and/or such secondary market investor the Repurchase Price by cashier's check or wire transfer of immediately available federal funds. If such defective loan is owned by Citicorp at the time of repurchase by Correspondent, Citicorp 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. 10 Correspondent agrees and acknowledges that the provisions of this Section 16 do not, in any way, eliminate, diminish or impair Correspondent's indemnification obligations contained in Section 10.

Cure or Repurchase. If CiticorpLSB, in its sole and exclusive discretion, determines any mortgage loan Loan purchased pursuant to this Agreement: (i) was underwritten and/or originated in violation of any term or condition of this Agreement, Agreement and/or the Manual and/or Program Requirements and all amendments and bulletins thereto which was (or were) in effect as of the mortgage loan Loan closing date; (ii) was or is capable of being rescinded by the applicable borrower(smortgagor(s) pursuant to the provisions of any applicable federal Federal or state law or regulation including but not limited to the federal Federal Truth-In-In- Lending Act; and/or (iii) must be repurchased from any secondary market investor (including but not limited to the Federal National Mortgage Association including, without limitation, FNMA and Federal Home Loan Mortgage CorporationFHLMC) due to a breach by Correspondent Seller of any representation or warranty contained in this Agreement, Agreement and/or the Manual and/or Program Requirements and all amendments and bulletins thereto. Correspondent ; Seller will, upon notification by Citicorp LSB and/or such secondary market investor, investor (i) immediately correct or cure such defect within the time prescribed by Citicorp LSB and/or any such secondary market investor to the full and complete satisfaction of Citicorp and/or any such secondary market investor investor; or (ii) repurchase such defective loan Loan from Citicorp LSB or such secondary market investor at the price required by Citicorp LSB or such secondary market investor ("the “Repurchase Price"”). If Citicorp LSB or such secondary market investor requests such repurchase, Correspondent Seller shall, within ten (10) business days of Correspondent's Seller’s receipt of such repurchase request, pay to Citicorp LSB and/or such secondary market investor the Repurchase Price by cashier's ’s check or wire transfer of immediately available federal funds. If such defective loan Loan is owned by Citicorp LSB at the time of repurchase by CorrespondentSeller, Citicorp LSB shall, upon receipt of the Repurchase PricePrice in immediately available funds, release to Correspondent Seller the related mortgage Loan 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 Seller or its designee title to the repurchased loanLoan. 10 Correspondent Seller agrees and acknowledges that the provisions of this Section 16 do not, in any way, eliminate, diminish or impair Correspondent's Seller’s indemnification obligations contained in Section 108.