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 to the Purchaser after the Closing Date on or before the date which is forty-five days after the related Due Date, the Seller, at the Purchaser's option exercised in its sole discretion, shall repurchase such Mortgage Loan from the Purchaser at a price equal to the percentage of par as stated in the 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. (a) If the related Mortgagor fails is delinquent with respect to make the Mortgage Loan's first Monthly Payment due to the Purchaser after the Closing Date on or before the date which is forty-five days after the related Due Dateorigination of such Mortgage Loan, the Seller, at the Purchaser's option exercised in its sole discretion, shall repurchase such Mortgage Loan from the Purchaser 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.