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

Repurchase of Mortgage Loans with Early Payment Defaults. If a Mortgage Loan is thirty (30) days or more delinquent with respect to the Mortgage Loan’s Monthly Payment before the expiration of the three (3) month period immediately following the applicable Closing Date, the Seller, at the Purchaser’s option, shall upon notice from the Purchaser repurchase such Mortgage Loan from the Purchaser at the Repurchase Price.

Repurchase of Mortgage Loans with Early Payment Defaults. If a Mortgage Loan the related Mortgagor is thirty (30) days or more delinquent with respect to the first two (2) Monthly Payments under a Mortgage Loan’s Monthly Payment before Loan due after the expiration of the three (3) month period immediately following the applicable related Closing Date, the SellerCompany shall, at the Purchaser’s option, shall upon notice from the Purchaser 's option and repurchase such Mortgage Loan from the Purchaser within thirty (30) calendar days following receipt of notice by the Company at the Repurchase Price.

Repurchase of Mortgage Loans with Early Payment Defaults. If a Mortgage Loan the related Mortgagor fails to make any of the first two (2) Monthly Payments due after the related Closing Date on or prior to the date which is thirty (30) days or more delinquent with respect to the Mortgage Loan’s Monthly Payment before the expiration of the three (3) month period immediately following the applicable Closing Daterelated Due Date (an "Early Payment Default"), the Seller, at the Purchaser’s 's option, shall upon notice from the Purchaser repurchase such Mortgage Loan from the Purchaser at the Repurchase PricePrice within thirty (30) Business Days.