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

Repurchase of Mortgage Loans with First Payment Defaults. In the event that any Mortgage Loan becomes 30 days delinquent following the first scheduled payment of principal and interest to be made by the Mortgagor to the Purchaser following the related Closing Date, the Seller, at the Purchaser's option, 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 had last been paid through the date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Seller, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. The Purchaser shall notify the Seller and request any such repurchase within 60 days after the date the Purchaser receives the Remittance Report which describes the related delinquency and the Seller shall repurchase such Mortgage Loan within 30 days of receipt of such notice.

Repurchase of Mortgage Loans with First Payment Defaults. In the event that any Mortgage Loan becomes 30 days delinquent following the first scheduled payment of principal and interest to be made by the Mortgagor to the Purchaser following the related Closing Date, the Seller, at the Purchaser's ’s option, 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 had last been paid through the date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Seller, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. The Purchaser shall notify the Seller and request any such repurchase within 60 days after the date the Purchaser receives the Remittance Report which describes the related delinquency and the Seller shall repurchase such Mortgage Loan within 30 days of receipt of such notice.

Repurchase of Mortgage Loans with First Payment Defaults. In With respect to any Mortgage Loan, in the event that any Mortgage Loan becomes 30 days delinquent following the first scheduled payment of principal and interest to be made due either (i) after origination of such Mortgage Loan is not paid by the related Mortgagor to the then current mortgagee, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser following the within thirty (30) days of such related Closing Due Date, the Seller, at the Purchaser's option, 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) Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest had was last been paid through the day prior to the repurchase date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Seller, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. The Purchaser shall have ninety (90) days following such thirty (30) day period to notify the Seller and request any such a repurchase within 60 days after the date the Purchaser receives the Remittance Report which describes the related delinquency and the Seller shall repurchase such delinquent Mortgage Loan within 30 thirty (30) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such ninety (90) day timeframe in the event of a NSF return of the related first payment.

Repurchase of Mortgage Loans with First Payment Defaults. In With respect to any Mortgage Loan, in the event that any Mortgage Loan becomes 30 days delinquent following the first scheduled payment of principal and interest to be made due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser following within thirty (30) days of such Due Date (the related Closing "Breach Date"), the Seller, at the Purchaser's option, 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) Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest had was last been paid through the day prior to the repurchase date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Seller, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request any such a repurchase within 60 days after the date the Purchaser receives the Remittance Report which describes the related delinquency and the Seller shall repurchase such Mortgage Loan within 30 thirty (30) days of receipt of such notice.

Repurchase of Mortgage Loans with First Payment Defaults. In the event that With respect to any Mortgage Loan becomes 30 days delinquent following Loan, if the first scheduled payment of principal and interest related Mortgagor fails to make the Monthly Payment to be made by on the Mortgagor to first Due Date after the Purchaser following Closing Date within 30 days of such Monthly Payment's Due Date ("First Due Date") and such Mortgage Loan is more than 29 days delinquent on the date 90 days after the related Closing DateFirst Due Date (a "First Payment Default"), the SellerSeller shall, at upon receipt of notice from the Purchaser's option, shall promptly repurchase such Mortgage Loan (a "First Payment Default 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 at the Mortgage Interest Rate from the date to on which interest had last been paid through the date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Sellerrepurchase, plus the amount of any outstanding advances owed to any servicer in connection with such Mortgage Loan. The Purchaser shall notify the Seller servicer, plus all costs and request any such repurchase within 60 days after the date expenses incurred by the Purchaser receives or any servicer arising out of or based upon such breach, including, without limitation, costs and expenses incurred in the Remittance Report which describes enforcement of the related delinquency and the Seller shall Sellers' repurchase such Mortgage Loan within 30 days of receipt of such noticeobligation hereunder.

Repurchase of Mortgage Loans with First Payment Defaults. In If the event that any Mortgage Loan becomes 30 days related Mortgagor is delinquent following the first scheduled payment of principal and interest to be made by the Mortgagor with respect to the Purchaser following Mortgage Loan’s first Monthly Payment either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date, the Seller, at the Purchaser's ’s option, 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 had was last been paid through the day prior to the repurchase date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Seller, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. A Mortgage Loan’s first Monthly Payment after the related Closing Date shall be considered “delinquent” if such Monthly Payment has not been received by the Purchaser by the fifteenth (15th) day of the month following the month in which the Monthly Payment was due. The Purchaser shall have ninety (90) days following any such delinquency to notify the Seller and of any repurchase request any such repurchase within 60 days after the date the Purchaser receives the Remittance Report which describes the related delinquency and the Seller shall repurchase such delinquent Mortgage Loan within 30 thirty (30) days of receipt the date of such noticerequest.

Repurchase of Mortgage Loans with First Payment Defaults. In the event that With respect to any Mortgage Loan becomes 30 days delinquent following Loan, if the first scheduled payment of principal and interest related Mortgagor fails to make the Monthly Payment to be made by on the Mortgagor to the Purchaser following first Due Date after the related Closing DateDate and such date occurs prior to the related Transfer Date (such date, the Seller"First Payment Default Date"), at the Seller shall, within five Business Days of receipt of notice from the Purchaser's option, shall promptly 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 at the Mortgage Interest Rate from the date to on which interest had last been paid through the date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Sellerrepurchase, plus the amount of any outstanding advances owed to any servicer, plus all costs and expenses incurred by the Purchaser or any servicer arising out of or based upon such breach, including, without limitation, costs and expenses incurred in connection with such Mortgage Loanthe enforcement of the Seller's repurchase obligation hereunder. The Purchaser shall notify request repurchase of any Mortgage Loans to be repurchased pursuant to this Subsection 9.04 on or before the Seller date which is one hundred and request any such repurchase within 60 twenty (120) days after the date the Purchaser receives the Remittance Report which describes the related delinquency and the Seller shall repurchase such Mortgage Loan within 30 days of receipt of such noticeFirst Payment Default Date.

Repurchase of Mortgage Loans with First Payment Defaults. In If the event that any Mortgage Loan becomes 30 days related Mortgagor is delinquent following the first scheduled payment of principal and interest to be made by the Mortgagor with respect to the Purchaser following Mortgage Loan's first Monthly Payment either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date, the Seller, at the Purchaser's option, 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 had was last been paid through the day prior to the repurchase date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Seller, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. The Purchaser shall notify the Seller and ; provided, however, that such repurchase request must be made within ninety (90) days of any such repurchase within 60 days after the date the Purchaser receives the Remittance Report which describes the related delinquency and and, provided further, that the Seller shall repurchase such delinquent Mortgage Loan within 30 thirty (30) days of receipt of such noticerequest.

Repurchase of Mortgage Loans with First Payment Defaults. In (a) If the event that any related Mortgage Loan becomes 30 days delinquent following a Delinquent Mortgage Loan with respect to the Mortgage Loan's first scheduled payment of principal and interest to be made by the Mortgagor Monthly Payment due to the Purchaser following after the related Closing Date, Cut-off Date of such Mortgage Loan the Seller, at the Purchaser's optionoption exercised in its sole discretion, shall repurchase such Delinquent 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 had was last been paid through the day prior to the repurchase date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Seller, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. The ; provided, however, in the event the Seller is not servicing the Mortgage Loan at such time as the Mortgage Loan became a Delinquent Mortgage Loan, the Purchaser shall notify the Seller and request any such repurchase in writing within 60 sixty (60) days after the date the Purchaser receives the Remittance Report which describes the related delinquency and the Seller shall repurchase such Mortgage Loan within 30 days of receipt notice of such noticeearly payment default.

Repurchase of Mortgage Loans with First Payment Defaults. In With respect to any Mortgage Loan, in the event that any Mortgage Loan becomes 30 days delinquent following the first scheduled payment of principal and interest to be made due either (i) after origination of such Mortgage Loan, or (ii) after the related Closing Date is not paid by the related Mortgagor to the Purchaser following within thirty (30) days of such Due Date (the related Closing "Breach Date"), the Seller, at the Purchaser's option, 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) Percentage multiplied by the then outstanding principal balance of such Mortgage Loan, plus accrued and unpaid interest thereon from the date to which interest had and last been paid through the day prior to the repurchase date of such repurchase at the applicable Mortgage Interest Rate, less any Servicing Fees due the Seller, plus any outstanding advances owed to any servicer in connection with such Mortgage Loan. The Purchaser shall have ninety (90) days following the related Breach Date to notify the Seller and request any such a repurchase within 60 days after the date the Purchaser receives the Remittance Report which describes the related delinquency and the Seller shall repurchase such delinquent Mortgage Loan within 30 thirty (30) days of receipt of such notice. Notwithstanding the foregoing, the Purchaser reserves the right to request a repurchase following such ninety (90) day timeframe in the event of a NSF return in connection with such payment.