Transfers of Mortgaged Property. The Servicer shall use its best efforts to enforce any "due-on-sale" provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note; provided that, if in the Servicer's prudent business judgment, it determines that an assumption of the Mortgage Loan is in the best interests of the Owner, it shall deliver notice of such determination to the Owner and may permit such assumption if approved by the Owner. When the Mortgaged Property has been conveyed by the Mortgagor, the Servicer shall, to the extent it has knowledge of such conveyance or the Owner's consent otherwise in accordance with the preceding sentence, exercise its rights to accelerate the maturity of such Mortgage Loan under the "due-on-sale" clause applicable thereto, provided, however, that the Servicer shall not be required to take such action if the Servicer, in its prudent business judgment, believes it is not in the best interests of the Owner and shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI Policy or LPMI Policy, if any. If the Servicer reasonably believes it is unable under applicable law to enforce such "due-on-sale" clause or if the Owner approves such assumption pursuant to the preceding paragraph, the Servicer shall enter into (i) an assumption and modification agreement with the person to whom such property has been conveyed, pursuant to which such person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Servicer is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Servicer has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the Owner of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the Owner of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note; provided that no such substitutions should be permitted unless such person satisfies the underwriting criteria of the Servicer and has a credit risk rating at least equal to that of the original Mortgagor. The Mortgage Loan, as...
Transfers of Mortgaged Property. The Company shall use its best efforts to enforce any "due-on-sale" provision contained in any Mortgage or Mortgage Note and to deny assumption by the Person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed by the Mortgagor, the Company shall, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the "due-on-sale" clause applicable thereto, provided, however, that the Company shall not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related PMI Policy, if any. If the Company reasonably believes it is unable under applicable law to enforce such "due-on-sale" clause, the Company shall enter into (i) an assumption and modification agreement with the Person to whom such property has been conveyed, pursuant to which such Person becomes liable under the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in the event the Company is unable under applicable law to require that the original Mortgagor remain liable under the Mortgage Note and the Company has the prior consent of the primary mortgage guaranty insurer, a substitution of liability agreement with the purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note. If an assumption fee is collected by the Company for entering into an assumption agreement the fee will be retained by the Company as additional servicing compensation. In connection with any such assumption, neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan, the outstanding principal amount of the Mortgage Loan nor any other material terms shall be changed without Purchaser's consent. To the extent that any Mortgage Loan is assumable, the Company shall inquire diligently into the credit worthiness of the proposed transferee, and shall use the underwriting criteria for approving the credit of the proposed transferee which are used with respect to underwriting mortgage loans of the same type as the Mortgage Loan. If the credit worthiness of the proposed tr...
Transfers of Mortgaged Property. 36 Section 6.02 Satisfaction of Mortgages and Release of Mortgage Files......................................37 Section 6.03
Transfers of Mortgaged Property. The Servicer shall enforce any "due-on-sale" provision contained in any Mortgage or Mortgage Note and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains liable on the Mortgage and the Mortgage Note; provided that, if the Servicer determines that a due-on-sale provision is not enforceable or that either a decision not to exercise the due-on-sale provision or a decision to permit an assumption of the Mortgage Loan is in the best interests of the Owner, it may, with the prior consent of the primary mortgage guaranty insurer, if applicable, permit such conveyance of the Property without resort to the due-on-sale clause or permit such assumption, as applicable, with notice to the Owner.
Transfers of Mortgaged Property. 40 Section 5.02 Satisfaction of Mortgages and Release of Mortgage Files. 41 Section 5.03 Servicing Compensation. 41 Section 5.04 Report on Attestation of Compliance with Applicable Servicing Criteria. 42 Section 5.05 Annual Officer’s Certificate. 42 Section 5.06 Report on Assessment of Compliance with Applicable Servicing Criteria. 43 Section 5.07 Inspection. 43
Transfers of Mortgaged Property. 47 Section 6.02 Satisfaction of Mortgages and Release of Mortgage Files. 47 Section 6.03 Servicing Compensation. 48 Section 6.04 Annual Statement as to Compliance. 48 Section 6.05 Annual Independent Public Accountants’ Servicing Report. 48 Section 6.06 Right to Examine Company Records. 49 Section 6.07 Appointment and Designation of Master Servicer. 49
Transfers of Mortgaged Property. In connection with the transfer, or prospective transfer, of title to a Mortgaged Property, Xxxxxx Xxx shall accelerate the maturity of the related Mortgage Loan where such Mortgage Loan contains a “due-on-sale” clause permitting acceleration under such a circumstance; provided, however, that Xxxxxx Mae shall not be required to accelerate the maturity of the Mortgage Loan pursuant to the “due-on-sale” clause if Xxxxxx Xxx is restricted, or reasonably believes that it is restricted, by law from accelerating such Mortgage Loan, for any reason whatever. In the event that, for any reason, Xxxxxx Mae cannot accelerate the maturity of a Mortgage Loan upon the transfer, or prospective transfer, of title to the underlying Mortgaged Property, Xxxxxx Xxx may enter into a transaction by which the obligor is released from liability on the related Mortgage Loan and the transferee assumes such liability; provided, however, that no such transaction shall (i) be entered into which would not have been entered into had the Mortgage Loan been held in Xxxxxx Mae’s own portfolio or (ii) provide for reduction of the Mortgage Interest Rate.
Transfers of Mortgaged Property. 44 Section 6.02 Satisfaction of Mortgages and Release of Mortgage Files. 45 Section 6.03 Servicing Compensation. 45
Transfers of Mortgaged Property. 35 Section 5.02. Satisfaction of Mortgages and Release of Mortgage Files......................................36 Section 5.03. Servicing Compensation.......................................................................36 Section 5.04. Annual Audit Report..........................................................................37 Section 5.05. Annual Officer's Certificate.................................................................37 Section 5.06. Inspection...................................................................................38 ARTICLE VI.
Transfers of Mortgaged Property. Section 4.02 Satisfaction of Mortgages and Release of Mortgage Files........... Section 4.03
