Common use of Repurchase of Mortgage Loans with Early Payment Defaults Clause in Contracts

Repurchase of Mortgage Loans with Early Payment Defaults. If a Mortgagor of any Mortgage Loan originated on a date (x) not more than 12 months prior to the related Closing Date is delinquent with respect to any of the Mortgage Loan’s first three (3) Monthly Payments due and payable either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date, or (y) on or more than 12 months prior to the related Closing Date is delinquent with respect to any of the Mortgage Loan’s first three (3) Monthly Payments due and payable after the related Closing Date, then in either case, the Seller, at the Purchaser’s option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the Repurchase Price. The Purchaser shall notify the Seller and request any such repurchase within 180 days after the related Closing Date and the Seller shall repurchase such delinquent Mortgage Loan within thirty (30) days of such request.

Repurchase of Mortgage Loans with Early Payment Defaults. If a Mortgagor of any Mortgage Loan originated on a date (x) not more than 12 months prior to the related Closing Date is delinquent with respect to any of the Mortgage Loan’s 's first three (3) Monthly Payments due and payable either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date, or (y) on or more than 12 months prior to the related Closing Date is delinquent with respect to any of the Mortgage Loan’s 's first three (3) Monthly Payments due and payable after the related Closing Date, then in either case, the Seller, at the Purchaser’s 's option, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the Repurchase Price. The Purchaser shall notify the Seller and request any such repurchase within 180 days after the related Closing Date and the Seller shall repurchase such delinquent Mortgage Loan within thirty (30) days of such request.