Common use of Delivery of Mortgage Loan Documents Clause in Contracts

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 28 contracts

Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-4), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-2), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-3)

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Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within 180 days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 270th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed Purchaser, or its designee. Company shall be responsible for recording the assignments of mortgage. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.

Appears in 18 contracts

Samples: Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 11 contracts

Samples: Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-1), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-3), Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-4)

Delivery of Mortgage Loan Documents. The Seller Sellers shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or Custodial Agreement. The Sellers shall comply with the appointed custodian (unless the Seller is delayed in making such delivery by reason terms of the fact that such documents Custodial Agreement and the Purchaser shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days pay all fees and expenses of the related Closing Date solely because such Mortgage Loan Documents Custodian. The Sellers shall not have been returned by forward to the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to PurchaserCustodian, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of after the related Closing Date. If delivery of all Mortgage Loan Documents with respect , to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by other Person as the Purchaser or its designee of the Mortgage Files shall designate in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designeewriting, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Sellers shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office or title closing agent to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the applicable Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by such Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that such Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that such Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer's certificate of a servicing officer of such Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, such Seller shall reissue and deliver to the Purchaser or its designee said officer's certificate. The Sellers shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Sellers for the costs associated therewith pursuant to the preceding sentence.

Appears in 11 contracts

Samples: Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust Series 2005-3), Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust 2006-1), Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust 2006-1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least two (42) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), upon the request of deliver and release to the Purchaser, earlieror its designee, if necessary or desirable the Mortgage Loan Documents with respect to facilitate each Mortgage Loan pursuant to a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 11 contracts

Samples: Assignment Agreement (Morgan Stanley Mortgage Loan Trust 2007-2ax), Assignment, Assumption and Recognition Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar), Assignment, Assumption and Recognition Agreement (Morgan Stanley Mortgage Loan Trust 2006-2)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least two (42) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), upon the request of deliver and release to the Purchaser, earlieror its designee, if necessary or desirable the Mortgage Loan Documents with respect to facilitate each Mortgage Loan pursuant to a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in an officer’s certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 8 contracts

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four five (45) Business Days prior to after the related Closing Date or, upon the reasonable request of the Purchaser, the Seller will attempt to deliver the Mortgage Loan Documents earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 7 contracts

Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-1), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-2), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-3)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least two (42) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), upon the request of deliver and release to the Purchaser, earlieror its designee, if necessary or desirable the Mortgage Loan Documents with respect to facilitate each Mortgage Loan pursuant to a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in Servicing Officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 7 contracts

Samples: Assignment Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-3ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar)

Delivery of Mortgage Loan Documents. Pursuant to various conveyance documents to be executed on the Closing Date and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign on the Closing Date all of its right, title and interest in and to the Mortgage Loans to the Trustee for the benefit of the Certificateholders. In connection with the transfer and assignment of the Mortgage Loans, the Seller has delivered or will deliver or cause to be delivered to the Trustee by the Closing Date or such later date as is agreed to by the Purchaser and the Seller (each of the Closing Date and such later date is referred to as a “Mortgage File Delivery Date”), the items of each Mortgage File as defined in section 2.01 of the Pooling and Servicing Agreement, provided, however, that in lieu of the foregoing, the Seller may deliver the following documents, under the circumstances set forth below: (x) in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Seller may deliver a true copy thereof with a certification by the Seller on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording;” (y) in lieu of the Mortgage, assignments to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents or if the originals are lost (in each case, as evidenced by a certification from the Seller to such effect), the Seller may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans, each identified in the list delivered by the Purchaser to the Trustee on the Closing Date and attached hereto as Exhibit 2 the Seller may deliver lost note affidavits and indemnities of the Seller; and provided further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering the above documents, may deliver to the Trustee a certification by the Seller to such effect. The Seller shall deliver and release such original documents (including any original documents as to which certified copies had previously been delivered) or such certified copies to the Purchaser or the custodian appointed by the Purchaser Trustee promptly after they are received. The Seller shall cause the Mortgage Loan Documents no and intervening assignments, if any, and the assignment of the Mortgage to be recorded not later than four (4) Business Days prior 180 days after the Closing Date, or, in lieu of such assignments, shall provide an Opinion of Counsel pursuant to Section 6 hereof to the effect that the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Closing Date or, upon Mortgage Loan. Upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to will assist the Purchaser or in effecting the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents assignment referred to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officeabove.

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Af1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar2)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review, pursuant to a bailee letter agreement, in form and substance acceptable to Seller’s applicable warehouse lender, providing for the release of the Mortgage Loan Documents to Purchaser on confirmation of receipt of payment of the purchase price. If the Seller cannot deliver the original recorded Mortgage Loan Documents or original title insurance policy on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original recorded Mortgage Loan Documents or original title insurance policy, as applicable, to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery of any original recorded Mortgage Loan Documents by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best commercially reasonable efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days Business Days of its return from the appropriate public recording office.

Appears in 6 contracts

Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-6), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-2)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4i) at least two (2) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable (with respect to facilitate a review. If the Seller cannot deliver the original recorded any Mortgage Loan Documents on the related Closing DatePackage for up to 250 Mortgage Loans), the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents or (ii) at least three (3) Business Days prior to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such (with respect to any Mortgage Loan Documents shall not have been returned by Package for more than 250 Mortgage Loans), or, in either case, such later date as the appropriate recording officePurchaser may reasonably request, deliver and release to the Seller shall deliver such Mortgage Loan Documents to Purchaser, or its designee, the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of pursuant to a bailee letter agreement. To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Servicer shall provide the Purchaser, or its designee, with a copy, certified by the Servicer as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) weeks following receipt of the original document by the Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 270 days following the related Closing Date, unless there has been a delay at the applicable recording office. In the event any document required to be delivered hereunder, including an the original or copy of its return from any document submitted for recordation to the appropriate public recording office, is not delivered to the Purchaser or its designee within 270 days following the related Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 7.03. The foregoing repurchase obligation shall not apply if the Seller cannot cause the Servicer to deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that (i) the Servicer shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer's certificate of a servicing officer of the Servicer, confirming that such document has been accepted for recording, and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 6 contracts

Samples: Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust 2006-1), Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust 2006-2), Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust 2006-1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days fees and expenses of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Custodian. The Seller shall forward to the PurchaserCustodian, or its designeeafter the related Closing Date, to such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office or title closing agent to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by such Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that such Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that such Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer's certificate of a servicing officer of such Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, such Seller shall reissue and deliver to the Purchaser or its designee said officer's certificate. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 6 contracts

Samples: Assignment and Recognition Agreement (Morgan Stanley Ixis Real Estate Capital Trust 2006-2), Assignment and Recognition Agreement (Morgan Stanley Home Equity Loan Trust 2007-2), Indemnification and Contribution Agreement (Morgan Stanley Home Equity Loan Trust 2007-1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 5 contracts

Samples: Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2012-1), Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-1), Flow Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2012-2)

Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, the Seller shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or Custodian the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Trust Receipt and Initial Certification of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Initial Purchaser shall be responsible for maintaining the Custodial Agreement during the Interim Servicing Period. The fees and expenses of the Custodian shall be paid by the Purchaser. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two hundred seventy (5270) days of its return submission for recordation. In the event the Seller cannot deliver the original recorded Mortgage or an original policy of title insurance on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 180 days from the appropriate public recording officerelated Closing Date, deliver such original recorded Mortgage or original policy of title insurance, as applicable, to the Custodian. Notwithstanding the foregoing, in the event an original Mortgage is not available or a Mortgage Loan for which the original Mortgage and/or the original policy of title insurance has not been delivered, becomes subject to a Whole Loan Transfer or a Securitization Transaction and any such transfer requires delivery of such original documents, the Seller shall provide a copy of such Mortgage certified by the applicable Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and/or a marked insurance commitment, as applicable, within thirty (30) days of such request.

Appears in 5 contracts

Samples: Reconstitution Agreement (HarborView 2007-7), Reconstitution Agreement (Dsla 2006-Ar2), Reconstitution Agreement (Dsla 2007-Ar1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon certification and trust receipt thereof and of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction, provided that (i) the Seller shall deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording, registration or transfer fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 5 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)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least seven (47) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), deliver and release to the Purchaser, or its designee, the Mortgage Loan Documents with respect to each Mortgage Loan. To the extent that any such Mortgage Loan Documents have been delivered for recording and have not yet been returned to the Seller by the applicable recording office, the Seller shall, promptly following receipt by it of such Mortgage Loan Documents from the applicable recording office, deliver such documents to the Purchaser or its designee; provided, however, that the original recorded document or a clerk-certified copy thereof shall be delivered to the Purchaser no later than one hundred eighty (180) days following the Closing Date, subject to the following paragraph. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Purchaser or its designee within one hundred eighty (180) days following the Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Section 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer's certificate of a Servicing Officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall immediately deliver such Mortgage Loan Documents document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to Purchaser, deliver such original or clerk-certified copy of any document submitted for recordation to the appointed custodian, appropriate public recording office within such the specified time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for any reason within one hundred eighty (180) days after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the Mortgage Loan at the price and in such the manner set forth specified in Section 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officein accordance with this Agreement.

Appears in 5 contracts

Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Sale and Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 5a)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days fees and expenses of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Custodian. The Seller shall forward to the PurchaserCustodian, or its designeeafter the related Closing Date, to such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office or title closing agent to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by such Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that such Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that such Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of such Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, such Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 5 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 5 contracts

Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-2), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-4), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7)

Delivery of Mortgage Loan Documents. The Seller Pursuant to the Custodial Agreement, the Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents on as required by the Custodial Agreement with respect to each Mortgage Loan, a list of which is set forth in the Custodial Agreement. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or Custodial Agreement. The Company shall comply with the appointed custodian (unless the Seller is delayed in making such delivery by reason terms of the fact that such documents Custodial Agreement and the Purchaser shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days pay all fees and expenses of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording officeCustodian, the Seller shall deliver such Mortgage Loan Documents to Purchaserprovided that, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in Purchaser utilizes the same review criteria as the applicable Seller under the applicable Seller’s Officer’s Certificate's existing warehouse financing arrangement with the Custodian, a subsequent Seller’s Officer’s Certificate then the Company shall be delivered by such date specified in pay the prior Seller’s Officer’s Certificate, stating a revised date for receipt costs of documentationInitial Certification. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Company shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution; provided, however, that the Company shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days (or such other time period as may be required by any Rating Agency rating a securitization of the Mortgage Loans) following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Company does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Company at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Company cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Company shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer's certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Company of a schedule of the Mortgage Loans, the Company shall reissue and deliver to the Purchaser or its designee said officer's certificate. The Company shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Company for the costs associated therewith pursuant to the preceding sentence.

Appears in 4 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-He2), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon certification and trust receipt thereof and of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction, provided that (i) the Seller shall deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-He6), Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2005-He1), Pooling and Servicing Agreement (GSAMP Trust 2005-He4)

Delivery of Mortgage Loan Documents. The With respect to each Mortgage Loan, the Seller shall deliver and release to the Purchaser Purchaser, or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four its designee, under a bailee letter, (4a) at least two (2) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), the original Mortgage Note endorsed in blank and the original Assignment of Mortgage assigned in blank and (b) the other Mortgage Loan Documents within a reasonable time following the related Closing Date. To the extent that any such Mortgage Loan Documents have been delivered for recording and have not yet been returned to the Seller by the applicable recording office, the Seller shall, promptly following receipt by it of such Mortgage Loan Documents from the applicable recording office, deliver such documents to the Purchaser or its designee; provided, however, that the original recorded document or a clerk-certified copy thereof shall be delivered to the Purchaser no later than one year following the related Closing Date, subject to the following paragraph. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Purchaser or its designee within one year following the related Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Subsection 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s an Officer’s Certificate of a servicing officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall be delivered by immediately deliver such date document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to deliver such original or clerk-certified copy of any document submitted for recordation to the appropriate public recording office within the specified in the prior Seller’s Officer’s Certificate, stating a revised date time for any reason within twelve (12) months after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the related Mortgage Loan at the price and in such the manner set forth specified in Section Subsection 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officein accordance with this Agreement.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2)

Delivery of Mortgage Loan Documents. The Seller or its designee shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon those documents and instruments in the request Mortgage File for each Mortgage Loan that are required to be delivered to the Custodian pursuant to the Custodial Agreement. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon certification and trust receipt thereof and of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Custodial Agreement and the Purchaser shall pay all fees and expenses of the Custodian from and after the Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five one hundred twenty (5120) days of its return from submission for recordation. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within one hundred twenty (120) days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within thirty (30) days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that (i) the Seller shall deliver an Officer’s Certificate of a servicing officer of the Seller, confirming that such documents have been delivered for recording, (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the Closing Date. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage up to $30 per Mortgage Loan and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. Notwithstanding the foregoing, Seller shall not be required to pay recording fees in connection with any Mortgage Loan secured by a Mortgaged Property located in the State of California, or any other state, provided that Seller shall, upon request of the Purchaser and at the Seller’s expense, cause to be furnished to the Purchaser and its designees an opinion of counsel reasonably satisfactory to the Purchaser to the effect that recordation is not necessary in such states to protect the Purchaser’s (or its designees’) interest in such Mortgage Loans. If such opinion of counsel is not available by the Closing Date, the Seller will pay $30 per Mortgage Loan, to be netted from the Purchase Price on the Closing Date. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage.

Appears in 4 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)

Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7) and (8) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four one (41) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller Company shall continue to use its best efforts to effect delivery of all delayed recorded documents within 180 210 days of the related Closing Date. If delivery The Company shall pay all initial recording fees, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee, including any fees, costs or expenses related to the registration of the Mortgage Loan Documents Loans with respect MERS, if applicable. The Company shall prepare, in recordable form, all assignments of mortgage necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 120 days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, in the form of Exhibit G attached hereto, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.

Appears in 4 contracts

Samples: Recognition Agreement (Bear Stearns ALT-A Trust 2006-1), Purchase, Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2)

Delivery of Mortgage Loan Documents. The Seller Mortgage Loan Documents shall deliver be held by the Seller’s Custodian, JPM Chase Bank, and release released to the Purchaser or the custodian appointed by the Purchaser its designee, JPMorgan Chase Bank, upon completion of all closing provisions, in accordance with section 12.07. . All other documents in Exhibit A hereto, together with all other documents executed in connection with the Mortgage Loan Documents no later than four (4) Business Days prior to that Seller may have in its possession, shall be retained by the related Closing Date or, upon the request of Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3’s for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3’s for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3’s for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the Xxxxxx Xxx Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) days of its return from Business Days prior to the appropriate public recording officerelated Closing Date shall be delivered to the Custodian at the following addressee: JPMorgan Chase Bank, 0000 Xxxxxx Xxxx, Monroe, LA 71201.

Appears in 4 contracts

Samples: Warranties and Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S1), Warranties and Servicing Agreement (J.P. Morgan Alternative Loan Trust 2007-S1), Warranties and Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S4)

Delivery of Mortgage Loan Documents. The With respect to each Mortgage Loan, the Seller shall deliver and release to the Purchaser Purchaser, or its designee, (a) at least five (5) Business Days prior to the custodian appointed by Closing Date (or such later date as the Purchaser may reasonably request), the original Mortgage Note endorsed in blank and the original Assignment of Mortgage assigned in blank and (b) the other Mortgage Loan Documents no later than four sixty (460) Business Days prior days following the Closing Date, subject to the following paragraph. All documents shall be original documents or, in the case of Mortgage Loan Documents delivered for recording, either the original recorded documents or clerk-certified copies. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Purchaser or its designee within one hundred eighty (180) days following the Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Closing Date orMortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Subsection 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a Servicing Officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall immediately deliver such Mortgage Loan Documents document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to Purchaser, deliver such original or clerk-certified copy of any document submitted for recordation to the appointed custodian, appropriate public recording office within such the specified time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for any reason within one hundred eighty (180) days after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the Mortgage Loan at the price and in such the manner set forth specified in Section Subsection 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officein accordance with this Agreement.

Appears in 3 contracts

Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002 23xs), Reconstituted Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-24), Sale and Servicing Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least two (42) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), upon the request of deliver and release to the Purchaser, earlieror its designee, if necessary or desirable the Mortgage Loan Documents with respect to facilitate each Mortgage Loan pursuant to a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office or, or the appointed custodianif such recording receipt is not available, within such time period as specified in an officer’s certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in Servicing Officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 3 contracts

Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Assignment, Assumption and Recognition Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar), And Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar)

Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that the Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 150 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 150 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within 270 days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 330th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof unless the Company provides evidence that such non-delivery is solely due to delays by the appropriate recording office. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. The Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed the Purchaser, or its designee. The Company shall be responsible for recording the assignments of mortgage as directed by the Purchaser. The Company shall provide an original or duplicate original of the title insurance policy to the Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report attached as an exhibit to the related Term Sheet or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week thirty (30) days of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within thirty (30) days of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 120 days of its return submission for recordation. From time to time, the Company may have a need (other than in connection with a payment in full, which is described more fully in Section 6.02 herein) for Mortgage Loan Documents to be released from the appropriate public recording officePurchaser, or its designee. The Purchaser shall, or shall cause its designee, upon the written request of the Company in the form attached hereto as Exhibit G, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to the Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to the Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of the Purchaser.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3), Warranties and Servicing Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence. Notwithstanding the foregoing, the Seller agrees that all Mortgage Loans will be MERS Designated Mortgage Loans as of the related Closing Date.

Appears in 3 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-13), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-12)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Originator to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 3 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He7), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Nc3)

Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within 180 days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 360th day from the date of the related Closing Date, upon the Purchaser’s request, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed Purchaser, or its designee. Company shall be responsible for recording the assignments of mortgage. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-Cl1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac4)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian, prior to each Closing Date, those Mortgage Loan Documents no later than four (4) Business Days prior as required by this Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule, a list of which is set forth on Exhibit 6 attached hereto. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to this Agreement. The Purchaser shall be responsible for maintaining the Custodial Agreement and shall pay all fees and expenses of the Custodian. The Seller shall forward to the related Closing Date orCustodian original documents evidencing an assumption, upon modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within two weeks of their execution; provided, however, that the request Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the Purchaser, earlier, if necessary or desirable to facilitate a revieworiginal within ninety days of its submission for recordation. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents documents to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section Subsection 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 3 contracts

Samples: Letter Agreement (MASTR Adjustable Rate Mortgages Trust 2007-3), Purchase and Servicing Agreement (MASTR Alternative Loan Trust 2007-1), Purchase and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2)

Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) (including those listed in (B) relating to Co-op Loans) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 180 days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents continue to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 360th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery The Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents with respect Loans to any Mortgage Loan is not completed within 360 days Purchaser, or its designee. Company shall be responsible for recording the assignments of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03mortgage. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph. In addition, in connection with the assignment of any MERS Mortgage Loan, the Company agrees that it will cause, at its own expense, the MERS® System to indicate that such Mortgage Loans have been assigned by the Company to the Purchaser in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the Purchaser of such Mortgage Loans. The Company further agrees that it will not alter the information referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement.

Appears in 3 contracts

Samples: Recognition Agreement (Bear Stearns ALT-A Trust 2006-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date orthose Mortgage Loan Documents set forth on Exhibit A-2 hereto with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Purchaser acknowledges that the Seller may deliver the Mortgage Loan Documents to the Custodian and the Purchaser in the form of copies reproduced from electronic images of original documents (“Original Documents”) stored on CD ROM or magnetic tape (“Imaged Documents”), not to include any documents the originals of which are required to be delivered pursuant to this Agreement. The Seller shall promptly, upon the reasonable request of the Purchaser and at the Seller’s expense, produce true, correct, complete, clear and legible copies of the Original Documents or a certified true copy of the Original Documents regarding any Original Document for which the Imaged Document is unclear, illegible, incorrect, incomplete, unable to be transmitted or electronically read or downloaded by Purchaser, earlieror an untrue copy. Seller shall, if upon Purchaser’s reasonable request and at Seller’s expense, fully cooperate with Purchaser and take any reasonable and customary actions in connection with the introduction into evidence of any Imaged Document in any judicial or administrative proceeding, including, but not limited to, an arbitration or mediation, including producing appropriate qualified and knowledgeable personnel to testify as necessary or desirable to facilitate a reviewqualify the Imaged Documents as evidence. If the Seller cannot deliver the original recorded The Custodian shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Custodial Agreement. The Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason shall pay all fees and expenses of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Custodian. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) one hundred twenty days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in accordance with this Agreement, including an original or imaged copy of any document submitted for recordation to the appropriate public recording office, is not delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 120 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee, provided that the foregoing proviso does not apply to the MERS Designated Loans, and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver the Mortgage Loan Documents as set forth on Exhibit A hereto, submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall instead deliver a recording receipt, or an imaged copy thereof, as applicable, of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all Mortgage Loan Documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage (with respect to the Mortgage Loans other than the MERS Designated Loans) and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 3 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. In connection with any recordings required under applicable law, the Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 3 contracts

Samples: Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs), Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser Custodian no later than five (5) Business Days prior to each Closing Date substantially all of the Mortgage Loan Documents set forth in Exhibit A hereto with respect to each Mortgage Loan, set forth on the related Mortgage Loan Schedule with any remaining Mortgage Loan Document delivered no later than four (4) Business Days prior to the related Closing Date or, upon the request Date. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Custodial Agreement. The Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason shall pay all fees and expenses of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received Custodian from and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of after the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 150 days of its return from following the appropriate public recording officerelated Closing Date.

Appears in 3 contracts

Samples: Indemnification and Contribution Agreement (Morgan Stanley Home Equity Loan Trust 2007-1), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-He3), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He3)

Delivery of Mortgage Loan Documents. The With respect to each Mortgage Loan, the Seller shall deliver and release to the Purchaser Purchaser, its designee or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four Custodian, (4a) at least five (5) Business Days prior to the related Closing Date (or such later date as the Purchaser may reasonably request), the original Mortgage Note endorsed in blank and the original Assignment of Mortgage assigned in blank and (b) the other Mortgage Loan Documents no later than sixty (60) days following the related Closing Date, subject to the following paragraph. All documents shall be original documents or, in the case of Mortgage Loan Documents delivered for recording, either the original recorded documents or clerk-certified copies. In the event that such original or copy of any Mortgage Loan Document is not so delivered to the Purchaser or its designee within one hundred eighty (180) days following the related Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Subsection 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall immediately deliver such Mortgage Loan Documents document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to Purchaser, deliver such original or clerk-certified copy of any document submitted for recordation to the appointed custodian, appropriate public recording office within such the specified time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for any reason within one hundred eighty (180) days after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the related Mortgage Loan at the price and in such the manner set forth specified in Section Subsection 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officein accordance with this Agreement.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (Lehman Sarm 2005-5), Sale and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-14), Sale and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)

Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, the Seller shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or Custodian the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Trust Receipt and Initial Certification of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Seller Servicer shall be responsible for maintaining the Custodial Agreement during the Preliminary Servicing Period. The fees and expenses of the Custodian during such period shall be paid by the Seller. The Servicer shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five one hundred and eighty (5180) days of its return from submission for recordation. With respect to any original document not provided to the Custodian within one hundred and eighty (180) days of its submission for recordation as a result of a delay caused by the public recording office, the Seller shall have an additional one-hundred and eighty (180) days upon a submission of an Officer's Certificate of the Seller, stating that such original document has been delivered to the appropriate public recording officeoffice for recordation and that such original document or a copy thereof certified by the appropriate public recording office to be a true and complete copy of the original document will be promptly delivered to the Custodian upon receipt thereof by the Seller.

Appears in 3 contracts

Samples: Reconstituted Servicing Agreement (Harborview 2006-7), Reconstituted Servicing Agreement (HarborView 2007-5), Reconstituted Servicing Agreement (HarborView 2007-2)

Delivery of Mortgage Loan Documents. Pursuant to various conveyance documents to be executed on the Closing Date and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign on the Closing Date all of its right, title and interest in and to the Mortgage Loans to the Trustee for the benefit of the Certificateholders. In connection with the transfer and assignment of the Mortgage Loans, the Seller has delivered or will deliver or cause to be delivered to the Trustee by the Closing Date or such later date as is agreed to by the Purchaser and the Seller (each of the Closing Date and such later date is referred to as a “Mortgage File Delivery Date”), the documents set forth on Exhibit 1 hereto, provided, however, that in lieu of the foregoing, the Seller may deliver the following documents, under the circumstances set forth below: (x) in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Seller may deliver a true copy thereof with a certification by the Seller on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording;” (y) in lieu of the Mortgage, assignments to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents or if the originals are lost (in each case, as evidenced by a certification from the Seller to such effect), the Seller may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans, each identified in the list delivered by the Purchaser to the Trustee on the Closing Date and attached hereto as Exhibit 2 the Seller may deliver lost note affidavits and indemnities of the Seller; and provided further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering the above documents, may deliver to the Trustee a certification by the Seller to such effect. The Seller shall deliver and release such original documents (including any original documents as to which certified copies had previously been delivered) or such certified copies to the Purchaser or the custodian appointed by the Purchaser Trustee promptly after they are received. The Seller shall cause the Mortgage Loan Documents no and intervening assignments, if any, and the assignment of the Mortgage to be recorded not later than four (4) Business Days prior 180 days after the Closing Date, or, in lieu of such assignments, shall provide an Opinion of Counsel pursuant to Section 6 hereof to the effect that the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Closing Date or, upon Mortgage Loan. Upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to will assist the Purchaser or in effecting the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents assignment referred to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officeabove.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar3), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Fm2), Mortgage Loan Purchase Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He3)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Originator to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for paying for and recording the Assignments of Mortgage.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Nc5), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-Nc1), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He7)

Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, the Seller shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior as required by the Custodial Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Custodial Agreement. The Initial Purchaser or shall be responsible for maintaining the appointed custodian (unless Custodial Agreement during the Seller is delayed in making such delivery by reason Interim Servicing Period. The fees and expenses of the fact that such documents Custodian shall not have been returned be paid by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Initial Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two-hundred and seventy (5270) days of its return from the appropriate public recording officesubmission for recordation.

Appears in 3 contracts

Samples: Master Mortgage Loan Purchase and Interim Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1), Pooling and Servicing Agreement (Dsla 2006-Ar2), Reconstitution Agreement (HarborView 2006-13)

Delivery of Mortgage Loan Documents. Pursuant to various conveyance documents to be executed on the Closing Date and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign on the Closing Date all of its right, title and interest in and to the Mortgage Loans to the Trustee for the benefit of the Certificateholders. In connection with the transfer and assignment of the Mortgage Loans, the Seller has delivered or will deliver or cause to be delivered to the Trustee by the Closing Date or such later date as is agreed to by the Purchaser and the Seller (each of the Closing Date and such later date is referred to as a “Mortgage File Delivery Date”), the documents set forth on Exhibit 1 hereto, provided, however, that in lieu of the foregoing, the Seller may deliver the following documents, under the circumstances set forth below: (x) in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Seller may deliver a true copy thereof with a certification by the Seller on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording”; (y) in lieu of the Mortgage, assignments to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents or if the originals are lost (in each case, as evidenced by a certification from the Seller to such effect), the Seller may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans, each identified in the list delivered by the Purchaser to the Trustee on the Closing Date and attached hereto as Exhibit 2, the Seller may deliver lost note affidavits and indemnities of the Seller; and provided further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering the above documents, may deliver to the Trustee a certification by the Seller to such effect. The Seller shall deliver and release such original documents (including any original documents as to which certified copies had previously been delivered) or such certified copies to the Purchaser or the custodian appointed by the Purchaser Trustee promptly after they are received. The Seller shall cause the Mortgage Loan Documents no and intervening assignments, if any, and the assignment of the Mortgage to be recorded not later than four (4) Business Days prior 180 days after the Closing Date, or, in lieu of such assignments, shall provide an Opinion of Counsel pursuant to Section 6 hereof to the effect that the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Closing Date or, upon Mortgage Loan. Upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to will assist the Purchaser or in effecting the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents assignment referred to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officeabove.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-1), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-3), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release from time to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four time in connection with each Closing Date, at least five (45) Business Days prior to such Closing Date, or such other period as agreed to by the related Closing Date or, upon the request of Seller and the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents escrow to the Purchaser or Custodian the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Preliminary Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan in accordance with Section 7.03Documents for the related Closing Date, pursuant to an initial custody receipt and initial certification of the Custodian. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office Seller to be a true and complete copy of the original within five one hundred and eighty (5180) days of its return submission for recordation. To the extent that the Seller cannot deliver any original documents within the time specified due to a delay in the recording office, Seller may deliver an Officer's Certificate describing the additional time expected to receive such documents from the appropriate public recording office. Notwithstanding the foregoing, the Seller shall not be deemed to be in breach of this Agreement if its failure to deliver to the Purchaser any missing Mortgage Loan Document within the time specified above is due solely to (i) the failure of the applicable recorder's office to return a missing Mortgage Loan Document that was sent for recording or (ii) the failure of the title insurer to issue and deliver the original mortgagee title policy, except where such refusal to issue the policy is based on a claim that the title insurer is under no obligation to issue such policy.

Appears in 3 contracts

Samples: Purchase and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3), Mortgage Loan Purchase and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar5), Purchase and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar2)

Delivery of Mortgage Loan Documents. The On or before the date which is agreed upon by the Purchaser and the Seller in the related Purchase Price and Terms Letter, the Seller shall deliver and release to the Purchaser or the custodian appointed Custodian, as directed by the Purchaser Purchaser, the Mortgage Loan Documents no later than four (4) Business Days as required by Exhibit H hereto for each Mortgage Loan in the Mortgage Loan Package. On or prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon Custodian shall certify its receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because all such Mortgage Loan Documents shall not have been returned required to be delivered pursuant to the Custodial Agreement, as evidenced by the appropriate recording office, Initial Certification of the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified Custodian in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate form annexed to the Custodial Agreement. Purchaser shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of pay all delayed recorded documents. The procedure shall be repeated until the documents have been received fees and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days expenses of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Custodian Seller shall forward to the Purchaser, Purchaser or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution; provided, however, that Seller shall provide Purchaser or its designee, with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return submission for recordation. In the event Seller cannot deliver the original of such documents submitted for recording due to a delay by the recording office in the applicable jurisdiction, Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to Purchaser or its designee promptly upon receipt thereof from the appropriate public related recording office. From time to time Purchaser shall deliver or cause to be delivered to Seller, as soon as practicable following receipt of a written request from Seller and at no expense to Seller, any Mortgage Loan Document needed by Seller in connection with the servicing of a Mortgage Loan. Seller's request for the release of a Mortgage Loan Document shall specify in reasonable detail the reason for Seller's request. During the time that any such Mortgage Loan Document is in the possession of Seller, such possession shall be deemed to be in trust for the benefit of Purchaser and Seller shall promptly return to Purchaser or its designee any Mortgage Loan Document so released when Seller's need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify and hold Seller harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that Seller may sustain in connection with any third party claim in any way related to Purchaser's or its designee's failure to release, in a timely manner, the Mortgage Loan Documents requested by Seller. Purchaser shall pay all costs, fees and expenses in connection with the possession of the Mortgage Loan Documents. Purchaser shall provide Seller with written notice at least fifteen (15) days prior to any transfer of the Mortgage Loan Documents.

Appears in 3 contracts

Samples: Flow Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-15), Purchase and Servicing Agreement (Lehman Sarm 2005-5), Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four At least two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days to the Purchaser or a bonded third party custodian (the "Custodian") and, in the case of the related latter, shall cause the Custodian to deliver to the Purchaser a custodian's certification pursuant to which the Custodian certifies to the Purchaser that (i) with respect to each Mortgage Loan, it has in its possession originals of each of the Mortgage Loan Documents, (ii) all of the Mortgage Loan Documents appear on their face to be genuine originals or copies, as applicable, and (iii) upon the Purchaser's wiring of the Purchase Proceeds to the Seller, that the Custodian shall hold the Mortgage Loan Documents with respect to each Mortgage Loan in trust for the Purchaser and will, subsequent thereto, act only in a manner consistent with the Purchaser's instructions with respect thereto. In the event that any of the Mortgage Loan Documents set forth in clauses (c) through (e) of the definition of Mortgage Loan Documents in Article I have not been delivered to the Purchaser in the time specified above (the "Missing Documents") either because such Missing Documents have not been returned by the applicable public recording office with respect to items (c) and (d), or because the final original title policy has not yet been issued by the title company with respect to item (e), then the Seller shall deliver to the Purchaser certified true and correct copies of the same and shall further deliver the originals of any such Missing Documents promptly upon its receipt thereof, but in no event later than ninety (90) days from the Closing Date then, at Purchaser’s optionDate. If the Seller fails to deliver any of the Missing Documents relating to a Mortgage Loan within the time specified above, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee toupon written request from the Purchaser, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office3.3.

Appears in 2 contracts

Samples: Mortgage Loan Purchase and Interim Servicing Agreement (E Loan Inc), Authorized Signatories Agreement (E Loan Inc)

Delivery of Mortgage Loan Documents. The Seller shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior as required by this Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documentsbe responsible for maintaining the Custodial Agreement during the Preliminary Servicing Period. The procedure fees and expenses of the Custodian shall be repeated until paid by the documents have been received Purchaser and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner as set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03related Commitment Letter. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from the appropriate public recording officesubmission for recordation.

Appears in 2 contracts

Samples: Assignment, Assumption and Recognition Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He1), Master Mortgage Loan Purchase and Servicing Agreement (Deutsche Alt-a Securities Inc)

Delivery of Mortgage Loan Documents. The Seller Pursuant to the Custodial Agreement between the Custodian and the Initial Purchaser, the Servicer, shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior as required by the Custodial Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Servicer shall provide to each of the PurchaserPurchaser and the Custodian a notice containing a list of authorized servicing officers (each, earlieran "Authorized Representative") for the purpose of giving and receiving notices, if necessary or desirable requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall contain the specimen signature for each Authorized Representative. From time to facilitate time, the Servicer may, by delivering to the others a reviewrevised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a superseding notice. If the Seller cannot deliver the original recorded The Custodian shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office)Custodial Agreement. If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate The Servicer shall be delivered by such date specified in responsible for maintaining the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement during the Preliminary Servicing Period. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Servicer shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 240 days of its return from the appropriate public recording officesubmission for recordation.

Appears in 2 contracts

Samples: Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2007-Ar1), Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2)

Delivery of Mortgage Loan Documents. The No later than the date set forth in the related Purchase Price and Terms Agreement, the Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days as required by this Agreement with respect to each Mortgage Loan included in the related Mortgage Loan Package, a list of which is attached as Exhibit B hereto. On or prior to the related Closing Date orDate, upon the request Custodian shall have certified its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement, as evidenced by the initial certification of the Custodian in the form annexed to the Custodial Agreement. The Purchaser shall be responsible for maintaining the Custodial Agreement and shall pay all fees and expenses of the Custodian. On the related Closing Date, the Seller shall, promptly upon receipt thereof and shall release any interest that it has in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to upon its receipt of the Purchase Price for the Mortgage Loans. Within thirty (30) days of receipt by the Seller of any notice from the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason Custodian that any of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall is missing, does not have been returned by appear regular on its face (i.e., is mutilated, damaged, defaced, torn or otherwise physically altered) or appears to be unrelated to the appropriate recording officeMortgage Loans identified in the Mortgage Loan Schedule (each, a “Material Defect”), the Seller shall deliver cure such Mortgage Loan Documents to PurchaserMaterial Defect (and, or the appointed custodian, within in such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionevent, the Seller shall provide the Purchaser with an Officer’s Certificate confirming that such cure has been effected). If the Seller does not so cure such Material Defect, it shall, if such Material Defect would under Accepted Servicing Practices reasonably be expected to result in a loss, repurchase such the related Mortgage Loan in such manner set forth in Section 7.03at the Repurchase Price. Any review A loss shall be deemed to be attributable to the failure of the Seller to cure a Material Defect if, as determined by the Purchaser or its designee of the Mortgage Files shall acting in no way alter or reduce the Seller’s obligations hereundergood faith, absent such Material Defect, such loss would not have been incurred. If the Purchaser or its designee discovers any defect with respect In addition to any document constituting part of a Mortgage Filesuch repurchase obligation, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure indemnify the Purchaser and hold it harmless against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses resulting from any missing, mutilated or repurchase such improper Mortgage Loan Document, or any claim, demand, defense or assertion based on or grounded upon, or resulting therefrom, as well as for any expenses reasonably incurred by the Purchaser in accordance enforcing its remedies hereunder in connection with Section 7.03any missing, mutilated or improper Mortgage Loan Document. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with the Section 4(a) and 4(w) within one week of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five sixty (560) days of its return from submission for recordation. The Seller shall deliver a final Mortgage Loan Schedule for the appropriate public recording officeMortgage Loans included in any Mortgage Loan Package to be purchased on any Closing Date to the Purchaser no later than the date set forth in the related Purchase Price and Terms Agreement. In the event that new, replacement, substitute or additional Stock Certificates are issued with respect to existing Cooperative Shares, the Seller shall promptly deliver to the Custodian the new Stock Certificates, together with the related Stock Powers in blank. Such new Stock Certificates shall be subject to the related Pledge Instruments and shall be subject to all of the terms, covenants and conditions of this Agreement.

Appears in 2 contracts

Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Lehman XS Trust Series 2007-15n), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Lehman XS Trust Series 2007-7n)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related such Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 90 days from the such Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 90 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents or cause to Purchaserbe delivered to the Purchaser or its designee, or the appointed custodian, within such time period as specified in a Seller’s Officer’s CertificateCertificate which shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Purchaser or its designee due solely to a delay caused by the public recording office, and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 120 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect Pursuant to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionSection 11.11, the Seller shall repurchase such be responsible for recording the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans). The Seller shall pay all initial recording fees for the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans) and any other fees in connection with the transfer of the Mortgage Loan in such manner set forth in Section 7.03Documents to the Purchaser or its designee. No later than five (5) days prior to the related Closing Date, the Seller shall provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage FileFile that materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser therein (including, without limitation, the ability of the Purchaser to sell such Mortgage Loan in connection with a Whole Loan Transfer or Pass-Through Transfer), the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 2 contracts

Samples: Assumption and Recognition Agreement (CSMC Trust 2007-4), Assumption and Recognition Agreement (CSMC Mortgage Backed Trust Series 2007-1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewDate. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-4), Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-1)

Delivery of Mortgage Loan Documents. The Seller Company shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents in accordance with the terms of this Agreement and the related Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to the Purchaser or its designee no later than four three (43) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Company may have in its possession, shall be retained by the Company in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller Company cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller Company shall, promptly upon receipt thereof and in any case not later than 120 one hundred twenty (120) days from the related Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller Company is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 one hundred twenty (120) days solely due to delays in making such delivery by reason of the related Closing Date solely because fact that such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller Company shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Company's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s Company's Officer’s 's Certificate, a subsequent Seller’s Company's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s Company's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller If delivery is not completed within one hundred eighty (180) days solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Company shall continue to use its best efforts to effect delivery of all delayed recorded as soon as possible thereafter, provided that if such documents within 180 days are not delivered by the 270th day from the date of the related Closing Date, the Company shall repurchase the related Mortgage Loans at the Repurchase Price in accordance with Section 3.03 hereof. If delivery For each Mortgage Loan that is not a MERS Mortgage Loan, the Company shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Company shall prepare, in recordable form, all assignments of mortgage necessary to assign the Mortgage Loan Documents Loans to Purchaser, or its designee. Company shall be responsible for recording the assignments of mortgage. In addition, in connection with the assignment of any MERS Mortgage Loan, the Company agrees that it will cause, at its own expense, the MERS® System to indicate that such Mortgage Loans have been assigned by the Company to the Purchaser in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the Purchaser of such Mortgage Loans. The Company further agrees that it will not alter the information referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is not completed within 360 repurchased in accordance with the terms of this Agreement. Company shall provide an original or duplicate original of the title insurance policy to Purchaser or its designee no later than ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03recorded documents from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s Company's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller Company which may be given in the exception report or the certification delivered pursuant to this Section 2.07, or otherwise in writing and the Seller Company shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Company shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution execution; provided, however, that the Company shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five sixty (560) days of its return submission for recordation. From time to time the Company may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the appropriate public recording officewritten request of the Company, within ten (10) Business Days, deliver to the Company, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Company no longer requires possession of the document, and provided that during the time that any such documentation is held by the Company, such possession is in trust for the benefit of Purchaser. Company shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Company pursuant to this paragraph.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed its designee, as directed by the Purchaser Purchaser, the Mortgage Loan Documents as required by Exhibit J hereto for each Mortgage Loan no later than four five (45) Business Days prior to the related Closing Date orDate. Except as otherwise provided in this Section 5.03, upon the request discovery or receipt of the Purchasernotice of any materially defective Mortgage Loan Document, earlieror that a Mortgage Loan Document is missing, if necessary Seller shall have sixty (60) days to cure such defect or desirable deliver such missing document to facilitate a reviewPurchaser or its designee. If the Seller candoes not deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, cure such defect or deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, missing document within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificateperiod, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall either repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase substitute for such Mortgage Loan in accordance with Section 7.036.03. The Seller shall forward to the Purchaser, Purchaser or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution; provided, however, that Seller shall provide Purchaser or its designee, with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 270 days of its return submission for recordation. In the event Seller cannot deliver the original of such documents submitted for recording due to a delay by the recording office in the applicable jurisdiction, Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to Purchaser or its designee promptly upon receipt thereof from the appropriate public related recording office. From time to time Purchaser shall deliver or cause to be delivered to Seller, as soon as practicable following receipt of a written request from Seller and at no expense to Seller, any Mortgage Loan Document needed by Seller in connection with the servicing of a Mortgage Loan. Seller’s request for the release of a Mortgage Loan Document shall specify in reasonable detail the reason for Seller’s request. Seller shall use its best efforts to provide notice to the Purchaser of Purchaser’s or its designee’s failure to act in a timely manner with respect to Seller’s request for Mortgage Loan Documents; provided, however, Seller’s failure to notify Purchaser shall not alleviate, eliminate or diminish any obligation of Purchaser to indemnify Seller under this Section 5.03. During the time that any such Mortgage Loan Document is in the possession of Seller, such possession shall be deemed to be in trust for the benefit of Purchaser and Seller shall promptly return to Purchaser or its designee any Mortgage Loan Document so released when Seller’s need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify and hold Seller harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that Seller may sustain in connection with any third party claim in any way related to Purchaser’s or its designee’s failure to release, in a timely manner, the Mortgage Loan Documents requested by Seller. Purchaser shall pay all costs, fees and expenses in connection with the possession of the Mortgage Loan Documents. Purchaser shall provide Seller with written notice at least fifteen (15) days prior to any transfer of the Mortgage Loan Documents.

Appears in 2 contracts

Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6), Letter Agreement (Citigroup Mortgage Loan Trust 2006-Ar7)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewDate. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 240 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 240 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall shall, at Purchaser written request, deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 270 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan at the Repurchase Price in such manner set forth in accordance with Section 7.036.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan at the Repurchase Price in accordance with Section 7.036.03. The Seller shall forward to the Purchaser, or its designee, original copies of documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week thirty days of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) thirty days of its return from the appropriate public recording office.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Sequoia Mortgage Trust 2007-1), Pooling and Servicing Agreement (Sequoia Mortgage Trust 2006-1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four ten (410) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) weeks following receipt of the original document by the Interim Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 180 days following the related Closing Date, unless there has been a delay at the applicable recording office. If the original or copy of its return from any document submitted for recordation to the appropriate public recording officeoffice is not delivered to the Purchaser or its designee within 180 days following the related Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply if the Seller cannot cause the Interim Servicer to deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; providedthat (i) the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Seller, confirming that such document has been accepted for recording, and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 2 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs)

Delivery of Mortgage Loan Documents. The Seller Sellers shall deliver and release to the Purchaser Custodian those documents and instruments in the Mortgage File for each Mortgage Loan that are required to be delivered to the Custodian pursuant to the Custodial Agreement in 5 or 6 approximately equal shipments, to be delivered to the custodian appointed Custodian on November 11, 2002, November 14, 2002, November 18, 2002, November 21, 2002, November 25, 2002 and, if necessary, November 27, 2002. The Sellers shall use their best efforts to deliver the legal documents by November 25, 2002, but in no event shall the Purchaser Sellers deliver any legal documents later than November 27, 2002. The Sellers shall not deliver the legal documents for more than 4500 Mortgage Loans on November 27, 2002. The Custodian shall certify its receipt of all such Mortgage Loan Documents no later than four (4) Business Days prior required to be delivered pursuant to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from Custodial Agreement for the Closing Date, deliver such original recorded Mortgage Loan Documents as evidenced by the certification and trust receipt of the Custodian in the form annexed to the Purchaser or Custodial Agreement. The Sellers shall comply with the appointed custodian (unless the Seller is delayed in making such delivery by reason terms of the fact that such documents Custodial Agreement and the Purchaser shall not have been returned pay all fees and expenses charged by the appropriate recording office). If delivery is not completed within 120 days of Custodian associated with the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received initial inventory and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller Sellers shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Sellers shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return from the Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Sellers do not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Sellers at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Sellers cannot deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction, provided that (i) the Seller shall deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Sellers, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Sellers of a schedule of the related Mortgage Loans, the Sellers shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the Closing Date. The Sellers shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Sellers for the costs associated therewith pursuant to the preceding sentence.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2002-He2), Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2002-He2)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release On each Closing Date with respect to the Purchaser or the custodian appointed by the Purchaser the each Mortgage Loan Documents no later than four (4) Business Days prior to comprising the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording officePackage, the Seller shall deliver such have delivered to the Custodian those Mortgage Loan Documents contained in the Mortgage File pursuant to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificatethis Agreement with respect to each Mortgage Loan. In addition, in connection with the event assignment of any MERS Mortgage Loan, the Seller agrees that documents it will cause, at its own expense, the MERS System to indicate that the related Mortgage Loans have not been received assigned by the date specified Seller to the Purchaser in accordance with this Agreement by entering in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered MERS System the information required by the MERS System to identify the Purchaser as owner of such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationMortgage Loans. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until further agrees that it will not alter the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents information referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is not completed within 360 days repurchased in accordance with the terms of this Agreement or unless otherwise directed by the Purchaser. The Custodian shall certify its receipt of all such Mortgage Loan Documents in each Mortgage File required to be delivered pursuant to this Agreement, as evidenced by the Initial Certification of the Custodian in the forms annexed to the Custodial Agreement. The Purchaser will be responsible for the fees and expenses of the Custodian. The contents of each Servicing File are and shall be held in trust by the Seller as servicer for the benefit of the Purchaser as the owner thereof. The possession of each Servicing File by the Seller is at the will of the Purchaser for the sole purpose of servicing the related Closing Date thenMortgage Loan pursuant to the Servicing Agreement, at and such retention and possession by the Seller is in a custodial capacity only. Upon the sale of the Mortgage Loans the ownership of each Mortgage Note, the related Mortgage and the related Mortgage File and Servicing File shall vest immediately in the Purchaser’s option, and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Seller shall repurchase such Mortgage Loan vest immediately in the Purchaser and shall be retained and maintained by the Seller, in trust, at the will of the Purchaser and only in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officecustodial capacity.

Appears in 2 contracts

Samples: Wells Fargo Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2006-Ar2), Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee, Wachovia Bank, National Association, the Mortgage Loan Documents. The Mortgage Loan Documents no later than four shall be delivered by the Seller to the Purchaser or its designee, Wachovia Bank, National Association, at 4000 Xxxxxxxxxxxx Xxxxx, Xxxxx X, Xxxxxxxxx, Xxxxxxxx 00000, Attention: Rxx Xxxxxx, at least five (45) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Seller may have in its possession, shall be retained by the Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver a copy of such Mortgage Loan Documents to Purchaserdocument, or the appointed custodianif not previously delivered, within such time period as specified in and a Seller’s Officer’s CertificateCertificate to Purchaser, or its designee. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3’s for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3’s for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3’s for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the FNMA Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released by Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser or its designee as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney’s fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) days of its return from Business Days prior to the appropriate public recording officeClosing Date pursuant to a bailee letter agreement shall be delivered to the following addressee: Wachovia Bank, National Association, 4000 Xxxxxxxxxxxx Xxxxx, Xxxxx X, Xxxxxxxxx, Xxxxxxxx 00000, Attention: Rxx Xxxxxx.

Appears in 2 contracts

Samples: Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-2f), Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) five Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 90 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 90 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents or cause to Purchaser, be delivered to the Purchaser or the appointed custodian, within such time period as specified in its designee a Seller’s Officer’s CertificateCertificate that shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Purchaser or its designee due solely to a delay caused by the public recording office and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 120 days of the Closing Date. Pursuant to Section 12.11, the Seller shall be responsible for recording the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans). The Seller shall pay all initial recording fees for the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans) and any other fees in connection with the transfer of the Mortgage Loan Documents to the Purchaser or its designee. No later than five days prior to the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office3.03.

Appears in 2 contracts

Samples: Mortgage Loan Purchase Agreement (TBW 2006-2), Mortgage Loan Purchase Agreement (TBW 2006-1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 270 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office, or the appointed custodianor, within if such time period as specified in recording receipt is not available, an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect No later than three (3) days prior to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionDate, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If To the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileextent received by it, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) days weeks of its return from the appropriate public recording office. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 2 contracts

Samples: Mortgage Loan Sale and Servicing Agreement (GSAA Home Equity Trust 2006-16), Servicing Agreement (GSAA Home Equity Trust 2006-14)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents and release to the Purchaser or its designee the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on such Closing Date and set forth on the related Closing Date then, at Purchaser’s option, the Seller shall repurchase Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the Purchaser, Purchaser or its designee, designee original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Purchaser or its designee with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from submission for recordation. If in connection with any assumption, modification, consolidation or extension of any Mortgage Loan, the appropriate applicable Seller has not delivered or caused to be delivered any original document evidencing an assumption, modification, consolidation or extension with evidence of recording thereon because of a delay caused by the public recording office where such document has been delivered for recordation or because such document has been lost or because such public recording office retains the original recorded document, the Seller shall deliver or cause to be delivered to the Purchaser, (i) in the case of a delay caused by the public recording office, a copy of such document certified by the applicable Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded document and (ii) in the case where a public recording office retains the original recorded document or in the case where a document is lost after recordation in a public recording office, a copy of such document certified by such public recording office to be a true and complete copy of the original recorded document; In the event that the Seller does not comply with the delivery requirements set forth in this Subsection 6.03 with respect to any Mortgage Loan, the related Mortgage Loan shall, upon request of the Purchaser, be repurchased by the Seller at the Repurchase Price in accordance with Subsection 7.03.

Appears in 2 contracts

Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar6), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar1)

Delivery of Mortgage Loan Documents. The With respect to each Mortgage Loan, the Seller shall deliver and release to the Purchaser Purchaser, or its designee, (a) at least seven (5) Business Days prior to the custodian appointed by Closing Date (or such later date as the Purchaser may reasonably request), the original Mortgage Note endorsed in blank and the original Assignment of Mortgage assigned in blank and (b) the other Mortgage Loan Documents no later than four sixty (460) Business Days prior days following the Closing Date, subject to the following paragraph. All documents shall be original documents or, in the case of Mortgage Loan Documents delivered for recording, either the original recorded documents or clerk-certified copies. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Purchaser or its designee within one hundred eighty (180) days following the Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Closing Date orMortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Subsection 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a Servicing Officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall immediately deliver such Mortgage Loan Documents document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to Purchaser, deliver such original or clerk-certified copy of any document submitted for recordation to the appointed custodian, appropriate public recording office within such the specified time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for any reason within one hundred eighty (180) days after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the Mortgage Loan at the price and in such the manner set forth specified in Section Subsection 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officein accordance with this Agreement.

Appears in 2 contracts

Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002 23xs), Sale and Servicing Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 2 contracts

Samples: Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-8), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7)

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Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee, Wachovia Bank, National Association, the Mortgage Loan Documents. The Mortgage Loan Documents no later than four shall be delivered by the Seller to the Purchaser or its designee, Wachovia Bank, National Association, at 0000 Xxxxxxxxxxxx Xxxxx, Xxxxx X, Xxxxxxxxx, Xxxxxxxx 00000, Attention: Xxx Xxxxxx, at least five (45) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of Mortgage Loan that Seller may have in its possession, shall be retained by the Servicer in trust for the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents or the original policy of title insurance, including riders and endorsements thereto, on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original documents, including original recorded Mortgage Loan Documents documents, to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because due to delays in making such Mortgage Loan Documents delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall deliver a copy of such Mortgage Loan Documents document, if not previously delivered, and a Seller's Officer's Certificate to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificateits designee. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3's for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3's for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3's for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the FNMA Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released by Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser or its designee as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) days of its return from Business Days prior to the appropriate public recording officeClosing Date pursuant to a bailee letter agreement shall be delivered to the following addressee: Wachovia Bank, National Association, 0000 Xxxxxxxxxxxx Xxxxx, Xxxxx X, Xxxxxxxxx, Xxxxxxxx 00000, Attention: Xxx Xxxxxx.

Appears in 2 contracts

Samples: Assignment and Assumption Agreement (Banc of America Funding 2006-5 Trust), Assignment and Assumption Agreement (Banc of America Funding 2006-6 Trust)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from Custodial Agreement for the Closing Date, deliver such original recorded Mortgage Loan Documents as evidenced by the certification and trust receipt of the Custodian in the form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return from the Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction, provided that (i) the Seller shall deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 2 contracts

Samples: Servicing Agreement (GSAA Home Equity Trust 2006-10), Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2005-He1)

Delivery of Mortgage Loan Documents. The Seller Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian, the Interim Servicer and the Company prior to the Closing Date, the Company shall cause the Interim Custodian (as defined in the Commitment Letter) to deliver and release to the Purchaser or Custodian, at the custodian appointed Company’s expense, those Mortgage Loan Documents as required by the Purchaser Custodial Agreement with respect to each Mortgage Loan to be purchased and sold on the such Closing Date and set forth on the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request Schedule delivered with such Mortgage Loan Documents. The fees and expenses of the Purchaser, earlier, if necessary or desirable to facilitate a reviewInterim Custodian shall be paid by the Company. If the Seller cannot deliver the original recorded The Custodian shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from Custodial Agreement for the Closing Date, deliver such original recorded Mortgage Loan Documents as evidenced by the Trust Receipt and Initial Certification of the Custodian in the form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Company shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Company shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from the appropriate public recording officesubmission for recordation.

Appears in 2 contracts

Samples: Mortgage Loan Purchase and Interim Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2), Mortgage Loan Purchase and Interim Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series AMQ 2007-He2)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release Pursuant to the Custodial Agreement delivered to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof shall deliver and in any case not later than 120 days from release to the Closing Date, deliver such original recorded Custodian those Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned as required by the appropriate recording office)Custodial Agreement and by this Agreement with respect to each Mortgage Loan. If delivery is not completed within 120 days of Notwithstanding anything contrary contained in the Custodial Agreement, prior to the related Closing Date solely because such Mortgage Loan Documents the Seller shall not have been returned by be obligated to deliver and release to the appropriate recording officeCustodian only documents (a), (b) and (f) listed on Exhibit 1 hereto. Subject to Recording Office Delays (as defined below), within 90 days after the related Closing Date, the Seller shall deliver to the Custodian each of the documents described in Exhibit 1 not delivered pursuant to this Agreement and the Custodial Agreement; provided that, subject to Recording Office Delays, such 90-day period shall not extend any of the other cure periods available to the Seller pursuant to this Section 6.03, and provided, further, that nondelivery of the documents described in Exhibit 1 on or prior to the related Closing Date shall constitute notice to the Seller for purposes of this Section 6.03. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by pursuant to the Custodial Agreement, subject to the exception report attached to such date specified in certification or subsequent certification delivered under the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include will be responsible for the fees and expenses related to the recording of any intervening or prior assignments of the Mortgage Loans to the Seller or to any prior owners of or mortgagees with each Seller’s Officer’s Certificate a listing of all delayed recorded documentsrespect to the Mortgage Loans. The procedure shall Purchaser will be repeated until responsible for the documents have been received Custodian’s fees and delivered. The Seller shall use its best efforts expenses with respect to effect delivery the initial inventory, delivery, certification and maintenance of all delayed recorded documents within 180 days of the Mortgage Loans before and after the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 11.01 or 11.18 within one week two weeks after their execution, provided, however, that the Seller shall provide the Custodian with a Seller-certified true copy of their execution any such document submitted for recordation within two weeks after its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return submission for recordation or as soon thereafter as such recording office will make such certified copy available. In the event the public recording office is delayed in returning any original document (“Recording Office Delays”), the Seller shall deliver to the Custodian within 240 days of its submission for recordation, a copy of such document and an Officer’s Certificate, which shall (i) identify the recorded document; (ii) state that the recorded document has not been delivered to the Custodian due solely to a delay by the public recording office and (iii) state the date by which the Seller expects to receive the applicable recorded document from the appropriate public applicable recording office. Within ninety (90) days after the related Closing Date, the Seller shall, or shall cause the Servicer to, with respect to the Non-Conventional Mortgage Loans, deliver to the Purchaser or its designee the original MIC or LGC, or an Officer’s Certificate, which shall (i) state that the MIC or LGC has not been delivered to the Purchaser or its designee due solely to a delay by the insuring agency, (ii) state the amount of time generally required by the insuring agency to process the MIC or LGC and (iii) specify the date the MIC or LGC will be delivered to the Purchaser or its designee. The Seller shall be required to deliver the MIC or LGC to the Purchaser or its designee by the date specified in clause (iii) above. If the Seller, the Purchaser or the Custodian finds any document or documents constituting a part of a Mortgage File pertaining to a Mortgage Loan to be defective (or missing) in any material respect, and such defect or missing document materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser therein, the party discovering such defect shall promptly so notify the Seller. The Seller shall have a period of 90 days after receipt of such written notice within which to correct or cure any such defect. The Seller hereby covenants and agrees that, if any material defect cannot be corrected or cured and materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser, the Seller will, upon the expiration of the applicable cure period described above, repurchase the related Mortgage Loan in the manner set forth in Section 7.03; provided, however, that with respect to any Mortgage Loan, if such defect constitutes a Qualification Defect, any such repurchase must take place within 75 days of the date such defect is discovered; provided, further, that the foregoing repurchase obligation shall not apply in the event the Seller cannot deliver such items due to a delay caused by the recording office in the applicable jurisdiction; and provided, further, that the Seller shall deliver instead a recording receipt of such recording office or, if such recording receipt is not available, an Officer’s Certificate from the Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to the Purchaser or its designee promptly upon receipt thereof from the related recording office. Notwithstanding the foregoing, with respect to a Mortgage Loan, if, at the end of such 90-day period, the Seller delivers an Officer’s Certificate to the Purchaser certifying that the Seller is using good faith efforts to correct or cure such defect and identifying progress made, then the Purchaser shall grant the Seller an extension to correct or cure such defect. The extension shall not extend beyond (1) if the defect is a Qualification Defect, the date that is 75 days after the date the defect is discovered, or, (2) if the defect is not a Qualification Defect, the date that is 30 days beyond the original 90-day cure period. If the defect is not a Qualification Defect, additional 30-day extensions may be obtained pursuant to the same procedure, as long as the Seller demonstrates continued progress toward a correction or cure; provided that no extension shall be granted beyond 180 days from the date on which the Seller received the original notice of the defect. Notwithstanding the foregoing, with respect to a Mortgage Loan, the failure of the Purchaser to notify the Seller of any defective or missing document in a Mortgage File within such 90-day period, or the failure of the Purchaser to require the Seller to cure or repurchase the related Mortgage Loan upon expiration of such 90-day period, shall not constitute a waiver of its rights hereunder, including the rights with respect to a Mortgage Loan, to require the Seller to repurchase the affected Mortgage Loan and the right to indemnification pursuant to Section 7.03 hereof. Notwithstanding the foregoing, to the extent that the Custodian certifies as to any document as being delivered to it pursuant to the Custodial Agreement in a non-defective state and such document subsequently becomes missing or defective, the Seller shall not be obligated to repurchase the related Mortgage Loan by reason of such missing or defective document, to redeliver such document to the Custodian or to correct any such defect. To the extent received by it, the Servicer shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement.

Appears in 2 contracts

Samples: Custodial Agreement (GSR Mortgage Loan Trust 2006-9f), Custodial Agreement (GSR Mortgage Loan Trust 2006-10f)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return from submission for recordation; provided however, that if delivery is not completed within 180 days after such documents were submitted for recordation solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office, the Seller shall continue to use its best efforts to effect delivery as soon as possible thereafter, but in no event shall delivery of such documents occur more than 240 days after such documents were submitted for recordation. The Seller shall grant a sufficient limited power of attorney to the Purchaser to enable the Purchaser to execute legal, valid and enforceable Assignments of Mortgage for the Mortgage Loans on behalf of the Seller. In the event any document required to be delivered to the Custodian in the Custodial Agreement, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 90 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank and recorded subsequently by the Purchaser or its designee and an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply if the Seller cannot cause the Interim Servicer to deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 2 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. The Seller's Officer's Certificate shall (i) identify the recorded document; (ii) state that the recorded document has not been delivered to the Custodian due solely to a delay by the public recording office and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. The Seller will be required to deliver the document to the Custodian within the period of time specified pursuant to (iii) above. An extension of the period of time specified in (iii) above may be requested from the Purchaser, which consent shall not be unreasonably withheld or delayed. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery In addition to the foregoing, if the Seller, the Servicer, the Purchaser or the Custodian finds any document or documents constituting a part of all a Mortgage File pertaining to a Mortgage Loan Documents to be defective (or missing) in any material respect, and such defect or missing document materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser therein, the party discovering such defect shall promptly so notify the Seller. The Seller shall have a period of 90 days after receipt of such written notice within which to correct or cure any such defect. If the originals or certified copies required in this Section 2.07 are not delivered as required within 90 days following the Closing Date or as otherwise extended as set forth above, the related Mortgage Loan shall, upon request of the Purchaser, be repurchased by the Seller in accordance with Section 3.04 hereof; provided, however, that the foregoing repurchase obligation shall not apply in the event the Seller cannot deliver such items due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall deliver instead a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from the Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to the Purchaser or its designee promptly upon receipt thereof from the related recording office. Notwithstanding the foregoing, if a defect constitutes a Qualification Defect, any repurchase must take place within 75 days of the date such defect is discovered. Notwithstanding the foregoing, with respect to a Mortgage Loan, if, at the end of such 90-day period, the Seller delivers an Officer's Certificate to the Purchaser certifying that the Seller is using good faith efforts to correct or cure such defect and identifying progress made, then the Purchaser shall grant the Seller an extension to correct or cure such defect. The extension shall not extend beyond (1) the date that is 75 days after the date the defect is discovered, or, (2) if the defect is not a Qualification Defect (as evidenced by an Opinion of Counsel), the date that is 30 days beyond the original 90-day cure period. If the defect is not a Qualification Defect, additional 30-day extensions may be obtained pursuant to the same procedure, as long as the Seller demonstrates continued progress toward a correction or cure; provided that no extension shall be granted beyond 180 days from the date on which the Seller received the original notice of the defect. Pursuant to Section 12.11, for any Mortgage Loan Loans which is not completed within 360 days of the related Closing Date then, at Purchaser’s optiona MERS Mortgage Loan, the Seller shall repurchase be responsible for preparing an assignment in blank, in recordable form with respect to each such Mortgage Loan. The Seller shall pay all initial recording fees, for the Assignments of Mortgage and any other fees in connection with the transfer of the Mortgage Loan in such manner set forth in Section 7.03Documents to the Purchaser or its designee. No later than five (5) days prior to the related Closing Date, the Seller shall provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.04. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution and shall also provide except that in the original case of any document submitted for recordation a certified copy shall be delivered to the Custodian within 10 days of execution, and an original or or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office, but in all cases within 60 days, subject to the extension procedures set forth above. The failure of the Purchaser to notify the Seller of any defective or missing document in a Mortgage File within such 90-day period, or the failure of the Purchaser to require the Seller to cure or repurchase the related Mortgage Loan upon expiration of such 90-day period, shall not constitute a waiver of its rights hereunder, including the rights with respect to a Mortgage Loan, to require the Seller to repurchase the affected Mortgage Loan and the right to indemnification pursuant to Section 8.01 hereof. To the extent that the Custodian certifies any document as being delivered to it pursuant to the Custodial Agreement in a non-defective state and such document subsequently becomes missing or defective, the Seller shall not be obligated to repurchase the related Mortgage Loan by reason of such missing or defective document, to redeliver such document to the Custodian or to correct any such defect. The Seller covenants that with respect to each Mortgage Loan, it shall maintain in its possession, available for Purchaser's inspection, and shall deliver to Purchaser on demand, to the extent available, evidence of compliance with any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws applicable to the Mortgage Loan.

Appears in 2 contracts

Samples: Warranties and Servicing Agreement (Gs Mortgage Securities Corp), Warranties and Servicing Agreement (Gs Mortgage Securities Corp)

Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, the Seller shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior as required by the Custodial Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documentsbe responsible for maintaining the Custodial Agreement during the Preliminary Servicing Period. The procedure fees and expenses of the Custodian during such period shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review paid by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03provide customary indemnification to the Custodian pursuant to the Custodial Agreement. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from the appropriate public recording officesubmission for recordation.

Appears in 2 contracts

Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-10), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6)

Delivery of Mortgage Loan Documents. Pursuant to various conveyance documents to be executed on the Closing Date and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign on the Closing Date all of its right, title and interest in and to the Mortgage Loans to the Trustee for the benefit of the Certificateholders. In connection with the transfer and assignment of the Mortgage Loans, the Seller has delivered or will deliver or cause to be delivered to the Trustee by the Closing Date or such later date as is agreed to by the Purchaser and the Seller (each of the Closing Date and such later date is referred to as a “Mortgage File Delivery Date”), the items of each Mortgage File as defined in section 2.01 of the Pooling and Servicing Agreement, provided, however, that in lieu of the foregoing, the Seller may deliver the following documents, under the circumstances set forth below: (x) in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Seller may deliver a true copy thereof with a certification by the Seller on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording;” (y) in lieu of the Mortgage, assignments to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents or if the originals are lost (in each case, as evidenced by a certification from the Seller to such effect), the Seller may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans, each identified in the list delivered by the Purchaser to the Trustee on the Closing Date and attached hereto as Exhibit 2 the Seller may deliver lost note affidavits and indemnities of the Seller; and provided further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering the above documents, may deliver to the Trustee a certification by the Seller to such effect. The Seller shall deliver and release such original documents (including any original documents as to which certified copies had previously been delivered) or such certified copies to the Purchaser or the custodian appointed by the Purchaser Trustee promptly after they are received. The Seller shall cause the Mortgage Loan Documents no and intervening assignments, if any, and the assignment of the Mortgage to be recorded not later than four (4) Business Days prior 180 days after the Closing Date, or, in lieu of such assignments, shall provide an Opinion of Counsel pursuant to Section 6 hereof to the effect that the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Closing Date or, upon Mortgage Loan. Upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to will assist the Purchaser or in effecting the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office)assignment referred to above. If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office* Please contact Nomura Credit & Capital, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date Inc. for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officepricing information.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Wf1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Wf1)

Delivery of Mortgage Loan Documents. The On or prior to each Closing Date, the Seller shall deliver and release to the Purchaser or its designee the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of sold to the related Purchaser on such Closing Date thenDate, at Purchaser’s optionand set forth on the Mortgage Loan Schedule, except as otherwise provided in the Residential Servicing Agreement. The Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by forward, or shall cause the Servicer to forward, to the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, all original documents evidencing an assumption, modification, consolidation consolidation, conversion or extension of any Mortgage Loan entered into in accordance with the Residential Servicing Agreement within one week 30 days of their execution execution, provided, however, that the Seller shall provide, or shall cause the Servicer to provide, the Purchaser or its designee with a certified true copy of any such document submitted for recordation within 30 days of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five ninety (590) days of its return submission for recordation (provided, that with respect to assignments of the Mortgages reflecting the assignment from the Seller to the Purchaser, one final assignment shall be executed by Seller in blanket non-recordable form, and no other forms of assignment of such Mortgages shall be executed or recorded unless and until the Purchaser shall request execution of individual Assignments of Mortgages pursuant to and in accordance with Section 25 hereof). In the event that such original or copy of any document submitted for recordation to the appropriate public recording office.office is not so delivered to the Purchaser or its designee within 90 days following the submission for recordation and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the

Appears in 2 contracts

Samples: And Warranties Agreement (Peoples Preferred Capital Corp), And Warranties Agreement (Peoples Preferred Capital Corp)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request Mortgage Files with respect to each Mortgage Loan in the related Mortgage Loan Package. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction, provided that (i) the Seller shall deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2005-He1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee, LaSalle Bank, National Association the Mortgage Loan Documents. The Mortgage Loan Documents no later than four shall be delivered by the Seller to the Purchaser or its designee, LaSalle Bank, National Association, at least five (45) Business Days prior to the related Closing Date orpursuant to a bailee letter agreement. All other documents in Exhibit A hereto, upon together with all other documents executed in connection with the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on that Seller may have in its possession, shall be delivered to the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 Custodian within 90 days from the Closing Date. On a best efforts basis, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller shall deliver all original documents within 90 days of the Closing Date, but in no event later than 180 days of the Closing Date. If delivery is delayed not completed within 180 days of the Closing Date solely due to delays in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall continue to use its commercially reasonable best efforts to effect delivery of all delayed recorded documents within 180 270 days of the related Closing Date. If delivery The Seller shall pay all initial recording fees, for the Assignments of Mortgage or Form UCC-3's for Co-op Loans and any other fees in connection with the transfer of all original documents to the Purchaser or its designee. Seller shall prepare, in recordable form, all Assignments of Mortgage Loan Documents with respect or Form UCC-3's for Co-op Loans necessary to any assign the Mortgage Loan is not completed Loans to Purchaser, or its designee. Seller shall be responsible for recording the Assignments of Mortgage or Form UCC-3's for Co-op Loans. Seller shall provide a copy of the title insurance policy to Purchaser or its designee within 360 ninety (90) days of the related Closing Date then, at Purchaser’s option, receipt of the Seller shall repurchase recorded documents (required for issuance of such Mortgage Loan in such manner set forth in Section 7.03policy) from the applicable recording office. Any review by the Purchaser Purchaser, or its designee designee, of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller in the exception report or the certification delivered pursuant to this Section 2.07, and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 in accordance with the XXXXXX MAE Guides; provided, however, that the Seller shall provide the Purchaser, or its designee, with a certified true copy of any such document submitted for recordation within one week of their execution its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within sixty (60) days of its submission for recordation. From time to time, in order to fulfill its obligations hereunder, the Seller may have a need for Mortgage Loan Documents to be released from Purchaser, or its designee. Purchaser shall, or shall cause its designee, upon the written request of the Seller, within ten (10) Business Days, deliver to the Seller, any requested documentation previously delivered to Purchaser as part of the Mortgage File, provided that such documentation is promptly returned to Purchaser, or its designee, when the Seller no longer requires possession of the document, and provided that during the time that any such documentation is held by the Seller, such possession is in trust for the benefit of Purchaser. Seller shall indemnify Purchaser, and its designee, from and against any and all losses, claims, damages, penalties, fines, forfeitures, costs and expenses (including court costs and reasonable attorney's fees) resulting from or related to the loss, damage, or misplacement of any documentation delivered to Seller pursuant to this paragraph. Any and all documents required to be delivered pursuant to this Section 2.07 other than those Mortgage Loan Documents required to be delivered within five (5) Business Days prior to the Closing Date pursuant to a bailee letter agreement shall be delivered to the Custodian. With respect to the Mortgage Loan Documents listed as items 2, 3, 5 and 6 on Exhibit A attached hereto (the "Remaining Mortgage Loan Documents"), Seller shall deliver such documents to the Custodian within 90 days of its return from the appropriate public recording officeClosing Date. In the event that Seller fails to deliver the Remaining Mortgage Loan Documents within the time frame specified above, the Seller shall, at the Purchaser's option, upon written notice from the Purchaser, repurchase any such Mortgage Loan. Upon reconstitution of the Mortgage Loans as outlined Article 11, should Purchaser or any other party require possession of the Remaining Mortgage Loan Documents, Seller shall promptly deliver such Remaining Mortgage Loan Documents to the party requesting such documents or to the Custodian, as the case may be. Seller represents and warrants that it is in possession of all the Remaining Mortgage Loan Documents for each Mortgage Loan in this Purchase Transaction, and will indemnify the Purchaser or its successors and assigns for any losses incurred as a result of the Seller not having complete, original Remaining Mortgage Loan documents.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-11h)

Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian, the Servicer and the Sellers prior to the related Closing Date, each Seller shall in connection with such Closing Date, at least two (2) Business Days prior to such Closing Date, deliver and release to the Purchaser or the custodian appointed Custodian those Mortgage Loan Documents as required by the Purchaser Custodial Agreement with respect to each Mortgage Loan to be purchased and sold on the such Closing Date and set forth on the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request Schedule delivered with such Mortgage Loan Documents. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or Custodial Agreement. The Sellers shall be responsible for maintaining in effect the appointed custodian (unless Custodial Agreement during the Seller is delayed in making such delivery by reason Interim Servicing Period. The fees and expenses of the fact that Custodian during such documents period and thereafter shall not have been returned be paid by the appropriate recording office)Sellers. If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Each Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that each Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office (unless the recording office does not routinely return originals or provide certifications) to be a true and complete copy of the original within five (5) days of after its return from the appropriate public recording office.

Appears in 1 contract

Samples: Mortgage Loan Purchase and Interim Servicing Agreement (American Business Financial Services Inc /De/)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release Transferor has delivered or caused to be delivered to the Purchaser Transferee or its designee in accordance with the custodian appointed by instructions of the Purchaser Transferee each of the documents referred to in Section 2.04 of the Pooling and Servicing Agreement and listed in Exhibit D hereto for each Mortgage Loan Documents no later than four (4) Business Days prior Loan. The Transferor shall use its reasonable efforts promptly to deliver or cause to be delivered to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver Transferee: (a) the original recorded Mortgage Loan Documents on in those instances where a copy thereof certified by the related Closing DateTransferor was delivered to the Transferee; (b) the original recorded Assignments of Mortgage evidencing a complete chain of assignment from the originator of such Mortgage to the Transferor or the applicable Originator, which, together with any intervening Assignments of Mortgage, evidences a complete chain of assignments from the Seller originator to the Transferor or the applicable Originator in those instances where copies of such assignments certified by the Transferor were delivered to the Transferee; and (c) the title insurance policy or assurance of title required in paragraph (4) of Exhibit C (to the extent so required). The Transferor shall, promptly upon within five (5) Business Days after the receipt thereof thereof, and in any case not later than 120 days from event, within twelve months after the Closing Date, deliver such original recorded Mortgage Loan Documents or cause to be delivered to the Purchaser Transferee each document described in any of paragraphs (1), (2), (3) and (5) on Exhibit C; provided, however, that if a document described in paragraph (2) or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall 5) on Exhibit C has not have been returned by from the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate public recording office, the Seller Transferor shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee certified copy of the Mortgage Files and a receipted copy of the assignment from the appropriate recording office prior to the expiration of such twelve-month period. Notwithstanding anything to the contrary contained in this Section 2.04, the Transferor shall in no way alter or reduce the Seller’s be deemed to have satisfied its obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of deliver a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification Assignment of such defect Mortgage upon delivery to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension Transferee of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document Mortgage or Assignment of Mortgage, as applicable, certified by the appropriate public recording office to be a true and complete copy of the recorded original within five (5) days thereof. From time to time the Transferor may forward or cause to be forwarded to the Transferee additional original documents evidencing an assumption or modification of its return from a Mortgage Loan. All Mortgage Loan documents held by the appropriate public Transferee as to each Mortgage Loan are referred to herein as the "Mortgage File." All recording officerequired pursuant to this Section 2.04 shall be accomplished by and at the expense of the Transferor.

Appears in 1 contract

Samples: Transfer Agreement (Eqcc Receivables Corp)

Delivery of Mortgage Loan Documents. (a) The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four on the Closing Date upon its receipt of the Purchase Price, in accordance with a mutually acceptable bailment agreement. The Seller shall deliver any document required to be delivered to the Custodian under this Agreement or cure any deficiency within forty-five (445) Business Days days after the related Closing Date. In the event that Seller does not deliver the missing document or cure the related deficiency within such 45-day period, the Seller, upon written demand of the Purchaser, shall repurchase the related Mortgage Loan at the Repurchase Price within fifteen (15) days following Purchaser’s Request in accordance with the provisions of Section 7.03. Notwithstanding anything to the contrary herein, if in connection with any Mortgage Loan, the Seller cannot deliver or cause to be delivered an original Mortgage Loan Document with evidence of recording thereon on or prior to the related Closing Date or, upon because of a delay caused by the request of the Purchaser, earlier, if necessary public recording office where such Mortgage Loan Document has been delivered for recordation or desirable to facilitate a review. If the Seller cannot deliver because such public recording office retains the original recorded Mortgage Loan Documents on Document, Seller shall (i) provide to Purchaser a certified copy of such Mortgage Loan Document, and (ii) when the related Closing Date, the Seller shalloriginal Mortgage Loan Document becomes available, promptly upon receipt thereof deliver to Purchaser the original of such Mortgage Loan Document, with evidence of recording thereon, and in any case not later than 120 days from if such public recording office retains the Closing Date, deliver such original recorded Mortgage Loan Documents Document, Seller shall deliver or cause to be delivered to Purchaser a certified copy of such Mortgage Loan Document along with evidence of its submission for recording. Notwithstanding anything to the Purchaser or contrary herein, if the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery any Mortgage Loan Document required to be recorded is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 one hundred eighty (180) days of the related Closing Date. If delivery , then Seller, upon written demand of all the Purchaser, shall repurchase the affected Mortgage Loan Documents with respect to any Mortgage Loan is not completed at the Repurchase Price within 360 fifteen (15) days of the related Closing Date then, at following Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan request in accordance with the provisions of Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 1 contract

Samples: Mortgage Loan Purchase and Sale Agreement (Angel Oak Mortgage, Inc.)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four ten (410) Business Days prior to the related Closing Date or, upon the request Mortgage Files with respect to each Mortgage Loan in the related Mortgage Loan Package. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Custodial Agreement. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five ninety (590) days of its return from submission for recordation. In the event any document listed on Exhibit A as constituting a part of the Mortgage Files and required to be delivered to the Custodian pursuant to this Subsection 6.03, including an original or copy of any document submitted for recordation to the appropriate public recording office., is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, on the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee or document

Appears in 1 contract

Samples: Servicing Agreement (GSAA Home Equity Trust 2006-9)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed custodian, as directed by the Purchaser Purchaser, the Mortgage Loan Documents as required by Exhibit H hereto for each Mortgage Loan no later than four five (45) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, Purchaser or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks of their execution execution; provided, however, that Seller shall provide Purchaser or its designee, with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 270 days of its return submission for recordation. In the event Seller cannot deliver the original of such documents submitted for recording due to a delay by the recording office in the applicable jurisdiction, Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to Purchaser or its designee promptly upon receipt thereof from the appropriate public related recording office. From time to time Purchaser shall deliver or cause to be delivered to Seller, as soon as practicable following receipt of a written request from Seller, by first class mail and at no expense to Seller, any Mortgage Loan Document needed by Seller in connection with the servicing of a Mortgage Loan. Seller's request for the release of a Mortgage Loan Document shall specify in reasonable detail the reason for Seller's request. During the time that any such Mortgage Loan Document is in the possession of Seller, such possession shall be deemed to be in trust for the benefit of Purchaser and Seller shall promptly return to Purchaser or its designee any Mortgage Loan Document so released when Seller's need for such Mortgage Loan Document no longer exists. Purchaser shall indemnify and hold Seller harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and any other costs, fees and expenses that Seller may sustain in connection with any third party claim in any way related to Purchaser's or its designee's failure to release, in a timely manner, the Mortgage Loan Documents requested by Seller. Purchaser shall pay all costs, fees and expenses in connection with the possession of the Mortgage Loan Documents. Purchaser shall provide Seller with written notice at least fifteen (15) days prior to any transfer of the Mortgage Loan Documents.

Appears in 1 contract

Samples: Servicing Agreement (Prime Mortgage Trust 2005-5)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four Seller/Servicer shall, at least three (43) Business Days prior to the related Closing Date or(or such earlier date as the Purchaser may reasonably request), upon deliver, at the request of Seller's expense, and release to the Purchaser, earlieror if so directed by the Purchaser, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing DateCustodian, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of Loan. To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller /Servicer shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week in accordance with this Agreement; provided, however, that the Seller/Servicer shall provide the Custodian with a certified true copy of their execution any such document submitted for recordation, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five ninety (590) days of its return submission for recordation. With respect to any Mortgage Loan registered with the MERS System, Seller/Servicer shall take all action necessary to cause the MERS System to reflect Purchaser as the beneficial owner of the Mortgage Loan. In the event that the original (or a copy thereof certified by the public recording office in which such document has been recorded) of any of the Mortgage Loan Documents (except the Assignment of Mortgage) cannot be delivered on the Closing Date due to a delay in the public recording office, the Seller/Servicer shall deliver or cause to be delivered to the Purchaser a true and correct copy of such documents on the Closing Date, and if the original (or a copy thereof certified by the public recording office in which such document has been recorded) of any such document is not delivered to the Purchaser within 90 days after the Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller/Servicer at the price and in the manner specified in Section 6.03, unless the Seller/Servicer is delayed in so delivering such documents because any such instruments shall not have been received by the Seller/Servicer from the appropriate public recording office. The Seller/Servicer shall make an image of the related Mortgage File available to the Purchaser for examination at the Seller/Servicer's offices or such other location as shall otherwise be agreed upon by the Purchaser and the Seller/Servicer. Such examination may be made by the Purchaser or its designee at any reasonable time prior to the Closing Date. The Purchaser may, at its option and without notice to the Seller/Servicer, purchase any Mortgage Loan without conducting any partial or complete examination. The fact that the Purchaser has conducted or has determined not to conduct any partial or complete examination of the Mortgage Files shall not affect the Purchaser's rights to demand repurchase or other relief or remedy provided for in this Agreement.

Appears in 1 contract

Samples: Reconstituted Servicing Agreement (Structured Asset Mortgage Investments Inc)

Delivery of Mortgage Loan Documents. The Pursuant to this Agreement, the Seller shall provide, or cause to be provided, in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date or a mutually acceptable time prior to the Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the those Mortgage Loan Documents no later than four (4) Business Days prior as required by this Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request of the Purchaser, earlier, if necessary or desirable to facilitate a reviewrelated Mortgage Loan Schedule delivered with such Mortgage Loan Documents. If required pursuant to a Purchase Price and Terms Letter Agreement, the Seller cannot deliver the original recorded Purchaser shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to this Agreement for the related Closing Date. With respect to each Mortgage Loan, the Seller shallshall deliver the Mortgage and, promptly if applicable, the intervening Assignment of Mortgage and title insurance policy to be delivered to Purchaser if they have not yet been returned from the applicable recording office or title insurer. Seller shall use reasonable efforts to obtain such documents on a timely basis. Promptly upon receipt thereof thereof, and in any case not later than 120 180 days from the related Closing Date, Seller shall deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed In any instance in which the Seller fails to deliver an original recorded document to the Purchaser within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording officeone hundred eighty (180) day period, the Seller shall deliver such Mortgage Loan Documents Purchaser may attempt to Purchaser, or obtain the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In document from the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationrelevant public office. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded reimburse the Purchaser for its reasonable expenses incurred in attempting to obtain such documents, up to $150 per Mortgage Loan. The procedure shall be repeated until Seller can prevent or delay such actions by the Purchaser, on a loan-by-loan basis, by providing Purchaser with a signed certification from the Seller indicating required documents have been received delivered to appropriate recording offices, and deliveredthe stated recording office has caused the delay (as indicated in Exhibit 5). The Seller shall use its best efforts is required to effect delivery notify Purchaser of all delayed recorded documents within 180 days of such certification on or before the 181st day after the related Closing Date. Notwithstanding the foregoing, any delay of any actions by the Purchaser pursuant to this Section 6.03 following the 270th day after the related Closing Date shall be in the sole discretion of the Purchaser. In any event, if the Purchaser’s failure to receive an original or court certified true copy of the original recorded mortgage, deed of trust, security instrument, assignment or other documents required to be recorded under this Agreement, or an original title policy as required by this Agreement, and such failure results in the Purchaser incurring a direct out of pocket loss, the Purchaser may, at its option, require the Seller to repurchase the affected Mortgage Loan at the Repurchase or Make Whole Price. If delivery the Purchaser purchases a Mortgage Loan having relied on a marked-up title insurance binder or title certificate rather than a title insurance policy, the Seller shall have ninety (90) days after the related Closing Date to deliver to the Purchaser the original title insurance policy (free from deficiencies, and inclusive of all required endorsements) with original signatures or computer generated signature deemed original by the issuing title company. Seller shall, at its own expense, (i) prepare an individual Assignment of Mortgage for each Mortgage Loan Documents not originated on MERS to Purchaser in a form acceptable under state or federal law and FNMA requirements, and satisfactory to Purchaser, and (ii) initiate an electronic transmission to MERS designating the Purchaser as the Investor, the Custodian as custodian, and no Person shall be listed as Interim Funder with respect to any Mortgage Loan is not completed within 360 days registered with MERS as of the Closing Date. In addition, on or prior to the related Closing Date thenDate, at Purchaser’s optionSeller shall provide the Custodian and the Purchaser with a MERS Report listing the Purchaser as the Investor, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in Custodian as custodian and no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect Person listed as Interim Funder with respect to any document constituting part of a each MERS Designated Mortgage FileLoan. To the extent received by it, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Servicer shall provide the Purchaser, or its designee, with a copy, certified by the Servicer as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) weeks following receipt of the original document by the Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 180 days of its return from following the appropriate public related Closing Date, unless there has been a delay at the applicable recording office. All final documentation required to be delivered by this Subsection 6.03 shall be delivered genuine and free from deficiencies in accordance with the FNMA Guide and FHLMC guidelines. All deficiencies which the Purchaser gives notice of to the Seller are to be cured by Seller at Seller’s expense within the set time period set forth in this Agreement.

Appears in 1 contract

Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)

Delivery of Mortgage Loan Documents. The With respect to each Mortgage Loan, the Seller shall deliver and release to the Purchaser Purchaser, or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four its designee, under a bailee letter, (4a) at least two (2) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), the original Mortgage Note endorsed in blank and the original Assignment of Mortgage assigned in blank and (b) the other Mortgage Loan Documents within a reasonable time following the related Closing Date. To the extent that any such Mortgage Loan Documents have been delivered for recording and have not yet been returned to the Seller by the applicable recording office, the Seller shall, promptly following receipt by it of such Mortgage Loan Documents from the applicable recording office, deliver such documents to the Purchaser or its designee; provided, however, that the original recorded document or a clerk-certified copy thereof shall be delivered to the Purchaser no later than one year following the related Closing Date, subject to the following paragraph. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Purchaser or its designee within one year following the related Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Subsection 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall immediately deliver such Mortgage Loan Documents document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to Purchaser, deliver such original or clerk-certified copy of any document submitted for recordation to the appointed custodian, appropriate public recording office within such the specified time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for any reason within twelve (12) months after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the related Mortgage Loan at the price and in such the manner set forth specified in Section Subsection 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and in accordance with this Agreement. Within ninety (90) days after the related Closing Date, the Seller shall, or shall also provide cause the Servicer to, with respect to the Non-Conventional Mortgage Loans, deliver to the Purchaser or its designee the original MIC or LGC, or an Officer's Certificate, which shall (i) state that the MIC or LGC has not been delivered to the Purchaser or its designee due solely to a delay by the insuring agency, (ii) state the amount of time generally required by the insuring agency to process the MIC or LGC and (iii) specify the date the MIC or LGC will be delivered to the Purchaser or its designee. The Seller shall be required to deliver the MIC or LGC to the Purchaser or its designee by the date specified in clause (iii) above. If the Seller, the Purchaser or the Custodian finds any document submitted for recordation or documents constituting a copy part of a Mortgage File pertaining to a Mortgage Loan to be defective (or missing) in any material respect, and such defect or missing document materially and adversely affects the value of the related Mortgage Loan or the interests of the Purchaser therein, the party discovering such defect shall promptly so notify the Seller. The Seller shall have a period of ninety (90) days after receipt of such document certified by written notice within which to correct or cure any such defect. The Seller hereby covenants and agrees that, if any material defect cannot be corrected or cured and materially and adversely affects the appropriate public recording office to be a true and complete copy value of the original related Mortgage Loan or the interests of the Purchaser, the Seller will, upon the expiration of the applicable cure period described above, repurchase the related Mortgage Loan in the manner set forth in Subsection 7.03; provided, however, that with respect to any Mortgage Loan, if such defect constitutes a Qualification Defect, any such repurchase must take place within seventy-five (575) days of its return the date such defect is discovered; provided, further, that the foregoing repurchase obligation shall not apply in the event the Seller cannot deliver such items due to a delay caused by the recording office in the applicable jurisdiction; and provided, further, that the Seller shall deliver instead a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate from the appropriate public Seller confirming that such documents have been accepted for recording. Any such document shall be delivered to the Purchaser or its designee promptly upon receipt thereof from the related recording office. Notwithstanding the foregoing, with respect to a Mortgage Loan, if, at the end of such 90-day period, the Seller delivers an Officer's Certificate to the Purchaser certifying that the Seller is using good faith efforts to correct or cure such defect and identifying progress made, then the Purchaser shall grant the Seller an extension to correct or cure such defect. The extension shall not extend beyond (1) if the defect is a Qualification Defect, the date that is seventy-five (75) days after the date the defect is discovered, or, (2) if the defect is not a Qualification Defect, the date that is thirty (30) days beyond the original 90-day cure period. If the defect is not a Qualification Defect, additional 30-day extensions may be obtained pursuant to the same procedure, as long as the Seller demonstrates continued progress toward a correction or cure; provided that no extension shall be granted beyond one hundred eighty (180) days from the date on which the Seller received the original notice of the defect. Notwithstanding the foregoing, with respect to a Mortgage Loan, the failure of the Purchaser to notify the Seller of any defective or missing document in a Mortgage File within 17 such 90-day period, or the failure of the Purchaser to require the Seller to cure or repurchase the related Mortgage Loan upon expiration of such 90-day period, shall not constitute a waiver of its rights hereunder, including the rights with respect to a Mortgage Loan, to require the Seller to repurchase the affected Mortgage Loan and the right to indemnification pursuant to Subsection 7.03 hereof. Notwithstanding the foregoing, to the extent that the Custodian certifies as to any document as being delivered to it pursuant to the Custodial Agreement in a non-defective state and such document subsequently becomes missing or defective, the Seller shall not be obligated to repurchase the related Mortgage Loan by reason of such missing or defective document, to redeliver such document to the Custodian or to correct any such defect. All initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee shall be paid by the Purchaser in accordance with the provisions of Section 10 hereof.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Sunset Financial Resources Inc)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser will, on or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents or cause to be delivered to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason any assignee, transferee or designee of the fact that such documents Purchaser the complete Mortgage File (as defined in Exhibit 1) for each Mortgage Loan included on the Mortgage Loan Schedule, which Mortgage File shall not have been returned by contain the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period (as specified defined in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Exhibit 2). The Seller shall forward to the Purchaser, or its designee, Purchaser original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week two (2) weeks of their execution execution, provided, however, that the Seller shall provide the Purchaser with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five ninety (590) days of its return from submission for recordation, subject to extension for reasonable cause. In the event any document required to be delivered to the Purchaser pursuant to this Section 4(b), including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Purchaser, or to such other Person as the Purchaser shall designate in writing, within ninety (90) days following the Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Purchaser in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within thirty (30) days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Section 7. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer's certificate, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer's certificate. In addition to its repurchase obligations set forth above in this paragraph, the Seller shall exert customary and diligent efforts to cause the delivery to the Purchaser of the documents required to be delivered under the preceding paragraphs. Each document required to be delivered under this Section 4(b) shall be delivered by the Seller within three hundred and sixty (360) days of the Closing Date.

Appears in 1 contract

Samples: Mortgage Loan Purchase Agreement (Sg Mortgage Securities Trust 2006-Fre2)

Delivery of Mortgage Loan Documents. The Subject to Section 2.04 and Seller's retention of documents related to its interim servicing of the Mortgage Loans, the Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four ten (410) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 180 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 180 days of the related Closing Date solely because such Mortgage Loan Documents shall documents have not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents document to Purchaser, or the appointed custodianits designee, within such time period as specified in a Seller’s 's Officer’s 's Certificate. In the event that documents have not been received by the date specified in the Seller’s 's Officer’s 's Certificate, a subsequent Seller’s 's Officer’s 's Certificate shall be delivered by such date specified in the prior Seller’s 's Officer’s 's Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 no later than 240 days of from the related Closing Date. If delivery of all Mortgage Loan Documents with respect In the event Seller is unable to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase deliver such Mortgage Loan Document or Documents in such manner this time period, it shall notify Purchaser and the loan shall be repurchased, as set forth in Section 7.033.03. Any review The Purchaser shall be responsible for recording Assignments of Mortgage with respect to the Mortgage Loans from the Seller to the Purchaser no later than 120 days from the date of receipt by the Purchaser. The Purchaser shall pay all initial recording fees, for the Assignments of Mortgage and any other fees in connection with the transfer of the Mortgage Loan Documents to the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Franklin Credit Management Corp/De/)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four three (43) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon certification and trust receipt thereof and of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction, provided that (i) the Seller shall deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-He3)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four ten (410) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded those Mortgage Loan Documents set forth on Exhibit A-1 hereto as required by the Custodial Agreement with respect to each Mortgage Loan set forth on the related Mortgage Loan Schedule. The Custodian shall certify its receipt of all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing the terms of the Custodial Agreement and the Purchaser shall pay all delayed recorded documents. The procedure shall be repeated until fees and expenses of the documents have been received and deliveredCustodian. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect the Interim Servicer to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) weeks following receipt of the original document by the Interim Servicer; provided, however, that such original recorded document or certified copy thereof shall be delivered to the Purchaser no later than 180 days following the related Closing Date, unless there has been a delay at the applicable recording office. If the original or copy of its return from any document submitted for recordation to the appropriate public recording officeoffice is not delivered to the Purchaser or its designee within 180 days following the related Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 9.03. The foregoing repurchase obligation shall not apply if the Seller cannot cause the Interim Servicer to deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that (i) the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Seller, confirming that such document has been accepted for recording, and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the Assignments of Mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser’s designee. The Purchaser or the Purchaser’s designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 1 contract

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax)

Delivery of Mortgage Loan Documents. The Seller or Servicer, as applicable, shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior set forth on Exhibit 13 hereto with respect to each Mortgage Loan to be purchased and sold on the related Closing Date orand set forth on the related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Seller or Servicer, upon the request of as applicable, shall provide the Purchaser, earlieror its designee, if necessary or desirable to facilitate with a review. If copy, certified by the Seller cannot deliver or Servicer, as applicable, to be a true and complete copy of any original document submitted for recordation on or before the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents fifth Business Day prior to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery the original or copy of all Mortgage Loan Documents with respect any document submitted for recordation to any Mortgage Loan the appropriate recording office is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by delivered to the Purchaser or its designee within 180 days following the related Closing Date due to a delay at the applicable recording office, the Seller, or Servicer, as applicable, shall deliver to the Purchaser an officer’s written certification certifying that the delay in delivering the original recorded document to the Purchaser is due solely to delays at the applicable recording office and that the Seller or Servicer shall deliver the original recorded documents no later than twelve (12) months after the related Closing Date. The Servicer shall provide to each of the Mortgage Files Purchaser and the Custodian a notice containing a list of authorized servicing officers (each, an “Authorized Representative”) for the purpose of giving and receiving notices, requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall in no way alter or reduce contain the Seller’s obligations hereunderspecimen signature for each Authorized Representative. If From time to time, the Purchaser or its designee discovers any defect with respect Servicer may, by delivering to any document constituting part the others a revised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a Mortgage File, the Purchaser shall, or superseding notice. The Custodian shall cause certify its designee to, give written specification receipt of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan Documents required to be delivered pursuant to this Agreement for the related Closing Date, as evidenced by the Trust Receipt of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Servicer shall be responsible for maintaining the Custodial Agreement during the Interim Servicing Period. The fees and expenses of the Custodian during such period shall be paid by the Seller. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five one hundred twenty (5120) days of its submission for recordation. If such document has not been received after such 120 day period, the Seller shall deliver an officer’s certificate to the Purchaser certifying that such failure was due solely to (i) the failure of the applicable recorder’s office to return such document sent for recording or (ii) the failure of the title insurer to issue and deliver the original mortgagee title policy; provided that in any event, Seller shall cause such document to be delivered to Purchaser within six months of its submission for recordation or at the Purchaser’s option, Seller shall repurchase such Mortgage Loan from the appropriate public recording officePurchaser within two (2) Business Days of request at the Repurchase Price.

Appears in 1 contract

Samples: Assumption and Recognition Agreement (Hsi Asset Securitization Corp)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four three (43) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 90 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 90 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents or cause to Purchaserbe delivered to the Purchaser or its designee, or the appointed custodian, within such time period as specified in a Seller’s Officer’s CertificateCertificate which shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Purchaser or its designee due solely to a delay caused by the public recording office, and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best commercially reasonable efforts to effect delivery of all delayed recorded documents within 180 120 days of the Closing Date. Pursuant to Section 11.11, the Seller shall be responsible for recording the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans). The Seller shall pay all initial recording fees, for the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans) and any other fees in connection with the transfer of the Mortgage Loan Documents to the Purchaser or its designee. No later than three (3) Business Days prior to the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.033.03. The Seller Servicer shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days Business Days of its return from the appropriate public recording office.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2005-1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four At least two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on unless otherwise specified in the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording officeTransaction Documents, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days to the Purchaser or a bonded third party custodian (the “Custodian”) and, in the case of the related Closing Date thenlatter, at shall cause the Custodian to deliver to the Purchaser a custodian’s certification pursuant to which the Custodian certifies to the Purchaser that (i) with respect to each Mortgage Loan, it has in its possession originals of each of the Mortgage Loan Documents, (ii) all of the Mortgage Loan Documents appear on their face to be genuine originals or copies, as applicable, and (iii) upon the Purchaser’s optionwiring of the Purchase Proceeds to the Seller, that the Custodian shall hold the Mortgage Loan Documents with respect to each Mortgage Loan in trust for the Purchaser and will, subsequent thereto, act only in a manner consistent with the Purchaser’s instructions with respect thereto. In the event that any of the Mortgage Loan Documents set forth in clauses (c) through (e) of the definition of Mortgage Loan Documents in Article I have not been delivered to the Purchaser in the time specified above (the “Missing Documents”) either because such Missing Documents have not been returned by the applicable public recording office with respect to items (c) and (d), or because the final original title policy has not yet been issued by the title company with respect to item (e), then the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by deliver to the Purchaser or its designee certified true and correct copies of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect same with respect to any document constituting part of a Mortgage Fileitems (c) and (d) and either the Preliminary Title Report or the Title Commitment, the Purchaser shallas applicable, or shall cause its designee towith respect to item (e), give written specification of such defect to the Seller and the Seller shall cure or further deliver the originals of any such Missing Documents promptly upon its receipt thereof, but in no event later than one hundred and eighty (180) days from the Closing Date. If the Seller fails to deliver any of the Missing Documents relating to a Mortgage Loan within the time specified above, the Seller shall, upon written request from the Purchaser, repurchase such Mortgage Loan in accordance with Section 7.03. The 3.3; provided, however, that the Seller shall forward to has received notice from the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide Purchaser requesting the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original same within five hundred and forty (5540) days of its return from the appropriate public recording officeClosing Date.

Appears in 1 contract

Samples: Mortgage Loan Purchase Agreement (ECC Capital CORP)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser Purchaser’s Custodian the Mortgage Loan Documents no later than four (4) Business Days prior to on the related Closing Date or, upon the request its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a reviewPurchase Price. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian Custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodianCustodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best commercially reasonable efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of Seller must deliver to Purchaser all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then(the “Delivery Date”). If Purchaser does not receive the missing Mortgage Loan Documents by the Delivery Date, Purchaser shall notify the Seller in writing thereof and provide a thirty (30) days cure period from the date of the written notice. If Seller is not able to deliver the missing Mortgage Loan Documents by the end of the cure period, at Purchaser’s option, the Seller shall repurchase such the Mortgage Loans for which there are missing Mortgage Loan in such manner set forth in Documents pursuant to Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any material defect which materially and adversely affects the value of the related Mortgage Loan with respect to any document constituting part of a Mortgage FileFile for such Mortgage Loan, the Purchaser shall, or shall cause its designee to, give written specification of such material defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week seven (7) business days of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five ten (510) days of its return from the appropriate public recording office.

Appears in 1 contract

Samples: Mortgage Loan Purchase and Sale Agreement

Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, the Seller shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior as required by the Custodial Agreement with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documentsbe responsible for maintaining the Custodial Agreement during the Interim Servicing Period. The procedure fees and expenses of the Custodian shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review paid by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) ninety days of its return from the appropriate public recording officesubmission for recordation.

Appears in 1 contract

Samples: Interim Servicing Agreement (New York Mortgage Trust Inc)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser will, on or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents or cause to be delivered to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason any assignee, transferee or designee of the fact that such documents Purchaser the complete Mortgage File (as defined in Exhibit 1) for each Mortgage Loan included on the Mortgage Loan Schedule, which Mortgage File shall not have been returned by contain the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period (as specified defined in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Exhibit 2). The Seller shall forward to the Purchaser, or its designee, Purchaser original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week two (2) weeks of their execution execution, provided, however, that the Seller shall provide the Purchaser with a certified true copy of any such document submitted for recordation within two (2) weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five ninety (590) days of its return from submission for recordation, subject to extension for reasonable cause. In the event any document required to be delivered to the Purchaser pursuant to this Section 4(b), including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Purchaser, or to such other Person as the Purchaser shall designate in writing, within ninety (90) days following the Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Purchaser in blank and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within thirty (30) days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Section 7. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver an original document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided that the Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate, confirming that such documents have been accepted for recording; provided that, upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said officer’s certificate. In addition to its repurchase obligations set forth above in this paragraph, the Seller shall exert customary and diligent efforts to cause the delivery to the Purchaser of the documents required to be delivered under the preceding paragraphs. Each document required to be delivered under this Section 4(b) shall be delivered by the Seller within three hundred and sixty (360) days of the Closing Date.

Appears in 1 contract

Samples: Mortgage Loan Purchase Agreement (SG Mortgage Securities Trust 2006-Fre1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least five (45) Business Days prior to the related Closing Date or(or such later date as may be mutually agreed upon by the Seller and the Purchaser), deliver and release to the Custodian, the Mortgage Loan Documents with respect to each Mortgage Loan in the related Mortgage Loan Package. To the extent that any such Mortgage Loan Documents have been delivered for recording and have not yet been returned to the Seller by the applicable recording office, the Seller shall, promptly following receipt by it of such Mortgage Loan Documents from the applicable recording office, deliver such documents to the Purchaser or its designee; provided, however, that the original recorded document or a clerk-certified copy thereof shall be delivered to the Purchaser no later than one year following the related Closing Date, subject to the following paragraph. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Purchaser or its designee within ninety (90) days following the related Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Section 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall immediately deliver such Mortgage Loan Documents document upon receipt; and, provided, further, that if the Seller cannot cause the Servicer to Purchaser, deliver such original or clerk-certified copy of any document submitted for recordation to the appointed custodian, appropriate public recording office within such the specified time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for any reason within twelve (12) months after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the related Mortgage Loan at the price and in such the manner set forth specified in Section 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officein accordance with this Agreement.

Appears in 1 contract

Samples: Assignment and Assumption and Recognition Agreement (Jpmac 2006-Fre2)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four shall, at least five (45) Business Days prior to the related Closing Date or(or such later date as the Purchaser may reasonably request), deliver and release to the Custodian, the Mortgage Loan Documents with respect to each Mortgage Loan in the related Mortgage Loan Package. To the extent that any such Mortgage Loan Documents have been delivered for recording and have not yet been returned to the Seller by the applicable recording office, the Seller shall, promptly following receipt by it of such Mortgage Loan Documents from the applicable recording office, deliver such documents to the Purchaser or its designee; provided, however, that the original recorded document or a clerk-certified copy thereof shall be delivered to the Purchaser no later than one year following the related Closing Date, subject to the following paragraph. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Purchaser or its designee within ninety (90) days following the related Closing Date, and in the event that the Seller does not cure such failure within sixty (60) days after receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Section 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of a servicing officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall immediately deliver such Mortgage Loan Documents document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to Purchaser, deliver such original or clerk-certified copy of any document submitted for recordation to the appointed custodian, appropriate public recording office within such the specified time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for any reason within twelve (12) months after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the related Mortgage Loan at the price and in such the manner set forth specified in Section 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officein accordance with this Agreement.

Appears in 1 contract

Samples: Mortgage Loan Sale and Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-S1)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents Custodian no later than four five (45) Business Days prior to the related Closing Date or, upon the request documents and instruments in the Mortgage File for each Mortgage Loan in the related Mortgage Loan Package. The Custodian shall certify its receipt of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded all such Mortgage Loan Documents on required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon certification and trust receipt thereof and of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentationCustodial Agreement. The Seller shall include comply with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days terms of the related Closing Date. If delivery of Custodial Agreement and the Purchaser shall pay all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review fees and expenses charged by the Purchaser or its designee Custodian associated with the initial inventory and maintenance of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03Documents. The Seller shall forward to the PurchaserCustodian, or its designeeto such other Person as the Purchaser shall designate in writing, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian, or to such other Person as the Purchaser shall designate in writing, with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) 180 days of its return from the related Closing Date. In the event any document required to be delivered to the Custodian pursuant to the preceding paragraph, including an original or copy of any document submitted for recordation to the appropriate public recording office, is not so delivered to the Custodian, or to such other Person as the Purchaser shall designate in writing, within 180 days following the related Closing Date (other than with respect to the Assignments of Mortgage which shall be delivered to the Custodian in blank on or prior to the related Closing Date and recorded subsequently by the Purchaser or its designee), and in the event that the Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller at the price and in the manner specified in Subsection 8.04. The foregoing repurchase obligation shall not apply in the event that the Seller cannot deliver such original or copy of any document submitted for recordation to the appropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction, provided that (i) the Seller shall deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Seller, confirming that such documents have been accepted for recording (upon request of the Purchaser and delivery by the Purchaser to the Seller of a schedule of the related Mortgage Loans, the Seller shall reissue and deliver to the Purchaser or its designee said Officer's Certificate relating to the related Mortgage Loans), and (ii) such document is delivered within twelve (12) months of the related Closing Date. The Seller shall pay all initial recording fees, if any, for the assignments of mortgage and any other fees or costs in transferring all original documents to the Custodian or, upon written request of the Purchaser, to the Purchaser or the Purchaser's designee. The Purchaser or the Purchaser's designee shall be responsible for recording the Assignments of Mortgage and shall be reimbursed by the Seller for the costs associated therewith pursuant to the preceding sentence.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp. Gsamp Trust 2004-He2)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four two (42) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on within two (2) Business Days of the related Closing Date. The Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller, to be a true and complete copy of any original document submitted for recordation on or before the second Business Day prior to the related Closing Date. The Seller shall, promptly upon receipt thereof and in any case not later than 120 270 days from the related Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 270 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver a recording receipt of such Mortgage Loan Documents to Purchaserrecording office, or the appointed custodianor, within if such time period as specified in recording receipt is not available, an officer's certificate of a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in servicing officer of the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by confirming that such date specified in the prior Seller’s Officer’s Certificate, stating a revised date document has been accepted for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received recording and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents deliver such document within 180 days twelve (12) months of the related Closing Date. If delivery of all Mortgage Loan Documents with respect No later than three (3) days prior to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s optionDate, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s 's obligations hereunder. If To the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileextent received by it, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designeeCustodian, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two (2) weeks after their execution; provided, however, that the Seller shall provide the Purchaser, or its designee, with a copy, certified by the Seller as a true copy, of their execution any such document submitted for recordation within two (2) weeks after its execution, and shall also promptly provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two (52) days weeks of its return from the appropriate public recording office. In the event the Seller does not comply with the delivery requirements set forth in this Section 2.08 and such noncompliance materially and adversely affects the Purchaser's interest in the Mortgage Loan, the Purchaser shall notify the Seller of such noncompliance, and the Seller shall correct or cure the related omission or defect within thirty (30) days of the receipt of such notice. If the Seller does not correct or cure such material and adverse omission or defect within such period, then the Seller shall repurchase such Mortgage Loan from the Purchaser within ten (10) Business Days after the expiration of such thirty (30) day period at the Repurchase Price.

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (HSI Asset Loan Obligation Trust 2006-2)

Delivery of Mortgage Loan Documents. Pursuant to various conveyance documents to be executed on the Closing Date and pursuant to the Pooling and Servicing Agreement, the Purchaser will assign on the Closing Date all of its right, title and interest in and to the Mortgage Loans to the Trustee for the benefit of the Certificateholders and the Certificate Insurer, as their interests may appear. In connection with the transfer and assignment of the Mortgage Loans, the Seller has delivered or will deliver or cause to be delivered to the Trustee by the Closing Date or such later date as is agreed to by the Purchaser and the Seller (each of the Closing Date and such later date is referred to as a “Mortgage File Delivery Date”), the documents set forth on Exhibit 1 hereto, provided, however, that in lieu of the foregoing, the Seller may deliver the following documents, under the circumstances set forth below: (x) in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned in time to permit their delivery as specified above, the Seller may deliver a true copy thereof with a certification by the Seller on the face of such copy, substantially as follows: “Certified to be a true and correct copy of the original, which has been transmitted for recording”; (y) in lieu of the Mortgage, assignments to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents or if the originals are lost (in each case, as evidenced by a certification from the Seller to such effect), the Seller may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans, each identified in the list delivered by the Purchaser to the Trustee on the Closing Date and attached hereto as Exhibit 2, the Seller may deliver lost note affidavits and indemnities of the Seller; and provided further, however, that in the case of Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering the above documents, may deliver to the Trustee a certification by the Seller to such effect. The Seller shall deliver and release such original documents (including any original documents as to which certified copies had previously been delivered) or such certified copies to the Purchaser or the custodian appointed by the Purchaser Trustee promptly after they are received. The Seller shall cause the Mortgage Loan Documents no and intervening assignments, if any, and the assignment of the Mortgage to be recorded not later than four (4) Business Days prior 180 days after the Closing Date, or, in lieu of such assignments, shall provide an Opinion of Counsel pursuant to Section 6 hereof to the effect that the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Closing Date or, upon Mortgage Loan. Upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to will assist the Purchaser or in effecting the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents assignment referred to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officeabove.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-3)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four Seller/Servicer shall, at least three (43) Business Days prior to the related Closing Date or(or such earlier date as the Purchaser may reasonably request), upon deliver, at the request of Seller’s expense, and release to the Purchaser, earlieror if so directed by the Purchaser, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing DateCustodian, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of Loan. To the related Closing Date then, at Purchaser’s optionextent received by it, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller /Servicer shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week in accordance with this Agreement; provided, however, that the Seller/Servicer shall provide the Custodian with a certified true copy of their execution any such document submitted for recordation, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five ninety (590) days of its return submission for recordation. With respect to any Mortgage Loan registered with the MERS System, Seller/Servicer shall take all action necessary to cause the MERS System to reflect Purchaser as the beneficial owner of the Mortgage Loan. In the event that the original (or a copy thereof certified by the public recording office in which such document has been recorded) of any of the Mortgage Loan Documents (except the Assignment of Mortgage) cannot be delivered on the Closing Date due to a delay in the public recording office, the Seller/Servicer shall deliver or cause to be delivered to the Purchaser a true and correct copy of such documents on the Closing Date, and if the original (or a copy thereof certified by the public recording office in which such document has been recorded) of any such document is not delivered to the Purchaser within 90 days after the Closing Date, the related Mortgage Loan shall, upon the request of the Purchaser, be repurchased by the Seller/Servicer at the price and in the manner specified in Section 6.03, unless the Seller/Servicer is delayed in so delivering such documents because any such instruments shall not have been received by the Seller/Servicer from the appropriate public recording office. The Seller/Servicer shall make an image of the related Mortgage File available to the Purchaser for examination at the Seller/Servicer's offices or such other location as shall otherwise be agreed upon by the Purchaser and the Seller/Servicer. Such examination may be made by the Purchaser or its designee at any reasonable time prior to the Closing Date. The Purchaser may, at its option and without notice to the Seller/Servicer, purchase any Mortgage Loan without conducting any partial or complete examination. The fact that the Purchaser has conducted or has determined not to conduct any partial or complete examination of the Mortgage Files shall not affect the Purchaser's rights to demand repurchase or other relief or remedy provided for in this Agreement.

Appears in 1 contract

Samples: Reconstituted Servicing Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3)

Delivery of Mortgage Loan Documents. The Pursuant to the Custodial Agreement to be executed among and delivered by the Initial Purchaser, the Custodian and the Seller prior to the Initial Closing Date, the Seller shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or Custodian the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any each Mortgage Loan is not completed within 360 days of to be purchased and sold on the related Closing Date then, at Purchaser’s option, and set forth on the Seller shall repurchase related Mortgage Loan Schedule delivered with such Mortgage Loan in such manner set forth in Section 7.03Documents. Any review by the Purchaser or The Custodian shall certify its designee receipt of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase all such Mortgage Loan Documents required to be delivered pursuant to the Custodial Agreement for the related Closing Date, as evidenced by the Trust Receipt and Initial Certification of the Custodian in accordance with Section 7.03the form annexed to the Custodial Agreement. The Purchaser shall be responsible for maintaining the Custodial Agreement during the Preliminary Servicing Period. The fees and expenses of the Custodian during such period shall be paid by the Purchaser. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five two hundred seventy (5270) days of its return submission for recordation. In the event the Seller cannot deliver the original recorded Mortgage or an original policy of title insurance on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 180 days from the appropriate public recording officerelated Closing Date, deliver such original recorded Mortgage or original policy of title insurance, as applicable, to the Custodian. Notwithstanding the foregoing, in the event an original Mortgage is not available or a Mortgage Loan for which the original Mortgage and/or the original policy of title insurance has not been delivered, becomes subject to a Whole Loan Transfer or a Securitization Transaction and any such transfer requires delivery of such original documents, the Seller shall provide a copy of such Mortgage certified by the applicable Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and/or a marked insurance commitment, as applicable, within thirty (30) days of such request.

Appears in 1 contract

Samples: Master Mortgage Loan Purchase and Servicing Agreement (HarborView 2007-7)

Delivery of Mortgage Loan Documents. The Seller or Servicer, as applicable, shall from time to time in connection with each Closing Date, at least five (5) Business Days prior to such Closing Date, deliver and release to the Purchaser or the custodian appointed by the Purchaser the Custodian those Mortgage Loan Documents no later than four (4) Business Days prior set forth on Exhibit 13 hereto with respect to each Mortgage Loan to be purchased and sold on the related Closing Date or, upon and set forth on the request related Mortgage Loan Schedule delivered with such Mortgage Loan Documents. The Servicer shall provide to each of the PurchaserPurchaser and the Custodian a notice containing a list of authorized servicing officers (each, earlieran "Authorized Representative") for the purpose of giving and receiving notices, if necessary or desirable requests and instructions and delivering certificates and documents in connection with this Agreement. Such notice shall contain the specimen signature for each Authorized Representative. From time to facilitate time, the Servicer may, by delivering to the others a reviewrevised notice, change the information previously given pursuant to this Section, but each of the parties hereto shall be entitled to rely conclusively on the then current notice until receipt of a superseding notice. If the Seller cannot deliver the original recorded The Custodian shall certify its receipt of all such Mortgage Loan Documents on required to be delivered pursuant to this Agreement for the related Closing Date, as evidenced by the Seller shall, promptly upon receipt thereof Trust Receipt and Initial Certification of the Custodian in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents form annexed to the Purchaser or Custodial Agreement. The Servicer shall be responsible for maintaining the appointed custodian (unless the Seller is delayed in making such delivery by reason Custodial Agreement. The fees and expenses of the fact that such documents Custodian shall not have been returned be paid by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within one week two weeks of their execution execution, provided, however, that the Seller shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five one hundred twenty (5120) days of its submission for recordation. If such document has not been received after such 120 day period, the Seller shall deliver an officer's certificate to the Purchaser certifying that such failure was due solely to (i) the failure of the applicable recorder's office to return such document sent for recording or (ii) the failure of the title insurer to issue and deliver the original mortgagee title policy; provided that in any event, Seller shall cause such document to be delivered to Purchaser within six months of its submission for recordation or at the Purchaser's option, Seller shall repurchase such Mortgage Loan from the appropriate public recording officePurchaser within two (2) Business Days of request at the Repurchase Price.

Appears in 1 contract

Samples: Master Mortgage Loan Purchase and Servicing Agreement (Luminent Mortgage Trust 2006-7)

Delivery of Mortgage Loan Documents. The With respect to each Mortgage Loan, the Seller shall deliver and release to the Purchaser Purchaser, its designee or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four Custodian, (4a) at least five (5) Business Days prior to the related Closing Date (or such later date as the Purchaser may reasonably request), the original Mortgage Note endorsed in blank and the original Assignment of Mortgage assigned in blank and (b) the other Mortgage Loan Documents no later than sixty (60) days following the related Closing Date, subject to the following paragraph. All documents shall be original documents or, in the case of Mortgage Loan Documents delivered for recording, either the original recorded documents or clerk-certified copies. In the event that such original or copy of any Mortgage Loan Document is not so delivered to the Purchaser or its designee within one hundred eighty (180) days following the related Closing Date, and in the event that the Seller does not cure such failure within sixty(60) days after receipt of written notification of such failure from the Purchaser, the related Mortgage Loan shall, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate be repurchased by the Seller at a reviewprice and in the manner specified in Subsection 7.03. If The foregoing repurchase obligation shall not apply in the event the Seller cannot deliver cause the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, Servicer to deliver such original recorded Mortgage Loan Documents or clerk-certified copy of any document submitted for recordation to the Purchaser or appropriate public recording office within the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned specified period due to a delay caused by the appropriate recording office). If delivery is not completed within 120 days of office in the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, applicable jurisdiction; provided that the Seller shall cause the Servicer instead to deliver a recording receipt of such recording office or, if such recording receipt is not available, an Officer's Certificate of a servicing officer of the Servicer, confirming that such document has been accepted for recording and that the Servicer shall immediately deliver such Mortgage Loan Documents document upon receipt; and, provided further, that if the Seller cannot cause the Servicer to Purchaser, deliver such original or clerk-certified copy of any document submitted for recordation to the appointed custodian, appropriate public recording office within such the specified time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for any reason within one hundred eighty (180) days after receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing written notification of all delayed recorded documents. The procedure shall be repeated until such failure from the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such the related Mortgage Loan at the price and in such the manner set forth specified in Section Subsection 7.03. Any review To the extent received by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage Fileit, the Purchaser shall, or Servicer shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall promptly forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording officein accordance with this Agreement.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)

Delivery of Mortgage Loan Documents. The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser its designee the Mortgage Loan Documents no later than four (4) five Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable pursuant to facilitate a reviewbailee letter agreement. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 90 days from the Closing Date, deliver such original recorded Mortgage Loan Documents documents to the Purchaser or the appointed custodian its designee (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 90 days of the related Closing Date solely because such Mortgage Loan Documents documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents or cause to Purchaser, be delivered to the Purchaser or the appointed custodian, within such time period as specified in its designee a Seller’s Officer’s CertificateCertificate that shall (i) identify the recorded document, (ii) state that the recorded document has not been delivered to the Purchaser or its designee due solely to a delay caused by the public recording office and (iii) state the amount of time generally required by the applicable recording office to record and return a document submitted for recordation. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 120 days of the Closing Date. Pursuant to Section 10.11, the Seller shall be responsible for recording the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans). The Seller shall pay all initial recording fees for the Assignments of Mortgage (or Form UCC-3’s for Co-op Loans) and any other fees in connection with the transfer of the Mortgage Loan Documents to the Purchaser or its designee. No later than five days prior to the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03provide a copy of the commitment for title insurance to the Purchaser or its designee. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office3.03.

Appears in 1 contract

Samples: Mortgage Loan Purchase Agreement (TBW Mortgage-Backed Trust Series 2006-4)

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