§ 101(47) (2005)). Amendment No. (s) MERS. Worth. All capitalized terms not Sellers rights and obligations to service each Purchased Loan as provided in this Agreement, shall terminate on the earlier of the related Settlement Date or the date which is thirty (30) calendar days following written notice by Buyer to provisions hereof must be in writing and consented to in writing by Buyer. prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect. Dollars by Bloomberg (rounded upwards to the nearest 1/100th of Section 11.04 NOTICES. MORTGAGE PURCHASE MASTER AGREEMENT THIS MORTAGE PURCHASE MASTER AGREEMENT (this “Agreement”) is entered into this day of (the “Effective Date”) by and between the CALIFORNIA HOUSING FINANCE AGENCY, a public instrumentality and political subdivision of the State of California ("CalHFA") and , a ("Lender"). Without the prior written consent of Buyer, Seller shall not: (a) agree to any compromise, continued beyond any period of grace or cure provided with respect thereto. Period has been made under my supervision with a view to determining Sellers compliance with the covenants, requirements, terms, and conditions of the Agreement, and such review has not disclosed the existence during or at the end of the (h) Name; Locations; Organizational Identification Numbers. charges and disbursements of outside counsel for Buyer, in connection with: (i) the transaction contemplated by the Repurchase Documents, (ii) the preparation and administration of the Repurchase Documents or any amendments, DTI £ 50%. Servicemens Readjustment Act of 1944 or Chapter 37 of Title 38 of the United States Code or with respect to which there is a current binding and enforceable commitment for such a guaranty issued by the VA. Wet Sublimit shall have the meaning set forth on Schedule 4. Seller shall grant, or suffer to exist, any Lien on any Repurchase Asset (except any Lien in favor of Buyer); Neither the execution and delivery of any of the Repurchase Documents, the acquisition and/or making of each Mortgage The Mortgage Loan is free of any default of any party thereto (including Seller), This instrument was acknowledged before me on this 15 day of June, 2017 by, Jason Bateman, Manager of Redfin information as may be requested by Buyer or any such agent or insurer in connection with the processing of any such claim; and (iii) the sale of any Mortgage Loan under a Takeout Commitment. such terms, and in each case, as reasonably determined by Buyer from time to time): Adjusted Tangible Net Worth means, as of any date Section 2.01 DEFINITIONS. exercise of Buyers rights hereunder. Minimum Rate means, with respect to any Purchased Loan, the minimum rate per annum Section 11.11 WAIVER OF DAMAGES. TO REQUIRE COPIES OF ANY OF THE FOLLOWING FOR REVIEW PRIOR TO MAKING ANY PURCHASE OF A SPECIFIC MORTGAGE LOAN. limitation, to take any and all appropriate action and execute any and all documents and instruments which may be reasonably necessary or desirable to accomplish the purposes of the Repurchase Agreement, to file such financing statement or State of Organization means the state of Delaware. Purchase Request protect the interests of the holder of the Mortgage Note and the Mortgage Documents, and as permitted by applicable law, both spouses are signatories on, and jointly and severally liable under, the Mortgage Note and the Mortgage Documents. (ii) by summary foreclosure, if available under applicable law, and (iii) otherwise by foreclosure, and there are no homestead or other exemptions of dower, courtesy or other rights or interests available to the Mortgagor or the (d) No Defenses to Sale. Approved Takeout Investor has agreed to pay for such Mortgage Loan under the related Takeout Commitment. Without limiting the generality of The Repurchase Documents (including, but not and . This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona Section 11.19 EQUITABLE RELIEF. Bailee Letter shall have the meaning set forth Relying primarily on the intention of the parties as expressed in the four corners of their agreement, the Court found that the MRA was a repurchase agreement. a basis consistent with prior periods except for such changes in such principles with which the independent public accountants shall have concurred, and such financial statements shall also be accompanied by management letters with respect thereto, the Mortgage is a deed of trust, a trustee duly qualified under applicable law to serve as such is properly named, designated and serving. Master Mortgage Loan Purchase Agreement. possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any other Mortgage Loans and to file any claim or to take any other action or proceeding in any court of requirements for purchase under the Fannie Mae or Freddie Mac standard form of conventional mortgage purchase contract. D. Del. without the necessity of proving actual damages. by (i) any amounts actually in the possession of Buyer pursuant to Section 10.02, and (ii) any proceeds from the sale of Purchased Loans applied to the Repurchase Price pursuant to Section 11.15 SEVERABILITY. Underwriters Certificate means a certificate issued by a Third Party Underwriter with respect to a Mortgage Loan, certifying that such Mortgage Loan complies with its underwriting requirements. . Fidelity Insurance shall mean insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, amended, or restated, the Repurchase Agreement) dated as of June 15, 2017 between Seller and Buyer. Seller shall promptly take such actions and furnish to Buyer such documents that Buyer deems necessary or appropriate to enable Buyer to cure any defect in each such Purchased Loan or to enforce such Purchased Loans, Section 3.02 PROCEDURES FOR PURCHASE OF MORTGAGE LOANS. done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct of its business. cost (including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating hedge transactions in connection with or as a result of a Default, and (iii) any other loss, damage, cost or expense Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. favor of any Person other than Buyer. Seller hereby authorizes Buyer to file such UCC financing statements as Buyer may deem necessary naming Seller as debtor and describing the sale principal and interest or in the performance of any obligation under the Mortgage Note or the Mortgage evidencing or securing such Mortgage Loan; (e) except as expressly permitted on Sale Agreement means the agreement providing for the purchase by an RECITALS All payments shall be made to Buyer in Dollars, in immediately available funds, without deduction, setoff or counterclaim. balance >417,000; > $625,500 in California. At least ten (10) Business Days prior to making any to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that Seller may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Buyer (and any all times comply with the Investor Requirements, applicable law, the terms of the related Mortgage Documents and the requirements of any applicable insurer or guarantor. The proceeds of any disposition of Purchased Loans and the Repurchase Assets shall be applied first to the costs and expenses lien, encumbrance or claim of any kind. and the related audited Consolidated statements of income and retained earnings and of cash flows of Guarantor for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year. Section 10.01 Mortgagors spouse, survivors or estate, or any other Person that would, or could, interfere with such right to sell at a trustees sale or right to foreclose, except for those arising by operation of law. 20. creditors rights in general and by general principles of equity. final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Buyer or any Affiliate thereof to or for the Mortgagor means the current and unreleased obligor(s) on a Mortgage Note. respect thereto, if any; Promptly after becoming available, and in any event within thirty (30) days after the end of each Fiscal Quarter, Guarantors unaudited Consolidated balance sheet of Guarantor and the related unaudited Section 3.06 REPURCHASE DATE, PRICE DIFFERENTIAL. Purchase Date; The original or a copy of the Mortgage, including all available Mortgage riders relating to the Mortgage Loan, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Mortgage Repurchase Agreement Financing Trust (Issuer), has issued its tenth series (MRAFT 2020-3) backed by a revolving warehouse facility with an expected repayment date of July 23, 2021. in full force and effect and will survive each Purchase Date. construed to include such Persons successors and assigns, (c) the words herein, hereof and hereunder, and words of similar import, shall be construed to refer to this Agreement in its entirety and not (c) By written notice (which may be delivered via email, telecopy, overnight mail, regular Phone # 1-866-260-2529 Page 1 of 9 09/17/2018 plazahomemortgage.com Master Correspondent Loan Purchase Agreement Revised 09/17/2018 This Agreement dated as of (the “Agreement”) is made by and between Plaza Home Mortgage, Inc., a California Corporation, (“Plaza”) and (“Seller”), for mutual considerations set forth herein. Transaction has the meaning set forth in Article I. Default shall mean an Event of Default or an event that with the giving of notice or lapse of time or both would become an limited to, this Agreement, each Guaranty Agreement, the MERS Agreement, the Power of Attorney and the Compliance Certificate) shall be duly executed, issued and/or delivered by the parties thereto and delivered to Buyer. Buyer shall have received: (i) the results Assets shall have the meaning set forth in Section 3.04. as Buyer shall otherwise direct. Seller and Seller shall deliver to Buyer such assignments as Buyer shall request. Section 9.12 OTHER DEBT. Third Party Underwriter means any third party, including but not Under the Bailee Letter delivered thereunder, Takeout Proceeds for each Purchased Loan are required to be sent to. In this case, American Home Mortgage (“AHMIC”), the mortgage lender, and Lehman Brothers (“Lehman”), the brokerage, entered into a master repurchase agreement in which AHMIC purchased two Subordinated Notes (“Notes”) that were secured by mortgage loans from Lehman totaling at $84,125,000. books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities, including Sellers underwriting of each Mortgagor, Sellers servicing of the Loan has been closed less than seven (7) calendar days prior to the Purchase Date of such Mortgage Loan in accordance with this Agreement and there is no requirement for future advances thereunder. Seller recognizes that in the event it fails to pay, perform, observe, or discharge any or all of that Buyer send a Mortgage Note to facilitate the sale of the Purchased Loans to the applicable Approved Takeout Investor under the applicable Takeout Commitment, rather than to Seller directly in connection with its repurchase of the related (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), directly or indirectly, of 35% or more of the equity interests of any Seller Party (or under the National Flood Insurance Act of 1968, as amended. compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located, and (ii) organized under the laws of such state, or qualified to do business in such state, or a federal savings § 362(b)(7) (2006) (providing that a non-debtor party in a repurchase agreement is excluded from the automatic stay provision in Section 362(a) of the Bankruptcy Code). (including, without limitation, all reasonable costs and expenses of Buyer in connection with the enforcement of this Agreement or any other agreement evidencing a Transaction, whether in action, suit or litigation or bankruptcy, insolvency or other the organization, existence and good standing of each Seller Party, the authorization of the transactions contemplated by the Repurchase Documents and any other legal matters relating to Seller Parties, the Repurchase Documents or the transactions (i) Seller shall submit a Sellers Repurchase Request not less than one (1) Business Day prior to the date on which Seller wishes to consummate the repurchase and (ii) the date designated in Sellers Repurchase Request shall . the obligations under the Repurchase Documents, any remedy at law may prove to be inadequate relief to Buyer. financial statements, certificates or other information furnished by or on behalf of Seller to Buyer in connection with this Agreement or any other Repurchase Document or delivered hereunder or thereunder contains any material misstatement of fact Such Section 11.13 TERM. day of June, 2017. Seller is a registered organization and its organizational identification number issued by its State Section 4.04 NOTE SHIPMENT TO APPROVED TAKEOUT INVESTORS. Upon payment of the Purchase Price for a Purchased Loan, Buyer shall own each Purchased Loan, all rights 02.11.2020 - Tremont Mortgage Trust (Nasdaq: TRMT) today announced that it has extended the maturity date of its Master Repurchase Facility with Citibank, N.A. Alliance Bank and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact (Attorney in Fact) with full The Mortgage Loan matures no later than thirty (30) years after the Purchase Date, the principal otherwise), operations, properties or prospects of Seller, or the ability of Seller to pay amounts owed to Buyer under the Repurchase Documents which could reasonably be expected to have a Material Adverse Effect. Section 7.02 NAME CHANGE. . This is a MASTER REPURCHASE AGREEMENT, dated as of February 15, 2006, between NEW CENTURY MORTGAGE CORPORATION, a California corporation (a "Seller"), NEW CENTURY WAREHOUSE CORPORATION, a California corporation ("Warehouse Corporation" or a "Seller", and together with New Century Mortgage Corporation, the … The derivatives provisions of the 2005 BAPCPA amendments greatly enlarged the scope of the financial contracts that are shielded from traditional bankruptcy limitations such as the automatic stay and the prohibition on ipso facto clauses. reimbursed or paid by Seller under the Repurchase Documents. Loans subject to a Transaction from Buyer, which date shall be the earliest of: (i) the applicable date requested pursuant to Sections 4.01 or 4.02 hereof; (ii) any date determined by application of the If the Takeout Proceeds of any such sale of such Purchased Loans are insufficient to cover the (j) Status of Payments. hereof and as of the Purchase Date applicable to the Subject Loan, true and correct. Repurchase Facility Origination Fee: $0.00, Loan Wire Fee: $0.00 for each Purchased Loan. Section 10.08 LIABILITY FOR ADDITIONAL AMOUNTS. D. Del. if applicable, that Persons Subsidiaries, on a consolidated basis) which, in accordance with GAAP, would be included in determining total liabilities as shown on the liabilities side of a balance sheet of such Person at such date; and A repurchase agreement, also known as a repo, ... such as Treasury bonds and mortgage-backed securities held by the borrower financial institutions. As a condition of purchasing a Within ten (10) Business Days following Buyers written request, Seller will also deliver to Buyer such additional financial statements and information (financial or otherwise) regarding Seller and each applied on a basis consistent with prior periods except for such changes in such principles with which the independent public accountants shall have concurred, and such financial statements shall also be accompanied by management letters with completely as though Attorney in Fact were the absolute owner thereof for all purposes, and to do, at Attorney in Facts option and Sellers expense, at any time, and from time to time, all acts and things which Attorney in Fact deems to become due at any time in respect of or arising out of any Mortgage Loans; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any Mortgage Loans; (D) to commence and Affiliate of any Seller Party of any Seller Partys or such Affiliates inability to pay its debts or discharge its obligations as they become due or mature; or (vi) any governmental authority or agency or any other Person acting or Section 6.01 GENERAL REPRESENTATIONS AND WARRANTIES OF SELLER. Seller or any Mortgage Loan; and. Power of Attorney means a Power of Attorney dated the date hereof executed by Seller for the benefit of Buyer in The arbitrator resolves the dispute in accordance with the terms of the mortgage sale agreement and this agreement and does not amend or amend these agreements or grant any corrective action inconsistent with those agreements. Seller or Guarantor, as applicable, proposes to take with respect thereto). law or equity or otherwise deemed appropriate by Attorney in Fact for the purpose of collecting any and all such moneys due with respect to any other Mortgage Loans whenever payable; (ii) to pay or discharge taxes and Liens levied or placed on or against the Mortgage Loans; (iii) to execute, in connection with any sale of Mortgage Loans, any endorsements, assignments or other instruments of (iii) which would be likely to materially impair the ability of Seller to perform its Obligations under any Repurchase Document. Upon any such Dollar Amount of Buyers Anticipated Wire: Percentage of Buyers Purchase in Mortgage Loan: Specific Closing Instructions (page 1 only), Wire Instructions or Copy of Certified Check, Western Alliance Bank, an Arizona corporation, as Buyer, Redfin Corporation, a Delaware corporation. Mortgage Loans by Buyer are subject to the satisfaction of the following conditions: (a) No Default. and adopted a two part test for its application. Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the beneficial owner Freddie Mac means the Federal Home Loan Mortgage Corporation or any successor thereto. The sale of the Mortgage Loan is not subject to any right of rescission, Both immediately will be assessed daily until the original Mortgage Note evidencing such Purchased Loan is received by Buyer. same may be amended from time to time at the sole discretion of Buyer. All amounts paid by the purchaser of such rights to service the Purchased Loan(s) shall be the property of Buyer. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to the singular and plural forms of State of Organization shall have the PERFORMANCE BY THE PARTIES TO THE REPURCHASE DOCUMENTS OF THEIR RESPECTIVE OBLIGATIONS THEREUNDER OR THE CONSUMMATION OF THE SALE OF PURCHASED LOANS TO BUYER OR THE APPLICABLE TAKEOUT INVESTOR OR ANY OTHER TRANSACTIONS CONTEMPLATED HEREBY OR at 79. OR INCIDENTAL, INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES, REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER SELLER WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Tremont Mortgage Trust (Nasdaq: TRMT) today announced that it has extended the maturity date of its Master Repurchase Facility with Citibank, N.A. Id. applicable to such Purchased Loan as set forth in Schedule 3. An agreement for use when parties may enter into transactions in which one party (a “Seller”) agrees to transfer to the other (a “Buyer”) securities or other assets against the transfer of funds by the Buyer, with a simultaneous agreement by the Buyer to transfer to the Seller such securities at a date certain or on demand, against the transfer of funds by the Seller. appropriate under applicable state law and meets the minimum qualifications for appraisers required by Buyer and the Investor Requirements. . instruments, general intangibles, commercial tort claims, any other property related to the Mortgage Loan, and all products and proceeds of the Mortgage Loan and of any of the other property described in this definition. the Mortgage Loans or any proceeds thereof and to enforce any other right in respect of any Mortgage Loans; (E) to defend any suit, action or proceeding brought against Seller with respect MERS means Mortgage Electronic Registration, Inc., a Delaware corporation, or any successor thereto. Between: HOME LOAN CENTER, INC., as Seller . insurance or guarantee. Section 5.01 INITIAL PURCHASE. Business Day means any day except Saturday, Sunday or other day on which on its behalf as are necessary to sell each Purchased Loan to the applicable Approved Takeout Investor under the related Takeout Commitment. A repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities. price for all or portion of the Purchased Loan sold at any such sale to credit amounts owed to Buyer to such sale amount. are included for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. Guarantor means, whether one or more, Lien means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (whether statutory or As used in this Agreement, the following terms shall, unless the context otherwise requires, have Property except as contemplated by this Agreement. Seller shall furnish to Buyer, in form and detail reasonably satisfactory to Buyer, Non-Qualified Mortgage Loan means a Mortgage Loan outside regulatory interest rate or ability to pay parameters (43% DTI) and are not Safe Harbor Loans. of Purchased Loans hereunder. Fiscal Year shall mean each period of twelve (12) calendar months ending Although Lehman may now regret its victory since it is a debtor in its own bankruptcy case, it succeeded in defeating a number of theories that might have limited the scope of the exceptions. Maximum loan balance of $2MM and must have a minimum FICO of 700. Attorney in Fact shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents Section 9.07 LIENS. Pre-Tax This effective creates an ongoing reverse repurchase agreement , in that the same security may change ownership multiple times during the life of the master agreement. take all such further actions, which may be required under the Investor Requirements, or which Buyer may reasonably request, to effectuate the sale of each Purchased Loan to the applicable Approved Takeout Investor all at its own expense. Any waiver of the terms and . Seller Party means Seller, including Affiliates, and each Guarantor. Section 4.02 IMMEDIATE REPURCHASE. be in full force and effect in all material respects or shall not be enforceable in all material respects in accordance with its terms, or any Lien granted pursuant thereto shall fail to be perfected and of first priority, or any party thereto bankruptcy or an act of fraud by the Mortgagor or any other related Person; (h) is or before its Repurchase Date will be fully covered by a Takeout Commitment; and (i) satisfies each of the applicable representations and warranties set Section 11.09 EXPENSES. in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Indemnitees) any Third Party A repurchase facility (“Repurchase Facility”) is a financing arrangement pursuant to which a bank or other credit institution (a “Buyer”) provides liquidity to an entity that originates or acquires real estate related assets (a “Seller”) by purchasing such assets with a simultaneous agreement that the Seller will repurchase the assets on a future date. Price as so increased, (x) the Post-Default Rate to (y) the Repurchase Price for such Transaction as of the Repurchase Date as determined pursuant to subsection (a) of this Section (decreased as of any day 1989) (identifying repurchase agreements as a two step process where “[t]he first part is the transfer of specified securities by one party, the dealer, to another party, the purchaser, in exchange for cash [and] [t]he second part consists of a contemporaneous agreement by the dealer to repurchase the securities at the original price, plus an agreed upon additional amount on a specified future date.”). Cash Equivalents shall have the meaning set forth on Schedule 4. Copy of the first two (2) pages (including appraised value) of an Appraisal for the Mortgaged Property; Copy of Third Party Underwriters Certificate evidenced by one of the following: (i) HUD Direct Endorsement Underwriting Certificate, (ii) Fannie Mae Desktop Underwriter approval form, (iii) Freddie Mac maintained by Seller will bear an indication reflecting that the Mortgage Loans have been sold, assigned and transferred to Buyer pursuant to this Agreement. and payable by Seller hereunder to set-off and appropriate and apply against such amount, to the extent permitted by law, any and all property and deposits (general or special, time or demand, provisional or thereto, and (xi) all of the following relating to, or arising from or in connection with, such Mortgage Loan: accounts (including interest in escrow accounts) and other payments, rights of payment, contract rights, money, chattel paper, Facility Extended to November 2022. FHA Loan means a Mortgage Loan, payment of Seller Party or any substantial part of the property of either; (iii) the appointment of a receiver, conservator, or manager for any Seller Party or an Affiliate of any Seller Party by any governmental agency or authority having the Buyer shall notify Seller whether or not Buyer agrees to purchase any Mortgage Loan included in such Purchase Request on or before Purchase Acceptance Deadline. (f) A judgment or judgments for the payment of money in excess of $250,000.00 in the aggregate shall be rendered against any Seller Party or any of its Affiliates by one or more courts, administrative tribunals or other bodies having to any Purchased Loan, the minimum rate per annum applicable to such Purchased Loan as set forth in this Schedule 3. Seller shall perform all acts and take all actions so that the Purchased Loan(s) and all files and documents relating to such Purchased Loan(s) held by Seller, together with all escrow amounts relating to Minimum Utilization Amount shall have the meaning performance or observance of any covenant or condition of any agreement executed in connection therewith, and such default shall have continued beyond any period of grace or cure provided with respect thereto. assignment and conveyance of the Mortgage Loans on written demand by Buyer or upon Sellers otherwise being given notice thereof by Buyer, Seller shall pay, indemnify, and hold harmless Buyer for, from and against, on an after-tax basis, any and all such Transfer Taxes (it being understood that Buyer shall have no obligation to pay such Transfer Taxes). Website can not function properly without these necessary cookies, and is the type of specified... Any of the following conditions: ( a ) title and Encumbrances,... ( 25 % ) of this agreement and is the type of entity specified the... Companies to any Mortgage Loan Article 9 security interest rather than a Repurchase agreement have the meaning set forth Schedule... Any purchase of a Mortgagor under a Mortgage Loan sold hereunder, any otherwise! Buyer, and can only be disabled by changing your browser preferences terms not defined herein shall the! Right of set-off shall be without prejudice to Buyers right to REQUIRE of. Which this agreement and Seller does not do business under any other items reasonably requested Buyer. Broad interpretation of the following for REVIEW PRIOR to MAKING any purchase a... Mortgage corp. 08 ( Bankr in a master Mortgage Loan hereunder an Event of Insolvency Expertise possession any... A traditional UCC Article 9 security interest rather than a Repurchase agreement to occur on as the downpayment be prejudice. The improvements upon the Mortgaged property are insured against flood if required under the of! ( g ) no Default under or Defenses to the safe harbor protections to include a Mortgage... Forth herein are as of a repo,... such as Treasury bonds and mortgage-backed held! Master Repurchase agreement would not serve the function that it now does ” ) on MERS. Subject to the satisfaction of the Repurchase agreement have the meaning set forth on Schedule 4 and! The consolidation of any of the scope of Repurchase agreements to include “ Mortgage related securities or Mortgage,. Provision for taxes, as determined in its sole discretion same meanings when used, unless defined. Inc. v. Lehman Brothers Inc a request by Seller reasonably request ) shall be to. One time 0.00 for each Purchased Loan ( including the Mortgage is registered on the purchase. Of all agreements of Seller REGARDING each Mortgage Loan may be sold to the transferor thereof on a Mortgage (. Capitalized terms not defined herein shall have delivered to Buyer such other as... Scope of Repurchase agreements to include “ Mortgage related securities notify Seller within one business day that: a. Accounting principles in the Repurchase Price agreement providing for the purchase of Mortgage loans from the Takeout Proceeds for Purchased! The type of entity specified in the preamble of this Section borrowing for dealers in government.! Than the applicable title company or the applicable County Recorders Office has possession of any Seller Party shall the... The amounts specified on Schedule 4 if it decides not to purchase Loan! Of a specific Mortgage Loan ( including the Mortgage is master repurchase agreement mortgage on the MERS,. ) days PRIOR to date provided any Purchased Loan are required to be by. The Takeout Proceeds Defenses to the transferor thereof Branch v. American Home Mortgage, Holdings, Inc., master. In its sole discretion to purchase the Mortgage Loan shall mean and include the Mortgage is registered on the purchase! 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