Common use of Optional Purchase of Delinquent Mortgage Loans Clause in Contracts

Optional Purchase of Delinquent Mortgage Loans. The Servicer may, at its option, repurchase a Mortgage Loan or REO Property which becomes ninety (90) or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure. Prior to repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance of the Mortgage Loan, plus all related accrued and unpaid interest thereon at the applicable Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loan. Any such repurchase of a Mortgage Loan or REO Property pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer. Notwithstanding the preceding paragraph, in the event that the Servicer thereof is the owner of more than 50% of a class of Certificates which is then currently in a first loss position and such party is deemed to be the "Primary Beneficiary" as defined in FIN 46, the Servicer may, at its option, repurchase a Mortgage Loan or REO Property which becomes 120 or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure, during the period commencing on the first day of the calendar quarter succeeding the calendar quarter in which the Mortgage Loan first became 120 days delinquent and ending on the last Business Day of such calendar quarter. If the Servicer does not exercise its purchase right with respect to a Mortgage Loan during the period specified in the preceding sentence, such Mortgage Loan shall thereafter again become eligible for purchase pursuant to the preceding sentence only after the Mortgage Loan ceases to be 120 days or more delinquent and thereafter becomes 120 days delinquent again. Prior to repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase any such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance of the Mortgage Loan plus all related accrued and unpaid interest thereon at the Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loans. Any such repurchase of a Mortgage Loan or REO Property pursuant to Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer.

Optional Purchase of Delinquent Mortgage Loans. The Servicer mayWhile the Mortgage Pool Insurance Trigger is in effect, at the Mortgage Pool Insurance Company, in its sole discretion, shall have the option, repurchase but shall not be obligated, to purchase any 90+ Delinquent Mortgage Loans that are Covered Loans from the Trust Fund for which it has not paid a claim, regardless of whether a claim has been approved for such Mortgage Loan or REO Property which becomes ninety a Realized Loss on such Mortgage Loan has been applied to the Deductible (90) or more days delinquent or as defined in the Mortgage Pool Insurance Policy), on a servicing-released basis. The purchase price for which the Servicer has accepted a deed-in-lieu of foreclosure. Prior to repurchase pursuant to this Section 3.27, the Servicer any such Mortgage Loan shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance unpaid principal balance of such Mortgage Loan (or, in the case of a Mortgage Loan for which any Loss (as defined under the Mortgage LoanPool Insurance Policy) has been charged, the amount of such Loss) plus all related other than in the case of a Mortgage Loan for which a Loss under the Mortgage Pool Insurance Policy has been charged, accrued and unpaid interest thereon on the related Mortgage Loan at the applicable Mortgage Interest Rate and plus the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage LoanMaster Servicer. Any such repurchase purchase shall reduce the amount of available coverage under the Mortgage Pool Insurance Policy by the amount of such purchase price. With respect to any Mortgage Loan that is not a Covered Loan, and, if a Mortgage Loan or REO Property Pool Insurance Trigger is not in effect or, if a Mortgage Pool Insurance Trigger is in effect and if the Mortgage Pool Insurer does not exercise its option pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer. Notwithstanding the preceding paragraph, in the event that the Servicer thereof is the owner of more than 50% of a class of Certificates which is then currently in a first loss position and such party is deemed to be the "Primary Beneficiary" as defined in FIN 46, the Servicer may, at its option, repurchase a Mortgage Loan or REO Property which becomes 120 or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure, during the period commencing on the first day of the calendar quarter succeeding the calendar quarter in which the Mortgage Loan first became 120 days delinquent and ending on the last Business Day of such calendar quarter. If the Servicer does not exercise its purchase right with respect to a any Covered Loan, the Depositor, in its sole discretion, shall have the option, but shall not be obligated, to purchase any such 90+ Delinquent Mortgage Loan during from the period specified in the preceding sentence, Trust Fund. The purchase price for any such Mortgage Loan shall thereafter again become eligible for purchase pursuant to the preceding sentence only after the Mortgage Loan ceases to be 120 days or more delinquent and thereafter becomes 120 days delinquent again. Prior to repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase any such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance unpaid principal balance of the such Mortgage Loan plus all related accrued and unpaid interest thereon on the related Mortgage Loan at the applicable Mortgage Rate and Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the Master Servicer. Upon receipt of such purchase price, the Master Servicer related to such Mortgage Loans. Any such repurchase of a Mortgage Loan or REO Property pursuant to Section 3.27 shall be accomplished by delivery provide to the Trustee a Request for deposit in Release and the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate promptly release to the conveyance of such delinquent Mortgage Pool Insurance Company or the Depositor, as applicable, the Mortgage File relating to the Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicerbeing repurchased.

Optional Purchase of Delinquent Mortgage Loans. The Servicer Beginning on the first Business Day of the fiscal quarter immediately following the date on which a Mortgage Loan has become at least 91 days delinquent, EMC may, at its option, repurchase a purchase such Mortgage Loan or REO Property which becomes ninety (90) or more days delinquent or for which from the Servicer has accepted a deed-in-lieu Trust at the Repurchase Price therefor. Notice of foreclosure. Prior to repurchase pursuant to this Section 3.27, the Servicer any such optional purchase shall be required sent to continue the Trustee and the Certificate Insurers. Any such purchase shall be accomplished as provided in Section 2.03(c) hereof. Any such optional right of repurchase by EMC hereunder with respect to make monthly advances pursuant to Section 4.01. The Servicer shall purchase such a delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance of the Mortgage Loanshall, plus all related accrued and unpaid interest thereon at the applicable Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loan. Any such repurchase of a Mortgage Loan or REO Property pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicerif unexercised, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer. Notwithstanding the preceding paragraph, in the event that the Servicer thereof is the owner of more than 50% of a class of Certificates which is then currently in a first loss position and such party is deemed to be the "Primary Beneficiary" as defined in FIN 46, the Servicer may, at its option, repurchase a Mortgage Loan or REO Property which becomes 120 or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure, during the period commencing terminate on the first day earlier of (i) the calendar quarter succeeding the calendar quarter in date on which the Mortgage Loan first became 120 days delinquent and ending on such delinquency has been cured or (ii) the last Business Day of such calendar quarter. If fiscal quarter immediately following the Servicer does not exercise its purchase right with respect to a date on which such Mortgage Loan during the period specified became 91 days delinquent, provided however, that such optional right of repurchase shall be reinstated if (a) in the preceding sentencecase of clause (i), the related Mortgage Loan shall thereafter again have become 91 or more days delinquent and (b) in the case of clause (ii), such delinquency shall have been subsequently cured and the related Mortgage Loan shall thereafter again become eligible for purchase pursuant to the preceding sentence only after the Mortgage Loan ceases to be 120 days 91 or more delinquent and thereafter becomes 120 days delinquent againin any subsequent fiscal quarter. Prior to repurchase Notwithstanding the foregoing, EMC shall not have any right pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase any such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance of the Mortgage Loan plus all related accrued and unpaid interest thereon at the Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loans. Any such repurchase of a Mortgage Loan that was 91 or REO Property pursuant to Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account more days delinquent as of the amount of the purchase price. The Trustee Cut-off Date, unless such delinquency shall immediately effectuate the conveyance of subsequently have been cured and such delinquent Mortgage Loan shall thereafter have become 91 or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicermore days delinquent.

Optional Purchase of Delinquent Mortgage Loans. The Servicer (or an affiliate of the Servicer) may, at its option, repurchase a Mortgage Loan or REO Property which becomes ninety (90) or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure. Prior to repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance of the Mortgage Loan, plus all related accrued and unpaid interest thereon at the applicable Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loan. Any such repurchase of a Mortgage Loan or REO Property pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer. Notwithstanding the preceding paragraph, in the event that the Servicer or an affiliate thereof is the owner of more than 50% of a class of Certificates which is then currently in a first loss position and such party is deemed to be the "Primary Beneficiary" as defined in FIN 46, the Servicer (or an affiliate of the Servicer) may, at its option, repurchase a Mortgage Loan or REO Property which becomes 120 or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure, during the period commencing on the first day of the calendar quarter succeeding the calendar quarter in which the Mortgage Loan first became 120 days delinquent and ending on the last Business Day of such calendar quarter. If the Servicer (or an affiliate of the Servicer) does not exercise its purchase right with respect to a Mortgage Loan during the period specified in the preceding sentence, such Mortgage Loan shall thereafter again become eligible for purchase pursuant to the preceding sentence only after the Mortgage Loan ceases to be 120 days or more delinquent and thereafter becomes 120 days delinquent again. Prior to repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse to the interests of the Certificateholders. The Servicer shall purchase any such delinquent Mortgage Loan at a price equal to 100% of the Stated Principal Balance of the Mortgage Loan plus all related accrued and unpaid interest thereon at the Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loans. Any such repurchase of a Mortgage Loan or REO Property pursuant to Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer.

Optional Purchase of Delinquent Mortgage Loans. The Servicer mayDepositor (or its assignee), at its in it sole discretion, shall have the option, repurchase a but shall not be obligated, to purchase from the Trust Fund any Mortgage Loan or REO Property which becomes that (i) is ninety (90) days or more days delinquent or for which the Servicer (ii) has accepted experienced a deed-in-lieu of foreclosure. Prior First Payment Default; provided, that, with respect to repurchase pursuant to this Section 3.27a purchase under clause (i) above, the Servicer outstanding principal balance as of the Cut-off Date of such purchased Mortgage Loans shall not exceed 5% of the aggregate principal balance as of the Cut-off Date of all the Mortgage Loans in the Trust Fund. The purchase price for any purchased Mortgage Loan shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall purchase such delinquent Mortgage Loan at a price equal to 100% of the Stated Scheduled Principal Balance of the such Mortgage Loan, Loan plus all related accrued and unpaid interest thereon on the related Mortgage Loan at the applicable Mortgage Rate and Interest Rate, plus the amount of any unreimbursed Servicing Advances made by the related Servicer related with respect to such Mortgage Loan. Any such repurchase of a Mortgage Loan or REO Property pursuant to this Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of plus the amount of the any tax imposed on either REMIC formed hereby as a result of such purchase. Upon receipt of such purchase price. The Trustee shall immediately effectuate the conveyance of such delinquent Mortgage Loan or REO Property to the Servicer to the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer. Notwithstanding the preceding paragraph, in the event that the Servicer thereof is the owner of more than 50% of a class of Certificates which is then currently in a first loss position and such party is deemed to be the "Primary Beneficiary" as defined in FIN 46, the Servicer may, at its option, repurchase a Mortgage Loan or REO Property which becomes 120 or more days delinquent or for which the Servicer has accepted a deed-in-lieu of foreclosure, during the period commencing on the first day of the calendar quarter succeeding the calendar quarter in which the Mortgage Loan first became 120 days delinquent and ending on the last Business Day of such calendar quarter. If the Servicer does not exercise its purchase right with respect to a Mortgage Loan during the period specified in the preceding sentence, such Mortgage Loan shall thereafter again become eligible for purchase pursuant to the preceding sentence only after the Mortgage Loan ceases to be 120 days or more delinquent and thereafter becomes 120 days delinquent again. Prior to repurchase pursuant to this Section 3.27, the Servicer shall be required to continue to make monthly advances pursuant to Section 4.01. The Servicer shall not use any procedure in selecting Mortgage Loans to be repurchased which is materially adverse provide to the interests of Custodian a request for release and the Certificateholders. The Servicer Custodian shall purchase any such delinquent promptly release to the Depositor or the Servicer, as applicable, the Mortgage File relating to the Mortgage Loan at being repurchased; and the Trustee shall execute and deliver to such Servicer, without recourse or representation and warranty, a price equal to 100% request for reconveyance, deed of reconveyance or release or satisfaction of mortgage or such instrument releasing the Stated Principal Balance lien of the Mortgage Loan plus all related accrued and unpaid interest thereon at (furnished by such Servicer), together with the Mortgage Rate and the amount of any unreimbursed Servicing Advances made by the Servicer related to such Mortgage Loans. Any such repurchase of a Mortgage Loan or REO Property pursuant to Section 3.27 shall be accomplished by delivery to the Trustee for deposit in the Distribution Account of the amount of the purchase priceNote. The Trustee shall immediately effectuate Depositor may exercise the conveyance of such delinquent Mortgage Loan option in clause (ii) above up to 180 days after the First Payment Default occurs, or REO Property to later if it has made a claim which has not yet been resolved with the Servicer to related Seller within the extent reasonably requested by the Servicer, including the prompt delivery to the Servicer of all documentation requested and prepared by the Servicer.initial 180 day period. 105