Insured or Guaranteed Mortgage Loans. In connection with the sale and transfer of the Servicing Rights pursuant to this Agreement, if any Mortgage Loans are insured or guaranteed by any department or agency of any governmental unit, federal, state or local, and such insurance or guaranty is not being specifically terminated by Seller, the Purchaser represents that the Purchaser has been approved by such agency and is an approved servicer. The Purchaser further assumes full responsibility for determining whether or not such insurance or guarantees are in full force and effect on the Closing Date, and with respect to those Mortgage Loans with respect to which any such insurance or guaranty is in full force and effect on the Closing Date, the Purchaser assumes full responsibility for doing all things necessary to insure such insurance or guarantees remain in full force and effect. The Purchaser agrees to assume all of the Seller’s obligations under the contracts of insurance or guaranty, agrees to indemnify and hold the Seller harmless from and against any claims of breach thereof after the Closing and agrees to cooperate with the Seller where necessary to complete forms required by the insuring or guaranteeing department or agency to effect or complete the transfer to the Purchaser.
Insured or Guaranteed Mortgage Loans. In connection with the sale and transfer of the Servicing Rights and Subservicing Rights pursuant to this Agreement, if any Serviced Mortgage Loans are insured or guaranteed by any department or agency of any governmental unit, federal, state or local, and such insurance or guaranty is not being specifically terminated by the Sellers, Purchaser represents that Purchaser has been approved by such agency and is an approved servicer. Purchaser further assumes full responsibility for determining whether or not such insurance or guarantees are in full force and effect on the Applicable Closing Date, and with respect to those Serviced Mortgage Loans with respect to which any such insurance or guaranty is in full force and effect on the Applicable Closing Date, Purchaser assumes full responsibility for doing all things necessary to insure such insurance or guarantees remain in full force and effect. The Parties agree to cooperate to complete and submit the forms required by the insuring or guaranteeing department or agency to effect or complete the transfer to Purchaser.
Insured or Guaranteed Mortgage Loans. If any Mortgage Loans being transferred pursuant to this Agreement are insured or guaranteed by any Governmental Authority, and such insurance or guaranty is not being specifically terminated by the Initial Member, the Company acknowledges and agrees that such Mortgage Loans must be serviced by a servicer, lender or mortgagee approved by such Governmental Authority, if such approval is required. The Company further acknowledges and agrees that, upon assumption of the Obligations with respect to the Mortgage Loans, it assumes full responsibility for determining whether or not any such insurance or guarantees are in effect on the date of this Agreement and, with respect to those Mortgage Loans with respect to which any such insurance or guarantee is in effect on the date of this Agreement, the Company acknowledges and agrees that, upon assumption of the Obligations with respect to the Mortgage Loans, it assumes full responsibility for taking any and all actions as might be necessary to insure such insurance or guarantees remain in full force and effect. The Company acknowledges and agrees that, upon assumption of the Obligations with respect to the Mortgage Loans, it assumes and agrees to fulfill all of the Initial Member’s and the Failed Banks’ Obligations under the contracts of insurance or guaranty. Any out-of-pocket fees due to any insurer or guarantor incurred by the Company to fulfill its obligations set forth in the preceding sentence shall constitute Pre-Approved Charges for purposes of the Custodial and Paying Agency Agreement.
Insured or Guaranteed Mortgage Loans. If any Mortgage Loans being serviced pursuant to this Agreement are insured or guaranteed by any Governmental Authority, the Servicer acknowledges and agrees that, if the Manager so directs pursuant to the Servicing Obligations with respect to such Mortgage Loans, it shall take any and all actions as may be necessary to insure that such insurance or guarantees remain in full force and effect. The Servicer acknowledges and agrees that, upon assumption of the Servicing Obligations with respect to the Mortgage Loans pursuant to this Agreement, it agrees to fulfill all of the Company’s obligations under the contracts of insurance or guaranty.
