MERS PROVISION Clause Samples

A MERS Provision is a contractual clause that designates the Mortgage Electronic Registration Systems, Inc. (MERS) as the nominee for the lender and the lender’s successors and assigns in a mortgage transaction. This provision allows MERS to act as the mortgagee of record, holding legal title to the mortgage while the beneficial interest is held by the lender or its assignees. In practice, this means that MERS can facilitate the transfer and tracking of mortgage ownership electronically, without the need to record each assignment with local land records offices. The core function of the MERS Provision is to streamline the process of transferring mortgage interests, reducing administrative costs and delays associated with traditional paper-based recording systems.
MERS PROVISION. With respect to each MERS Mortgage Loan, no later than five (5) Business Days after notification of the Servicer by the Owner of the transfer of such MERS Mortgage Loan, the Servicer shall designate, as directed by the Owner, the Successor Servicer, as the Servicer on MERS. In addition, no later than five (5) Business Days after notification of the Servicer by the Owner of the transfer of such MERS Mortgage Loan, the Servicer shall designate, as directed by the Owner, the successor Owner of the MERS Mortgage Loan, as the Investor on MERS. In addition, the Servicer shall promptly take all other actions reasonably requested by Owner with respect to MERS Mortgage Loans and MERS to effectuate and evidence the transfer of servicing and/or ownership thereof in accordance with the terms of this Agreement.
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MERS PROVISION. 48 SECTION 25. COOPERATION OF SERVICER WITH A RECONSTITUTION.................49
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Related to MERS PROVISION

  • EEO Provisions During the performance of this Contract the Contractor agrees as follows: (1) The Contractor shall not discriminate against any employee or applicant for employment because of race, color, religion, sex, national origin, political affiliation or belief, age, or handicap. The Contractor shall take affirmative action to insure that applicants are employed and that employees are treated equally during employment, without regard to race, color, religion, sex, national origin, political affiliation or belief, age, or handicap. Such action shall include but not be limited to the following: employment, upgrading, demotion, transfer, recruitment or advertising, layoff or termination, rates of pay or other forms of compensation, and selection for training, including apprenticeship. The Contractor shall post in conspicuous places, available to employees and applicants for employment, notices setting forth these EEO provisions. (2) The Contractor shall in all solicitations or advertisement for employees placed by or on behalf of the Contractor, state that all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, political affiliation or belief, age, or handicap. (3) The Contractor shall send a copy of the EEO provisions to each labor union or representative of workers with which it has a collective bargaining agreement or other contract or understanding. (4) In the event of the Contractor's noncompliance with these EEO provisions, the City may cancel, terminate, or suspend this contract, in whole or in part, and the City may declare the Contractor ineligible for further City contracts. (5) Unless exempted by the City Council of the City of Durham, the Contractor shall include these EEO provisions in every purchase order for goods to be used in performing this contract and in every subcontract related to this contract so that these EEO provisions will be binding upon such subcontractors and vendors.

  • Governing Law and Miscellaneous Provisions The provisions of Article 7 of the Collateral Trust Agreement will apply with like effect to this Collateral Trust Joinder.

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