Common use of Satisfaction Clause in Contracts

Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designee. Upon receipt of such certification and request, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account. If the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, the Servicer shall repurchase the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Servicer.

Appears in 5 contracts

Samples: Custodial Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 24a), Servicing Agreement (Structured Asset Sec Mort Pass Thru Cert Ser 2002-21a), Custodial Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2003-6a)

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Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designeePurchaser. Upon receipt of such certification and request, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account. If the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, the Servicer shall repurchase the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Servicer.

Appears in 4 contracts

Samples: Reconstituted Servicing Agreement (Structured Asset Sec Mort Pass THR Cert Series 2001-21a), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h), Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-)

Satisfaction. of Mortgages and Release of Mortgage FilesLoan Documents. Upon the payment in full of any Mortgage Loan, the Servicer will immediately notify the Purchaser by Custodian with a certification of and request for release by a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Custodial Account pursuant to Section 5.04 4.04 have been or will be so deposited deposited, and shall a request for delivery to it the Servicer of the Purchaser's portion of the Mortgage File Loan Documents held by the Purchaser or its designeeCustodian. Upon receipt of such certification and request, the Purchaser Owner shall promptly release or cause the Custodian to promptly release the related mortgage documents Mortgage Loan Documents to the Servicer and the Servicer shall promptly prepare and process deliver for execution by the Owner or at the Owner's option execute under the authority of a power of attorney delivered to the Servicer by the Owner any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Custodial Account. If In the event the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, Mortgage or should it otherwise take such action which results in a reduction of prejudice any right the coverage Owner may have under the Primary Insurance Policymortgage instruments, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, upon written demand, shall remit within two Business Days to the Servicer shall repurchase Owner the then outstanding principal balance of the related Mortgage Loan by paying deposit thereof in the Custodial Account. The Servicer shall maintain the Fidelity Bond insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Accountprocedures set forth herein. From time to time and as appropriate for the servicing or foreclosure of the Mortgage LoanLoans, including for this the purpose of collection under any Primary Mortgage Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser Custodian of a servicing receipt signed by a Servicing Officer, the Custodian shall release the Purchaser's portion of the Mortgage File Loan Documents held by the Purchaser Custodian to the Servicer. Such servicing receipt shall obligate the Servicer to promptly return the related Mortgage documents Loan Documents to the Purchaser Custodian, when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Custodial Account or the Purchaser's Mortgage File or such document has documents have been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudiciallynon-judicially, and the Servicer has promptly delivered to the Purchaser Owner or the Custodian a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was documents were delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Accountliquidated, the servicing receipt shall be released by the Purchaser Owner or the Custodian, as applicable, to the Servicer.

Appears in 3 contracts

Samples: Recognition Agreement (Bear Stearns ALT-A Trust 2006-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-7)

Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designeePurchaser. Upon receipt of such certification and request, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account. If the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, the Servicer shall repurchase the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Servicer.

Appears in 3 contracts

Samples: Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2007-1xs), Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2006-2), Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1)

Satisfaction. and discharge of Mortgages and Release of Mortgage Files. Upon the payment in full Indenture with respect to Debt Securities of any Mortgage Loan, series. If (a) the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification Company shall include a statement deliver to the effect that Trustee for cancellation all amounts received Debt Securities of any series theretofore authenticated (other than any such Debt Securities which shall have been destroyed, lost or stolen and in lieu of or in substitution for which other such Debt Securities shall have been authenticated and delivered or Debt Securities for whose payment money (or other form of payment if permitted by the terms of such Debt Securities) has theretofore been held in trust and thereafter repaid to be received the Company, as provided in connection with such payment which are required to be deposited in Section 6.3) and not theretofore cancelled, or (b) the Collection Account pursuant Company shall irrevocably deposit (subject to Section 5.04 6.3) with the Trustee or Paying Agent as trust funds the entire amount in cash or U.S. Government Obligations sufficient to pay at maturity or upon redemption all of the Debt Securities of such series (other than any Debt Securities which shall have been destroyed, lost or will be so deposited stolen and in lieu of or in substitution for which other Debt Securities shall request delivery to it have been authenticated and delivered or Debt Securities for whose payment money (or other form of the Purchaser's Mortgage File held payment if permitted by the Purchaser or its designee. Upon receipt terms of such certification Debt Securities) has theretofore been held in trust and request, the Purchaser shall promptly release the related mortgage documents thereafter repaid to the Servicer and the Servicer shall promptly prepare and process any satisfaction Company, as provided in Section 6.3) not theretofore paid, surrendered or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable delivered to the Collection Account. If Trustee for cancellation, including the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgageprincipal, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policypremium, if any, then and interest due or to become due to such date of maturity or redemption date, as the Servicer case may be, and if in either case the Company shall promptly give written notice thereof also pay or cause to be paid all other sums payable hereunder by the Company and the Company shall deliver to the PurchaserTrustee an Officers' Certificate and an Opinion of Counsel, each stating that in the opinion of the signers all conditions precedent to the satisfaction and discharge of this Indenture with respect to the Debt Securities of such series have been complied with (and, within 10 Business Days following written demand therefor from in the Purchaser event that such deposit shall be made more than one year prior to the Servicermaturity of the Debt Securities of such series, such Opinion of Counsel shall also state that such deposit will not result in an obligation of the Company, the Servicer shall repurchase Trustee or the related Mortgage Loan trust fund created by paying such deposit to register as an investment company under the Investment Company Act of 1940, as amended) and a certificate (upon which the Trustee may rely) of a firm of independent public accounts of recognized national standing selected by the Board of Directors (who may be the regular accountants employed by the Company) stating that the cash, if any, and U.S. Government Obligations, if any, deposited as set forth above are sufficient to pay at maturity or upon redemption all of the Debt Securities of such series as set forth above, then, except with respect to the Purchaser remaining rights of conversion of any Debt Securities the Repurchase Price therefor by wire transfer terms of immediately available funds directly which provide for conversion (which shall continue in full force and effect pursuant to the Purchaser's Account. From time terms set forth in Article XIII to time and as appropriate the extent provided for the servicing in such terms) or foreclosure to rights of exchange or registration of transfer or of the Mortgage LoanCompany's right of optional redemption of any Debt Securities of such series, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request Indenture shall cease to be of the Servicer and delivery further effect with respect to the Purchaser Debt Securities of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudiciallyseries, and the Servicer has delivered Trustee, on demand of and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the Purchaser Debt Securities of such series. Notwithstanding the satisfaction and discharge of this Indenture with respect to the Debt Securities of such series, the obligations of the Company and the Guarantors to the Trustee under Section 11.2 shall survive, and if moneys or U.S. Government Obligations shall have been irrevocably deposited with the Trustee or Paying Agent pursuant to clause (b) of this Section, the obligations of the Trustee under Section 6.2 and the first paragraph of Section 6.3 shall survive. In order to have money available on a certificate of a Servicing Officer certifying payment date to pay the principal of, premium, if any, or interest, if any, on the Debt Securities, the U.S. Government Obligations shall be payable as to principal or interest on or before such payment date in such amounts as will provide the name and address of necessary money. Such U.S. Government Obligations shall not be callable at the Person to which such Purchaserissuer's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Serviceroption.

Appears in 2 contracts

Samples: Constellation International Holdings LTD, Constellation Australia Pty LTD

Satisfaction. of Mortgages and Release of Mortgage Loan Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer will immediately notify the Purchaser Issuer and the Initial Noteholder by a certification of a servicing officer of the Servicer (a "Servicing Officer"), which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 5.01 have been or will be so deposited deposited, and shall request execution of any document necessary to satisfy the Loan and delivery to it of the Purchaser's Mortgage portion of the Loan File held by the Purchaser or its designeeCustodian. Upon receipt of such certification a Request for Release and requestReceipt, the Purchaser Custodian shall promptly release the related mortgage documents to the Servicer in accordance with the Custodial Agreement and the Servicer shall promptly prepare and process any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection AccountAccount or the Issuer. If In the event the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, Mortgage or should it otherwise take such action which results in a reduction of prejudice any right the coverage Issuer or the Noteholders may have under the Primary Insurance Policymortgage instruments, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, upon written demand, shall remit to the Issuer the then outstanding principal balance of the related Loan by deposit thereof in the Collection Account. The Servicer shall maintain the fidelity bond insuring the Servicer shall repurchase against any loss it may sustain with respect to any Loan not satisfied in accordance with the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Accountprocedures set forth herein. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee Custodian shall, upon request of the Servicer and delivery to the Purchaser Custodian of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage requested portion of the Loan File held by the Purchaser Custodian to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser Custodian when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage Loan File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudiciallynon judicially, and the Servicer has delivered to the Purchaser Custodian a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage Loan File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Accountliquidated, the servicing receipt shall be released by the Purchaser Custodian to the Servicer.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (H&r Block Inc), Sale and Servicing Agreement (H&r Block Inc)

Satisfaction. and discharge of Mortgages and Release of Mortgage Files. Upon the payment in full Indenture with respect to Debt Securities of any Mortgage Loan, series. If (a) the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification Company shall include a statement deliver to the effect that Trustee for cancellation all amounts received Debt Securities of any series theretofore authenticated (other than any such Debt Securities which shall have been destroyed, lost or stolen and in lieu of or in substitution for which other such Debt Securities shall have been authenticated and delivered or Debt Securities for whose payment money (or other form of payment if permitted by the terms of such Debt Securities) has theretofore been held in trust and thereafter repaid to be received the Company, as provided in connection with such payment which are required to be deposited in Section 6.3) and not theretofore cancelled, or (b) the Collection Account pursuant Company shall irrevocably deposit (subject to Section 5.04 6.3) with the Trustee or Paying Agent as trust funds the entire amount in cash or U.S. Government Obligations, or combination thereof, sufficient to pay at maturity or upon redemption all of the Debt Securities of such series (other than any Debt Securities which shall have been destroyed, lost or will be so deposited stolen and in lieu of or in substitution for which other Debt Securities shall request delivery to it have been authenticated and delivered or Debt Securities for whose payment money (or other form of the Purchaser's Mortgage File held payment if permitted by the Purchaser or its designee. Upon receipt terms of such certification Debt Securities) has theretofore been held in trust and request, the Purchaser shall promptly release the related mortgage documents thereafter repaid to the Servicer and the Servicer shall promptly prepare and process any satisfaction Company, as provided in Section 6.3) not theretofore paid, surrendered or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable delivered to the Collection Account. If Trustee for cancellation, including the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgageprincipal, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policypremium, if any, then make-whole amount, if any, and interest due or to become due to such date of maturity or redemption date, as the Servicer case may be, and if in either case the Company shall promptly give written notice thereof also pay or cause to be paid all other sums payable hereunder by the Company and the Company shall deliver to the PurchaserTrustee an Officers' Certificate and an Opinion of Counsel, each stating that in the opinion of the signers all conditions precedent to the satisfaction and discharge of this Indenture with respect to the Debt Securities of such series have been complied with (and, within 10 Business Days following written demand therefor from in the Purchaser event that such deposit shall be made more than one year prior to the Servicermaturity of the Debt Securities of such series, such Opinion of Counsel shall also state that such deposit will not result in an obligation of the Company, the Servicer shall repurchase Trustee or the related Mortgage Loan trust fund created by paying such deposit to register as an investment company under the Investment Company Act of 1940, as amended) and a certificate (upon which the Trustee may conclusively rely) of a firm of independent public accounts of recognized national standing selected by the Board of Directors (who may be the regular accountants employed by the Company) stating that the cash, if any, and U.S. Government Obligations, if any, or combination thereof, deposited as set forth above are sufficient to pay at maturity or upon redemption all of the Debt Securities of such series as set forth above, then, except with respect to the Purchaser remaining rights of conversion of any Debt Securities the Repurchase Price therefor by wire terms of which provide for conversion or to rights of exchange or registration of transfer or of immediately available funds directly the Company's right of optional redemption of any Debt Securities of such series, this Indenture shall cease to be of further effect with respect to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure Debt Securities of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudiciallyseries, and the Servicer has delivered Trustee, on demand of and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the Purchaser Debt Securities of such series. Notwithstanding the satisfaction and discharge of this Indenture with respect to the Debt Securities of such series, the obligations of the Company to the Trustee under Section 11.2 shall survive, and if moneys or U.S. Government Obligations, or combination thereof, shall have been irrevocably deposited with the Trustee or Paying Agent pursuant to clause (b) of this Section, the obligations of the Trustee under Section 6.2 and the first paragraph of Section 6.3 shall survive. In order to have money available on a certificate of a Servicing Officer certifying payment date to pay the Principal of, premium, if any, make-whole amount, if any, or interest, if any, on the Debt Securities, the U.S. Government Obligations shall be payable as to Principal or interest on or before such payment date in such amounts as will provide the name and address of necessary money. Such U.S. Government Obligations shall not be callable at the Person to which such Purchaserissuer's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Serviceroption.

Appears in 2 contracts

Samples: Omnova Solutions Inc, Omnova Solutions Inc

Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification shall include a statement to the effect notification that all amounts received or to be received payment in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or full will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designee. Upon receipt of escrowed in a manner customary for such certification and requestpurposes, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare notify the Owner in the Monthly Remittance Advice as provided in Section 3.02, and process may request the release of any Mortgage Loan Documents from the Owner in accordance with this Section 4.02 hereof. The Servicer shall obtain discharge of the related Mortgage Loan as of record within any related time limit required by applicable law. In connection with any instrument of satisfaction or releasedeed of reconveyance, the Servicer shall be entitled to a reconveyance fee. No expense incurred Such reconveyance fee shall only be reimbursable to Servicer by Owner to the extent the reconveyance fee is uncollectible from the Mortgagor based on the terms of the security instrument or in the Servicer's reasonable opinion that such fee is not allowable by statute. Servicer shall have no liability for third party delays (unless such third party is an affiliate of the Servicer) that may result in assessed penalties. To the extent applicable, Servicer shall bill Owner for any reconveyance fees and recording fees uncollectible from the Mortgagor in connection with any instrument of satisfaction or deed of reconveyance. Upon receipt of such request, the Owner or its designee shall within five (5) Business Days release or cause to be released the related Mortgage Loan Documents to Servicer and Servicer shall prepare and process any satisfaction or release. If Owner or its designee or the Custodian does not release the related Mortgage Loan Documents to Servicer within five (5) Business Days of receipt of request to do so, Servicer may retain a third party to complete the reconveyance and charge Owner the actual cost of services provided by such third party. Servicer shall be chargeable to the Collection Accounthave no liability for third party delays that may result in assessed penalties. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage, Mortgage (or such lesser amount in connection with a discounted payoff accepted by the Servicer with respect to a defaulted Mortgage Loan) or should it the Servicer otherwise take such action which results in a reduction prejudice any rights the Owner may have under the mortgage instruments, upon written demand of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the ServicerOwner, the Servicer shall repurchase purchase the related Mortgage Loan at an amount equal to (a) Repurchase Price, minus (b) any costs and damages incurred by paying the related trust with respect to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure any securitization of the Mortgage Loan, including for this purpose collection under Loan in connection with any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed violation by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited of any predatory- or abusive-lending law by deposit thereof in the Collection Account, the servicing Custodial Account within five (5) Business Days of receipt shall be released of such demand by the Purchaser Owner if the Servicer is unable to demonstrate that it will be able to cause the Serviceramount of the unpaid indebtedness to be reinstated and secured under the related Mortgage. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 2.12 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Appears in 1 contract

Samples: Flow Servicing Agreement (GSAA Home Equity Trust 2006-4)

Satisfaction. of Mortgages and Release of Home Loan Files. Subject to the provisions of Sections 4.01 and 4.02, the Servicer shall not grant a satisfaction or release of a Mortgage Fileswithout having obtained payment in full of the indebtedness secured by the Mortgage or otherwise prejudice any right the Securityholders may have under the mortgage instruments. The Servicer shall maintain the fidelity bond and errors and omissions insurance as provided for in Section 4.03 insuring the Servicer against any loss it may sustain with respect to any Home Loan not satisfied in accordance with the procedures set forth herein. Upon the payment in full of any Mortgage Home Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer will immediately notify the Purchaser Grantor Trustee and the Indenture Trustee by a certification of a Servicing Officer, an Officers' Certificate (which certification certificate shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 5.01(b) have been or will be so deposited deposited) of a Servicing Officer and shall request delivery to it of the PurchaserGrantor Trustee's Mortgage File held by the Purchaser or its designeeHome Loan File. Upon receipt of such certification and request, the Purchaser Grantor Trustee shall promptly release the related mortgage documents Grantor Trustee's Home Loan File to the Servicer and the Servicer shall promptly prepare and process any satisfaction or releaseServicer. No expense Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be payable only from and to the extent of Servicing Compensation and shall not be chargeable to the Collection Account, the Note Payment Account, or the Certificate Distribution Account. If Upon receipt by the Grantor Trustee of the certification of a Servicing Officer with respect to the release of the Grantor Trustee's Home Loan File for any Home Loan or any documents included therein, the Grantor Trustee shall release to the Servicer satisfies such Grantor Trustee's Home Loan File and shall deliver such instruments of transfer presented to it by the Servicer as shall be necessary or releases appropriate for the release of such Grantor Trustee's Home Loan File in accordance with such certification of the Servicing Officer. The release to the Servicer of a Grantor Trustee's Home Loan File pursuant to such certification shall not require or be subject to the prior approval of the Grantor Trustee in the case of a release in connection with the following: (1) the satisfaction or release of a Mortgage without having obtained upon the payment in full of the indebtedness secured Home Loan or upon such Home Loan becoming a Liquidated Home Loan; (2) a Home Loan in default for which the Servicer is or will be pursuing foreclosure or another method of liquidation pursuant to Section 4.02; or (3) the correction of documentation in the Grantor Trustee's Home Loan File for errors and ambiguities, provided that such corrections shall be performed and returned to the Grantor Trustee in a prompt manner, and provided further that no more than 100 Grantor Trustee's Home Loan Files shall be released and held by the Mortgage, or should it otherwise take such action which results in Servicer at any one time. In the case of a reduction release of the coverage under related Grantor Trustee's Home Loan File to the Primary Insurance PolicyServicer in connection with a substitution or repurchase of any Home Loan pursuant to Section 3.05 or Section 11.02 or a release for other servicing reasons, if any, then such release of the Grantor Trustee's Home Loan File by the Grantor Trustee shall be subject to the prior approval of the Grantor Trustee. The Grantor Trustee upon receipt from the Servicer shall promptly give written notice thereof execute and deliver to the PurchaserServicer any court pleadings, and, within 10 Business Days following written demand therefor from the Purchaser requests for trustee's sale or other documents delivered to the ServicerGrantor Trustee necessary to the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Obligor on the Debt Instrument or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Debt Instrument or Mortgage or otherwise available at law or in equity. Together with such documents or pleadings, the Servicer shall repurchase the related Mortgage Loan by paying deliver to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser Grantor Trustee a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Grantor Trustee and certifying as to the name reason such documents or pleadings are required and address that the execution and delivery thereof by the Grantor Trustee will not invalidate or otherwise affect the lien of the Person to which such Purchaser's Mortgage File or such document was delivered and Mortgage, except for the purpose or purposes termination of such deliverya lien upon completion of the foreclosure or trustee's sale. Upon The Grantor Trustee shall, upon receipt of a certificate written request from a Servicing Officer, execute any document provided to the Grantor Trustee by the Servicer or take any other action requested in such request that is, in the opinion of the Servicer as evidenced by such request, required by any state or other jurisdiction to discharge the lien of a Servicing Officer stating Mortgage upon the satisfaction thereof and the Grantor Trustee will sign and post, but will not guarantee receipt of, any such documents to the Servicer, or such other party as the Servicer may direct, within five Business Days, or more promptly if needed, of the Grantor Trustee's receipt of such certificate or documents. Such certificate or documents shall establish to the Grantor Trustee's satisfaction that the related Home Loan has been paid in full by or on behalf of the Obligor and that such Mortgage Loan was liquidated and the Liquidation Proceeds were payment has been deposited in the Collection Account. Subject to any other applicable terms and conditions of this Agreement, Servicer and the servicing receipt Grantor Trustee, at the written direction of the Servicer shall be released by entitled to approve an assignment in lieu of satisfaction with respect to any Home Loan, provided the Purchaser obligee with respect to such Home Loan following such proposed assignment provides the Servicer with a "Certification for Assignment of Home Loan" in form and substance satisfactory to the Servicer, providing the following: (i) that the Home Loan is secured by Mortgaged Property located in a jurisdiction in which an assignment in lieu of satisfaction is required to preserve lien priority, minimize or avoid mortgage recording taxes or otherwise comply with or facilitate a refinancing under the laws of such jurisdiction; (ii) that the substance of the assignment is, and is intended to be, a refinancing of such Home Loan and that the form of the transaction is solely to comply with or facilitate the transaction under such local laws; (iii) that the Home Loan following the proposed assignment will have a rate of interest not more than 0.25% below or above the rate of interest on such Home Loan prior to such proposed assignment; and (iv) that such assignment is at the request of the related Obligor. Upon approval of an assignment in lieu of satisfaction with respect to any Home Loan, the Servicer shall receive cash in an amount equal to the unpaid principal balance of and accrued interest on such Home Loan and the Servicer shall treat such amount as a Principal Prepayment with respect to such Home Loan for all purposes hereof.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Master Financial Asset Securitization Trust 1998-2)

Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer will immediately notify obtain the Purchaser by a certification portion of a Servicing Officer, which certification shall include a statement to the effect Mortgage File that all amounts received or to be received in connection with such payment which are required to be deposited is in the Collection Account pursuant to Section 5.04 have been or will be so deposited and shall request delivery to it possession of the Purchaser's Mortgage File held by the Purchaser or its designee. Upon receipt of such certification and request, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any required satisfaction or releaserelease of the Mortgage and notify the Purchaser in accordance with the provisions of this Agreement. No expense incurred The Purchaser or its designee agrees to deliver to the Servicer the original Mortgage Note for any Mortgage Loan not later than five (5) Business Days following its receipt of a notice from the Servicer that such a payment in connection with any instrument of satisfaction full has been received or deed of reconveyance that a notification has been received that such a payment in full shall be chargeable made. Such Mortgage Note shall be held by the Servicer, in trust, for the purpose of canceling such Mortgage Note and delivering the canceled Mortgage Note to the Collection AccountMortgagor in a timely manner as and to the extent provided under applicable state law. If the Mortgage has been recorded in the name of MERS or its designee, the Servicer shall take all necessary action to effect the release of the Mortgage Loan on the records of MERS. If the Servicer satisfies grants a satisfaction or releases release of a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, Mortgage or should it the Servicer otherwise take such action which results in a reduction of prejudice any right the coverage Purchaser may have under the Primary Insurance Policymortgage instruments, if anythe Servicer, then the Servicer shall promptly give upon written notice thereof to demand of the Purchaser, and, within 10 Business Days following written demand therefor from shall remit to the Purchaser to the Servicer, the Servicer shall repurchase Stated Principal Balance of the related Mortgage Loan by paying to deposit thereof in the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Custodial Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of The Fidelity Bond shall insure the Servicer and delivery against any loss it may sustain with respect to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the any Mortgage Loan has been liquidated and not satisfied in accordance with the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Servicerprocedures set forth herein.

Appears in 1 contract

Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-)

Satisfaction. In the event that the Guarantied Obligations is satisfied in full by Borrower or any other Obligor, Noteholder shall return this Agreement to a Guarantor marked “satisfied” within 91 days from the date of Mortgages and Release the last payment on the Guarantied Obligations; provided, however, that if, during the 91 days immediately following payment on the Guarantied Obligations by any Obligor, a bankruptcy petition is filed by or against Borrower, any Obligor or Guarantor under any provision of Mortgage Files. Upon the United States Bankruptcy Code, then Noteholder shall not return or mark “satisfied” this Agreement until either: (a) Bankruptcy Court enters an order ratifying the payment to Noteholder by any such Obligor of the Guarantied Obligations as not violating any provision of the United States Bankruptcy Code or being such as not to be recoverable for the bankruptcy estate by the Trustee; or (b) the proceedings have been determined. In the event that the Trustee in full bankruptcy or anyone acting in the Trustee’s stead, including a Debtor-in-Possession, seeks to recover any payment or any portion thereof from Noteholder for the bankruptcy estate under any provision of the United States Bankruptcy Code, Guarantors will jointly and severally indemnify and hold Noteholder harmless with respect to such attempted recovery against Noteholder by the bankruptcy estate and each Guarantor hereby further consents to Noteholder joining Guarantor as additional defendants in such action. In the event that the bankruptcy estate does so recover any Mortgage Loansuch payment or portion thereof, the Servicer then in that event Guarantors will immediately notify the Purchaser pay to Noteholder all sums so recovered together with all costs of collection and all costs incurred by a certification of a Servicing OfficerNoteholder, which certification shall include a statement to the effect that all amounts received or to be received including, without limitation, reasonable attorneys’ fees, in connection with such payment which the bankruptcy proceeding. The terms “Bankruptcy”, “Bankruptcy Court”, “Trustee” and “Debtor-in-Possession” shall have the same respective meanings as are required given to be deposited those terms in the Collection Account pursuant to Section 5.04 have been or will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designee. Upon receipt of such certification and request, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account. If the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, the Servicer shall repurchase the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the ServicerUnited States Bankruptcy Code.

Appears in 1 contract

Samples: Guaranty and Suretyship Agreement (Renovare Environmental, Inc.)

Satisfaction. of Mortgages and Release of Mortgage Files. ------------------------------------------------------- Upon the payment in full of any Mortgage Loan, the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designeePurchaser. Upon receipt of such certification and request, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account. If the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, the Servicer shall repurchase the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Banc of America Funding 2006-I Trust)

Satisfaction. of Mortgages and Release of Mortgage Files. Files Upon the payment in full of any Mortgage Loan, the Servicer will immediately notify the Purchaser Owner by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 4.04 have been or will be so deposited and shall request delivery to it of the PurchaserOwner's Mortgage File held by the Purchaser or its designeeOwner. Upon receipt of such certification and request, the Purchaser Owner shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account. If With the exception of short sales, if the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the PurchaserOwner, and, within 10 Business Days following written demand therefor from the Purchaser Owner to the Servicer, the Servicer shall repurchase the related Mortgage Loan by paying to the Purchaser Owner the Repurchase Price therefor by wire transfer of immediately available funds directly to the PurchaserOwner's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee Owner shall, upon request of the Servicer and delivery to the Purchaser Owner of a servicing receipt signed by a Servicing Officer, release the PurchaserOwner's Mortgage File held by the Purchaser Owner to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage mortgage documents to the Purchaser Owner when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the PurchaserOwner's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser Owner a certificate of a Servicing Officer certifying as to the name and address of the Person to which such PurchaserOwner's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser Owner to the Servicer.

Appears in 1 contract

Samples: Mortgage Loan Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-A9)

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Satisfaction. of Mortgages and Collateral and Release of Mortgage Files------------------------------------------------------- SBA Files --------- The Servicer shall maintain the Fidelity Bond as provided for in Section 5.09 insuring the Servicer against any loss it may sustain with respect to any SBA Loan not satisfied in accordance with the procedures set forth herein. Upon the payment in full of any Mortgage SBA Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer will immediately notify the Purchaser FTA and the Trustee by a certification in the form of a Servicing Officer, Exhibit I attached hereto (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Principal and Interest Account pursuant to Section 5.04 5.03 have been or will be so deposited deposited) of a Servicing Officer and shall request delivery to it of the PurchaserTrustee's Mortgage File held by the Purchaser or its designeeDocument File. Upon receipt of such certification and request, the Purchaser FTA and the Trustee shall promptly release release, within 3 Business Days, the related mortgage documents Trustee's Document File to the Servicer and the Servicer shall promptly prepare and process any satisfaction or releaseServicer. No expense Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be payable only from and to the extent of servicing compensation and shall not be chargeable to the Collection Principal and Interest Account or the Certificate Account. If the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof Subject to the PurchaserMulti-Party Agreement, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, the Servicer shall repurchase the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage any SBA Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee FTA and the Trustee shall, upon request of the Servicer and delivery to the Purchaser FTA and the Trustee of a servicing receipt certification in the form of Exhibit I attached hereto signed by a Servicing Officer, release the Purchaserrelated Trustee's Mortgage Document File held by the Purchaser to the ServicerServicer within 3 Business Days, and the Trustee shall execute such documents as shall be necessary to the prosecution of any such proceedings. Such servicing receipt The Servicer shall obligate the Servicer to return the related Mortgage documents Trustee's Document File to the Purchaser FTA and the Trustee when the need therefor by the Servicer no longer exists, unless the Mortgage SBA Loan has been liquidated and the Unguaranteed Percentage of the Liquidation Proceeds relating to the Mortgage SBA Loan have has been deposited in the Collection Principal and Interest Account and remitted to the Trustee for deposit in the Certificate Account or the Purchaser's Mortgage SBA File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property or repossession of other Collateral either judicially or nonjudiciallynon-judicially, and the Servicer has delivered to the Purchaser FTA and the Trustee a certificate of a Servicing Officer certifying as to the name and address of the Person to which whom such Purchaser's Mortgage SBA File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage SBA Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Accountliquidated, the servicing receipt shall be released by the Purchaser Trustee to the Servicer. The Trustee shall execute and deliver to the Servicer any court pleadings, requests for trustee's sale or other documents provided to it necessary to the foreclosure or trustee's sale in respect of a Mortgaged Property or other Collateral or to any legal action brought to obtain judgment against any Obligor on the SBA Note or Mortgage or other agreement securing Collateral or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the SBA Note or Mortgage or other agreement securing Collateral or otherwise available at law or in equity. Together with such documents or pleadings, the Servicer shall deliver to the Trustee a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage or other agreement securing Collateral, except for the termination of such a lien upon completion of the foreclosure or trustee's sale. The Trustee shall, upon receipt of a written request from a Servicing Officer, execute any document provided to the Trustee by the Servicer or take any other action requested in such request, that is, in the opinion of the Servicer as evidenced by such request, required by any state or other jurisdiction to discharge the lien of a Mortgage or other agreement securing Collateral upon the satisfaction thereof and the Trustee will sign and post, but will not guarantee receipt of, any such documents to the Servicer, or such other party as the Servicer may direct, within five Business Days of the Trustee's receipt of such certificate or documents. Such certificate or documents shall establish to the Trustee's satisfaction that the related SBA Loan has been paid in full by or on behalf of the Obligor and that such payment has been deposited in the Principal and Interest Account.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First International Bancorp Inc)

Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full frill of any Mortgage Loan, the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designeePurchaser. Upon receipt of such certification and request, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account. If the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, the Servicer shall repurchase the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Servicer.

Appears in 1 contract

Samples: Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4)

Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification shall include a statement to the effect notification that all amounts received or to be received payment in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or full will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designee. Upon receipt of escrowed in a manner customary for such certification and requestpurposes, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare notify the Owner in the Monthly Remittance Advice as provided in Section 3.02, and process may request the release of any Mortgage Loan Documents from the Owner in accordance with this Section 4.02 hereof. The Servicer shall obtain discharge of the related Mortgage Loan as of record within any related time limit required by applicable law. In connection with any instrument of satisfaction or releasedeed of reconveyance, the Servicer shall be entitled to a reconveyance fee. No expense incurred Such reconveyance fee shall only be reimbursable to Servicer by Owner to the extent the reconveyance fee is uncollectible from the Mortgagor based on the terms of the security instrument or in the Servicer's reasonable opinion that such fee is not allowable by statute. Servicer shall have no liability for third party delays (unless such third party is an affiliate of the Servicer) that may result in assessed penalties. To the extent applicable, Servicer shall bill Owner for any reconveyance fees xxx recording fees uncollectible from the Mortgagor in connection with any instrument of satisfaction or deed of reconveyance. Upon receipt of such request, the Owner or its designee shall within five (5) Business Days release or cause to be released the related Mortgage Loan Documents to Servicer and Servicer shall prepare and process any satisfaction or release. If Owner or its designee or the Custodian does not release the related Mortgage Loan Documents to Servicer within five (5) Business Days of receipt of request to do so, Servicer may retain a third party to complete the reconveyance and charge Owner the actual cost of services provided by such third party. Servicer shall be chargeable to the Collection Accounthave no liability for third party delays that may result in assessed penalties. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage, Mortgage (or such lesser amount in connection with a discounted payoff accepted by the Servicer with respect to a defaulted Mortgage Loan) or should it the Servicer otherwise take such action which results in a reduction prejudice any rights the Owner may have under the mortgage instruments, upon written demand of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the ServicerOwner, the Servicer shall repurchase purchase the related Mortgage Loan at an amount equal to (a) Repurchase Price, minus (b) any costs and damages incurred by paying the related trust with respect to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure any securitization of the Mortgage Loan, including for this purpose collection under Loan in connection with any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed violation by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited of any predatory- or abusive-lending law by deposit thereof in the Collection Account, the servicing Custodial Account within five (5) Business Days of receipt shall be released of such demand by the Purchaser Owner if the Servicer is unable to demonstrate that it will be able to cause the Serviceramount of the unpaid indebtedness to be reinstated and secured under the related Mortgage. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 2.12 insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Appears in 1 contract

Samples: Flow Servicing Agreement (GSAA Home Equity 2005-12)

Satisfaction. of Mortgages and Release of Mortgage Loan Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Servicer will immediately notify the Purchaser Indenture Trustee by a an appropriate certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or will be so deposited Officer and 75 80 shall request delivery to it of the Purchaser's Trustee Mortgage File held by the Purchaser or its designeeLoan File. Upon receipt of such certification and request, the Purchaser Indenture Trustee shall promptly release the related mortgage documents Mortgage Loan File to the Servicer. The Servicer shall provide for preparation of the appropriate instrument of satisfaction covering any Mortgage Loan which pays in full, and the Servicer Indenture Trustee shall promptly prepare cooperate in the execution and process any satisfaction return of such instrument to provide for its delivery or releaserecording as may be required. No expense expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account. If the Servicer satisfies any Trust Account or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, or should it shall be otherwise take such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof chargeable to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the ServicerTrust, the Servicer shall repurchase Indenture Trustee or the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's AccountSecurityholders. From time to time and as appropriate for the servicing or foreclosure of the any Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee Indenture Trustee shall, upon request of the Servicer and delivery to the Purchaser Indenture Trustee of a servicing receipt signed by a Servicing OfficerRequest for Release in the form of Exhibit D, release the Purchaser's related Mortgage Loan File held by the Purchaser to the Servicer, and the Indenture Trustee shall, at the direction of the Servicer, execute such documents as shall be necessary to the prosecution of any such proceedings. Such servicing receipt Request for Release shall obligate the Servicer to return each and every document previously requested from the related Mortgage documents Loan File to the Purchaser Indenture Trustee when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Net Liquidation Proceeds relating to the Mortgage Loan File have been deposited in the Collection Account or the Purchaser's Mortgage Loan File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudiciallynon-judicially, and the Servicer has delivered to the Purchaser Indenture Trustee a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage Loan File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Liquidation Proceeds were Collection Account have been so deposited, a copy of the Request for Release shall be released by the Indenture Trustee to the Servicer. Upon written certification of a Servicing Officer, the Indenture Trustee shall execute and deliver to the Servicer any court pleadings, requests for trustee's sale or other documents necessary to the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Obligor on the Debt Instrument or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Debt Instrument or Mortgage or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents be executed by the Indenture Trustee and a statement as to the reason such documents or pleadings are required and that the execution and delivery thereof by the Indenture Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee's sale. The Indenture Trustee shall, upon receipt of a written request from a Servicing Officer, execute any document provided to the Indenture Trustee by the Servicer or take any other action requested in such request that is, in the opinion of the Servicer as evidenced by such request, required by any state or other jurisdiction to discharge the lien of a Mortgage upon the satisfaction thereof and the Indenture Trustee will sign and post, but will not guarantee receipt of, any such 76 81 documents to the Servicer, or such other party as the Servicer may direct, within five (5) Business Days, or more promptly if needed, of the Indenture Trustee's receipt of such certificate or documents. Such certificate or documents shall establish to the Indenture Trustee's satisfaction that the related Mortgage Loan has been paid in full by or on behalf of the Obligor and that such payment has been deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Servicer.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Cityscape Corp)

Satisfaction. of Mortgages and Release of Mortgage FilesLoan Documents. Upon the payment in full of any Mortgage Loan, the Servicer will immediately notify the Purchaser by Custodian with a certification of and request for release by a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Custodial Account pursuant to Section 5.04 4.04 have been or will be so deposited deposited, and shall a request for delivery to it the Servicer of the Purchaser's portion of the Mortgage File Loan Documents held by the Purchaser or its designeeCustodian, and unless the related Mortgage Loans are the subject of a Pass-Through Transfer, such request is to be acknowledged by the Owner. Upon receipt of such certification and request, the Purchaser Owner shall promptly release or cause the Custodian to promptly release the related mortgage documents Mortgage Loan Documents to the Servicer and the Servicer shall promptly prepare and process deliver for execution by the Owner or at the Owner's option execute under the authority of a power of attorney delivered to the Servicer by the Owner any satisfaction or release. No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Custodial Account. If In the event the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, Mortgage or should it otherwise take such action which results in a reduction of prejudice any right the coverage Owner may have under the Primary Insurance Policymortgage instruments, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicer, upon written demand, shall remit within two Business Days to the Servicer shall repurchase Owner the then outstanding principal balance of the related Mortgage Loan by paying deposit thereof in the Custodial Account. The Servicer shall maintain the Fidelity Bond insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Accountprocedures set forth herein. From time to time and as appropriate for the servicing or foreclosure of the Mortgage LoanLoans, including for this the purpose of collection under any Primary Mortgage Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser Custodian of a servicing receipt signed by a Servicing OfficerOfficer (and unless the related Mortgage Loans are the subject of a Pass-Through Transfer, acknowledged by the Owner), the Custodian shall release the Purchaser's portion of the Mortgage File Loan Documents held by the Purchaser Custodian to the Servicer. Such servicing receipt shall obligate the Servicer to promptly return the related Mortgage documents Loan Documents to the Purchaser Custodian, when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Custodial Account or the Purchaser's Mortgage File or such document has documents have been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudiciallynon-judicially, and the Servicer has promptly delivered to the Purchaser Owner or the Custodian a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was documents were delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Accountliquidated, the servicing receipt shall be released by the Purchaser Owner or the Custodian, as applicable, to the Servicer.

Appears in 1 contract

Samples: Recognition Agreement (Bear Stearns ALT-A Trust 2006-1)

Satisfaction. of Mortgages and Release of Home Loan Files. Subject to the provisions of Sections 4.01 and 4.02, the Servicer shall not grant a satisfaction or release of a Mortgage Fileswithout having obtained payment in full of the indebtedness secured by the Mortgage or otherwise prejudice any right the Securityholders may have under the mortgage instruments. The Servicer shall maintain the fidelity bond and errors and omissions insurance as provided for in Section 4.05 insuring the Servicer against any loss it may sustain with respect to any Home Loan not satisfied in accordance with the procedures set forth herein. Upon the payment in full of any Mortgage Home Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer will immediately notify the Purchaser Custodian by a certification of a Servicing Officer, Request for Release attached hereto as Exhibit C (which certification Request for Release shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 5.01(b) have been or will be so deposited deposited) of a Servicing Officer and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designeeHome Loan File. Upon receipt of such certification and requestrequest and in accordance with Section 2.09 of the Indenture, the Purchaser Custodian shall promptly release the related mortgage documents Home Loan File to the Servicer and the Servicer shall promptly prepare and process any satisfaction or releaseServicer. No expense Expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be payable only from and to the extent of Servicing Compensation and shall not be chargeable to the Collection Account, the Note Payment Account, or the Certificate Distribution Account. If Upon receipt by the Custodian of the certification of a Servicing Officer with respect to the release of the Home Loan File for any Home Loan or any documents included therein, the Custodian shall release to the Servicer satisfies such Home Loan File and shall deliver such instruments of transfer presented to it by the Servicer as shall be necessary or releases appropriate for the release of such Home Loan File in accordance with such certification of the Servicing Officer. The release to the Servicer of an Home Loan File pursuant to such certification shall not require or be subject to the prior approval of the Indenture Trustee in the case of a release in connection with the following: (1) the satisfaction or release of a Mortgage without having obtained upon the payment in full of the indebtedness secured Home Loan or upon such Home Loan becoming a Liquidated Home Loan; (2) a Home Loan in default for which the Servicer is or will be pursuing foreclosure or another method of liquidation pursuant to Section 4.02; or (3) the correction of documentation in the Home Loan File for errors and ambiguities, provided that such corrections shall be performed and returned to the Custodian in a prompt manner. In the case of a release of the related Home Loan File to the Servicer in connection with a substitution or repurchase of any Home Loan pursuant to Section 3.05 or the release of a Home Loan from the lien of the Indenture pursuant to Section 11.02 or a release for other servicing reasons, such release of the Home Loan File by the MortgageCustodian shall be subject to the prior approval of the Indenture Trustee. The Indenture Trustee shall execute and deliver to the Servicer any court pleadings, requests for trustee's sale or other documents necessary to the foreclosure or trustee's sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Obligor on the Debt Instrument or Mortgage or to obtain a deficiency judgment, or should it to enforce any other remedies or rights provided by the Debt Instrument or Mortgage or otherwise take available at law or in equity. Together with such action which results in a reduction of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the Servicerdocuments or pleadings, the Servicer shall repurchase the related Mortgage Loan by paying deliver to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure of the Mortgage Loan, including for this purpose collection under any Primary Insurance Policy, the Purchaser or Purchaser's designee shall, upon request of the Servicer and delivery to the Purchaser of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to the Servicer. Such servicing receipt shall obligate the Servicer to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser Indenture Trustee a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Indenture Trustee and certifying as to the name reason such documents or pleadings are required and address that the execution and delivery thereof by the Indenture Trustee will not invalidate or otherwise affect the lien of the Person to which such Purchaser's Mortgage File or such document was delivered and Mortgage, except for the purpose or purposes termination of such deliverya lien upon completion of the foreclosure or trustee's sale. Upon The Indenture Trustee shall, upon receipt of a certificate written request from a Servicing Officer, execute any document provided to the Indenture Trustee by the Servicer or take any other action requested in such request that is, in the opinion of the Servicer as evidenced by such request, required by any state or other jurisdiction to discharge the lien of a Servicing Officer stating Mortgage upon the satisfaction thereof and the Indenture Trustee will sign and post, but will not guarantee receipt of, any such documents to the Servicer, or such other party as the Servicer may direct, within five Business Days, or more promptly if needed, of the Indenture Trustee's receipt of such certificate or documents. Such certificate or documents shall establish to the Indenture Trustee's satisfaction that the related Home Loan has been paid in full by or on behalf of the Obligor and that such Mortgage Loan was liquidated and the Liquidation Proceeds were payment has been deposited in the Collection Account. Subject to any other applicable terms and conditions of this Agreement, the servicing receipt Indenture Trustee and Servicer shall be released by entitled to approve an assignment in lieu of satisfaction with respect to any Home Loan in accordance with Accepted Servicing Practices. Upon approval of an assignment in lieu of satisfaction with respect to any Home Loan, the Purchaser Servicer shall receive cash in an amount equal to the Servicerunpaid principal balance of and accrued interest on such Home Loan and the Servicer shall treat such amount as a Principal Prepayment with respect to such Home Loan for all purposes hereof.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)

Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer will immediately notify the Purchaser by a certification of a Servicing Officer, which certification shall include a statement to the effect notification that all amounts received or to be received payment in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 5.04 have been or full will be so deposited and shall request delivery to it of the Purchaser's Mortgage File held by the Purchaser or its designee. Upon receipt of escrowed in a manner customary for such certification and requestpurposes, the Purchaser shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare notify the Owner in the Monthly Remittance Advice as provided in Section 3.02, and process may request the release of any Mortgage Loan Documents from the Owner in accordance with this Section 4.02 hereof. The Servicer shall obtain discharge of the related Mortgage Loan as of record within any related time limit required by applicable law. In connection with any instrument of satisfaction or releasedeed of reconveyance, the Servicer shall be entitled to a reconveyance fee. No expense incurred Such reconveyance fee shall only be reimbursable to Servicer by Owner to the extent the reconveyance fee is uncollectible from the Mortgagor based on the terms of the security instrument or in the Servicer's reasonable opinion that such fee is not allowable by statute. Servicer shall have no liability for third party delays (unless such third party is an affiliate of the Servicer) that may result in assessed penalties. To the extent applicable, Servicer shall xxxx Owner for any reconveyance fees and recording fees uncollectible from the Mortgagor in connection with any instrument of satisfaction or deed of reconveyance. Upon receipt of such request, the Owner or its designee shall within five (5) Business Days release or cause to be released the related Mortgage Loan Documents to Servicer and Servicer shall prepare and process any satisfaction or release. If Owner or its designee or the Custodian does not release the related Mortgage Loan Documents to Servicer within five (5) Business Days of receipt of request to do so, Servicer may retain a third party to complete the reconveyance and charge Owner the actual cost of services provided by such third party. Servicer shall be chargeable to the Collection Accounthave no liability for third party delays that may result in assessed penalties. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage (or such lesser amount in connection with a discounted payoff accepted by the Servicer with respect to a defaulted Mortgage Loan or Servicer accepts a payment amount which is greater than $50 of the indebtedness secured by the Mortgage, ) or should it the Servicer otherwise take such action which results in a reduction prejudice any rights the Owner may have under the mortgage instruments, upon written demand of the coverage under the Primary Insurance Policy, if any, then the Servicer shall promptly give written notice thereof to the Purchaser, and, within 10 Business Days following written demand therefor from the Purchaser to the ServicerOwner, the Servicer shall repurchase deposit the related Mortgage Loan by paying to the Purchaser the Repurchase Price therefor by wire transfer of immediately available funds directly to the Purchaser's Account. From time to time and as appropriate for the servicing or foreclosure shortfall amount of the Mortgage Loanunpaid indebtedness in the Custodial Account within five (5) Business Days of receipt of such demand by the Owner. Based on Accepted Servicing Practices, including for this purpose collection under any Primary Insurance Policy, the Purchaser if Servicer accepts a payment amount which is $50 or Purchaser's designee shall, upon request less of the indebtedness, Owner shall reimburse Servicer and delivery to the Purchaser for such shortfall amount within five (5) Business Days of a servicing receipt signed by a Servicing Officer, release the Purchaser's Mortgage File held by the Purchaser to of such demand from the Servicer. Such servicing receipt The Servicer shall obligate maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 2.12 insuring the Servicer against any loss it may sustain with respect to return the related Mortgage documents to the Purchaser when the need therefor by the Servicer no longer exists, unless the any Mortgage Loan has been liquidated and not satisfied in accordance with the Liquidation Proceeds relating to the Mortgage Loan have been deposited in the Collection Account or the Purchaser's Mortgage File or such document has been delivered to an attorney, or to a public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Mortgaged Property either judicially or nonjudicially, and the Servicer has delivered to the Purchaser a certificate of a Servicing Officer certifying as to the name and address of the Person to which such Purchaser's Mortgage File or such document was delivered and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan was liquidated and the Liquidation Proceeds were deposited in the Collection Account, the servicing receipt shall be released by the Purchaser to the Servicerprocedures set forth herein.

Appears in 1 contract

Samples: Flow Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Sl2)

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