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

Repurchase of Mortgage Loans with Early Payment Defaults. If any Monthly Payment is thirty (30) days or more delinquent before the expiration of the three (3) month period following the applicable Closing Date, the Seller, upon receipt of written request from the Purchaser, shall repurchase such Mortgage Loan from the Purchaser at the Repurchase Price; provided that Seller shall have no such repurchase obligation unless Purchaser gives such written request to Seller no later than ninety (90) days following receipt of the corresponding remittance report for such delinquent Monthly Payment. Notwithstanding the foregoing provisions of this Section 3.05, if the Purchaser does not notify the Seller in writing either (i) in its request to Seller to repurchase such Mortgage Loan or in any corresponding funding schedule, or (ii) on or before the 60th day following Seller’s repurchase of such Mortgage Loan, to pay that portion of the Repurchase Price equal to the product of the unpaid principal balance of the repurchased Mortgage Loan and the Purchase Price Premium, if any, the Purchase Price Premium for purposes of calculating such Repurchase Price shall be deemed to be zero.

Repurchase of Mortgage Loans with Early Payment Defaults. If With respect to any Monthly Payment is thirty (30) Mortgage Loan, if a Mortgagor becomes [__] days or more delinquent before Delinquent with respect to the expiration of first Monthly Payment, or [__] days or more Delinquent with respect to the three (3) month period second or third Monthly Payment, in each case, due on the related Mortgage Loan following the applicable Closing Datedate the Mortgage Loan is originated (an “Early Payment Default”), the Seller, upon receipt of written request from at the Purchaser’s option, shall promptly repurchase such Mortgage Loan at the Repurchase Price from the Purchaser within five (5) Business Days’ of receipt of written notice; provided, however, prior to receipt of written notice from Purchaser, Seller may elect to repurchase a Mortgage Loan at the Repurchase Price; provided Price upon Seller’s discovery of any such Early Payment Default. In the event that Seller shall have no such repurchase obligation unless Purchaser gives such written request to Seller no later than ninety (90) days following receipt of the corresponding remittance report for such delinquent Monthly Payment. Notwithstanding the foregoing provisions of this Section 3.05, if the Purchaser does not notify request that the Seller in writing either (i) in its request to repurchase an Early Payment Default Loan within 60 days after the occurrence of such Early Payment Default, the Seller shall not be obligated to repurchase such Mortgage Loan or in any corresponding funding schedule, or (ii) on or before the 60th day following Seller’s repurchase of such Mortgage Loan, to pay that portion of the Repurchase Price equal due to the product of Early Payment Default, unless the unpaid principal balance of the repurchased Mortgage Loan Purchaser and the Purchase Price Premium, if any, the Purchase Price Premium for purposes of calculating such Repurchase Price shall be deemed Seller have agreed to be zeroa longer period.