Common use of Satisfaction Clause in Contracts

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 shall notify the Owner and the Master Servicer in the Monthly Remittance Advice as provided in Section 5.02, and may request the release of any Mortgage Loan Documents. If the Servicer satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer otherwise prejudice any rights the Owner may have under the mortgage instruments, upon written demand of the Owner, the Servicer shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within two (2) Business Days of receipt of such demand by the Owner. The Servicer shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 4.12 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 18 contracts

Samples: Correspondent Servicing Agreement (Structured Asset Securities Corp), Correspondent Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-21), Correspondent Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-17)

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Satisfaction. of Mortgages and Release of Mortgage Files. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer Company of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer Company shall notify the Owner and the Master Servicer Purchaser in the Monthly Remittance Advice monthly remittance advice as provided in Section 5.02, and may request the release of any Mortgage Loan Documents. If such Mortgage Loan is a MERS Mortgage Loan, the Servicer Company is authorized to cause the removal from the registration on the MERS System of such Mortgage and to execute and deliver, on behalf of the Purchaser, any and all instruments of satisfaction or cancellation or of partial or full release. If the Company satisfies or releases a Mortgage without first having obtained payment in full of the indebtedness secured by the Mortgage or should the Servicer Company otherwise prejudice any rights the Owner Purchaser may have under the mortgage instruments, upon written demand of the OwnerPurchaser, the Servicer Company shall repurchase the related Mortgage Loan at the Repurchase Price by deposit thereof in the Custodial Account within two (2) 2 Business Days of receipt of such demand by the OwnerPurchaser. The Servicer Company shall maintain the Fidelity Bond and Errors and Omissions Insurance Policy as provided for in Section 4.12 insuring the Servicer Company against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

Appears in 10 contracts

Samples: Indemnification Agreement (Morgan Stanley Mortgage Loan Trust 2006-13arx), Indemnification Agreement (Morgan Stanley Mortgage Loan Trust 2006-7), Indemnification Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar)

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