Common use of Further notification Clause in Contracts

Further notification. Owner/Servicer shall advise Subservicer upon delivery of each Mortgage submitted for subservicing, as to whether the Mortgage is in a warehouse (unsold) status or, if sold, shall provide Subservicer with specific information regarding the permanent Investor. If a Mortgage which has been delivered to Subservicer in a warehouse (unsold) status is sold, Owner/Servicer will immediately notify Subservicer of the sale by phone and will deliver a written copy of the permanent Investor’s purchase advice or funding detailed report immediately thereafter. In the event the permanent Investor charges a penalty for late reporting, remittances, etc., which were caused by Owner/ Servicer’s delay in notifying Subservicer of the permanent Investor’s purchase of the Mortgage(s), Owner/Servicer agrees to promptly pay the penalty and Subservicer shall have no liability on account thereof.