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

Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor is delinquent after the related Closing Date with respect to the Mortgage Loan's first Monthly Payment by more than 30 days or more following the related Due Date first occurring after the related Closing Date, the Seller, at the Purchaser's option exercised in its sole discretion, shall repurchase such Mortgage Loan from the Purchaser within thirty (30) Business Days following the Purchaser's request therefor at a price equal to the percentage of par as stated in the related Purchase Price and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan.

Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor is delinquent after the related Closing Date with respect to the Mortgage Loan's ’s first Monthly Payment by more than 30 days or more following the related Due Date first occurring after the related Closing Date, the Seller, at the Purchaser's ’s option exercised in its sole discretion, shall repurchase such Mortgage Loan from the Purchaser within thirty (30) Business Days following the Purchaser's ’s request therefor at a price equal to the percentage of par as stated in the related Purchase Price and Terms Agreement (subject to adjustment as provided therein) multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest was last paid through the day prior to the repurchase date at the applicable Mortgage Interest Rate, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan.