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.
Appears in 4 contracts
Samples: Servicing Business Asset Purchase Agreement, Servicing Business Asset Purchase Agreement, Servicing Business Asset Purchase Agreement
