Common use of Due-on-Sale Clauses; Assumption Agreements Clause in Contracts

Due-on-Sale Clauses; Assumption Agreements. To the extent provided in the applicable Purchase and Servicing Agreement, to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause the Servicers to enforce such clauses in accordance with the applicable Purchase and Servicing Agreement. If applicable law prohibits the enforcement of a due-on-sale clause or such clause is otherwise not enforced in accordance with the applicable Purchase and Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with the applicable Purchase and Servicing Agreement.

Appears in 24 contracts

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-8), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Pass Thru Ser 2003-5), Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-4)

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Due-on-Sale Clauses; Assumption Agreements. To the extent provided in this Agreement or the applicable Purchase and related Servicing Agreement, to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause enforce the Servicers obligation of the Company and the related Servicer to enforce such clauses in accordance with this Agreement or the applicable Purchase and related Servicing Agreement. If applicable law prohibits the enforcement of a due-on-sale clause or such clause is otherwise not enforced in accordance with this Agreement or the applicable Purchase and related Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with this Agreement or the applicable Purchase and related Servicing Agreement.

Appears in 10 contracts

Samples: Pooling and Servicing Agreement (SACO I Trust 2006-5), Custodial Agreement (SACO I Trust 2006-6), Pooling and Servicing Agreement (SACO I Trust 2006-5)

Due-on-Sale Clauses; Assumption Agreements. To the extent provided in the applicable Purchase and MortgageIT Servicing Agreement, to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause the Servicers Servicer to enforce such clauses in accordance with the applicable Purchase and MortgageIT Servicing Agreement. If applicable law prohibits the enforcement of a due-due- on-sale clause or such clause is otherwise not enforced in accordance with the applicable Purchase and MortgageIT Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with the applicable Purchase and MortgageIT Servicing Agreement.

Appears in 5 contracts

Samples: Sale and Servicing Agreement (MortgageIT Trust 2005-5, Mortgage-Backed Notes, Series 2005-5), Sale and Servicing Agreement (MORTGAGEIT TRUST 2005-3, Mortgage-Backed Notes, Series 2005-3), Sale and Servicing Agreement (MORTGAGEIT TRUST 2005-2, Mortgage-Backed Notes, Series 2005-2)

Due-on-Sale Clauses; Assumption Agreements. To the extent provided in this Agreement or the applicable Purchase and related Servicing Agreement, to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause enforce the Servicers obligation of the related Servicer to enforce such clauses in accordance with the applicable Purchase and related Servicing Agreement. If applicable law prohibits the enforcement of a due-on-sale clause or such clause is otherwise not enforced in accordance with this Agreement or the applicable Purchase and related Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with the applicable Purchase and related Servicing Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Im1), Distribution Instructions (Bear Stearns Asset Backed Securities I Trust 2006-Im1)

Due-on-Sale Clauses; Assumption Agreements. To the extent provided in the applicable Mortgage Loan Purchase and Servicing Agreement, Agreement and to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause the Servicers Servicer to enforce such clauses in accordance with the applicable Mortgage Loan Purchase and Servicing Agreement. If applicable law prohibits the enforcement of a due-on-sale clause or such clause is otherwise not enforced in accordance with the applicable Mortgage Loan Purchase and Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with the applicable Mortgage Loan Purchase and Servicing Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-2), Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-3)

Due-on-Sale Clauses; Assumption Agreements. To the extent provided in the applicable Purchase and related Servicing Agreement or this Agreement, to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause enforce the obligation of the related Servicers to enforce such clauses in accordance with the applicable Purchase and related Servicing Agreement or this Agreement. If applicable law prohibits the enforcement of a due-on-sale clause or such clause is otherwise not enforced in accordance with the applicable Purchase and related Servicing Agreement or this Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with the applicable Purchase and related Servicing Agreement or this Agreement.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Bear Stearns Second Lien Trust 2007-1)

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Due-on-Sale Clauses; Assumption Agreements. To the extent provided in this Agreement or the applicable Purchase and Servicing Agreement, to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause enforce the Servicers obligation of the Company and each Servicer to enforce such clauses in accordance with this Agreement or the applicable Purchase and Servicing Agreement. If applicable law prohibits the enforcement of a due-on-sale clause or such clause is otherwise not enforced in accordance with this Agreement or the applicable Purchase and Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with this Agreement or the applicable Purchase and Servicing Agreement.

Appears in 1 contract

Samples: Servicing Agreement (SACO I Trust 2007-1)

Due-on-Sale Clauses; Assumption Agreements. To the extent provided in the applicable Purchase and MortgageIT Servicing Agreement, to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause the Servicers Servicer to enforce such clauses in accordance with the applicable Purchase and MortgageIT Servicing Agreement. If applicable law prohibits the enforcement of a due-on-sale clause or such clause is otherwise not enforced in accordance with the applicable Purchase and MortgageIT Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with the applicable Purchase and MortgageIT Servicing Agreement.

Appears in 1 contract

Samples: Sale and Servicing Agreement (MortgageIT Trust 2004-1)

Due-on-Sale Clauses; Assumption Agreements. To the extent provided in this Agreement or the applicable Purchase and Servicing Agreement, to the extent Mortgage Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause enforce the Servicers obligation of the Company and the Servicer to enforce such clauses in accordance with this Agreement or the applicable Purchase and Servicing Agreement. If applicable law prohibits the enforcement of a due-on-sale clause or such clause is otherwise not enforced in accordance with this Agreement or the applicable Purchase and Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may be released from liability in accordance with this Agreement or the applicable Purchase and Servicing Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage-Backed Certificates, Series 2005-7)

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