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 fails to make the first Monthly Payment due after the related Closing Date on or prior to the date which is thirty (30) days following the related Due Date (an "Early Payment Default"), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at the Repurchase Price within twenty (20) Business Days of the date on which the Purchaser made such claim; provided that the Purchaser shall notify and invoice the Seller of any obligation to repurchase such Mortgage Loan pursuant to this Subsection 9.04 within one hundred eighty (180) days following the related Closing Date for such claim(s) to be valid and enforceable.

Repurchase of Mortgage Loans with Early Payment Defaults. If the related a Mortgagor fails to make the first Monthly Payment due after the related Closing Date on or prior to the date which is thirty (30) days or more delinquent with respect to any of the first two (2) Monthly Payments due to the Purchaser on the related Mortgage Loan immediately following the related Due applicable Closing Date or (an "Early Payment Default")b) a Mortgage Loan is in bankruptcy or litigation within the first two (2) months immediately following the applicable Closing Date, the Seller, at the Purchaser's ’s option, exercised no later than one hundred twenty (120) days after the related Closing Date, shall promptly repurchase such Mortgage Loan from the Purchaser within ten (10) Business Days’ of receipt of written notice from the Purchaser, in accordance with the procedures set forth in Section 3.03 hereof, however, any such repurchase shall be made at the Repurchase Price within twenty (20) Business Days of the date on which the Purchaser made such claim; provided that the Purchaser shall notify and invoice the Seller of any obligation to repurchase such Mortgage Loan pursuant to this Subsection 9.04 within one hundred eighty (180) days following the related Closing Date for such claim(s) to be valid and enforceablePrice.

Repurchase of Mortgage Loans with Early Payment Defaults. If the related Mortgagor fails to make the first Monthly Payment due after the related Closing Date on or prior to the date which is thirty (30) days following the related Due Date (an "Early Payment Default"), the Seller, at the Purchaser's option, shall repurchase such Mortgage Loan from the Purchaser at the Repurchase Price within twenty (20) Business Days of the date on which the Purchaser made such claim; provided that the claim The Purchaser shall notify and invoice the Seller of any obligation to repurchase such Mortgage Loan pursuant to this Subsection 9.04 7.04 within one hundred eighty (180) days following the related Closing Date for Date, provided that Purchaser has received receipt of notice from the Servicer of such claim(s) to be valid and enforceabledefault.