Common use of Sole Owner Clause in Contracts

Sole Owner. Indymac is the sole owner and holder of the Mortgage Loan and the indebtedness evidenced by the Mortgage Note. The Mortgage Loan is not assigned or pledged, and Indymac has good and marketable title thereto, and has full right to transfer and sell the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity, lien, pledge, participation interests, charge, claim or security interest not specifically set forth in the related Mortgage Loan Schedule and has full right and authority subject to no interest or participation of, or agreement with, any other party, to sell and assign each Mortgage Loan pursuant to the terms of this Agreement. Indymac intends to relinquish all rights to monitor, possess and control the Mortgage Loan except in connection with the servicing of the Mortgage Loan as set forth in the Servicing Agreement. After the Closing Date, Indymac will not have any right to modify or alter the terms of the sale of the Mortgage Loan, nor will Indymac have any obligation or right to repurchase the Mortgage Loan, except as provided in this Agreement or as otherwise agreed to by Indymac and the Purchaser.