Common use of Notice to Borrowers Clause in Contracts

Notice to Borrowers. No later than thirty (30) days prior to the Servicing Transfer Date, the Company (or the Servicer) shall provide the Initial Member with all information necessary to allow the Initial Member to prepare and send to Borrowers a “goodbye” letter meeting the requirements of, and in accordance with, RESPA, if applicable. Based upon the information provided by the Company, the Initial Member shall send to Borrowers such “goodbye” letter. The Company (or the Servicer) shall provide a “hello” letter to Borrowers meeting the requirements of and in accordance with RESPA, if applicable. Alternatively, if the Initial Member and the Company (or the Servicer) so agree, they may send a joint “hello/goodbye” letter to Borrowers meeting the requirements of and in accordance with RESPA, if applicable. The Initial Member and the Company (and the Servicer) shall each bear their own costs and expenses incurred to comply with their respective obligations contained in this Section (or, in the case of a decision to send a joint “hello/goodbye” letter, their respective costs shall be allocated among them), and no such costs or expenses shall be considered Post- Cut-Off Date Advances hereunder or Servicing Expenses for purposes of the Participation Agreement.

Notice to Borrowers. No later than thirty (30) days prior to the Servicing Transfer Date, the Company (or the its Servicer) shall provide the Initial Member with all information necessary to allow the Initial Member to prepare and send to Borrowers a “goodbye” letter meeting the requirements of, and in accordance with, RESPA, if applicable. Based upon the information provided by the Company, the The Initial Member shall send to Borrowers such provide a “goodbye” letterletter to Borrowers meeting the requirements of and in accordance with RESPA. The Company (or the Servicer) shall provide a “hello” letter to Borrowers meeting the requirements of and in accordance with RESPA, if applicable. Alternatively, if If the Initial Member and the Company (or the Servicer) so agree, they may send a joint “hello/goodbye” letter to Borrowers meeting the requirements of and in accordance with RESPA, if applicable. The Initial Member and the Company (and the Servicer) shall each bear their own costs and expenses incurred to comply with their respective obligations contained in this Section (or, in the case of a decision to send a joint “hello/goodbye” letter, to such allocation among them of their respective costs shall be allocated among themcosts), and no such costs or expenses shall be considered Post- Cut-Off Date Advances hereunder or Servicing Expenses Company Advances for purposes of the Participation Agreement.