MERS System. (a) Borrower will, prior to its acceptance of the initial Advance hereunder become a MERS member and, at all times thereafter: (i) maintain its status as a MERS member in good standing, (ii) remain in full compliance with all applicable terms and conditions of membership in MERS, including the MERSCORP Holding, Inc. “Rules of Membership” most recently promulgated by MERSCORP Holding, Inc., the “MERS Procedures Manual” most recently promulgated by MERS, and any and all other guidelines or requirements set forth by MERS or MERSCORP Holding, Inc., as each of the foregoing may be modified from time to time, including, but in no way limited to, compliance with guidelines and procedures set forth with respect to technological capabilities, drafting and recordation of Mortgages, registration of Mortgages on the MERS System, and registration of the interest of Lender in such mortgages and membership requirements, (iii) promptly, upon the request of Lender, execute and deliver to Lender an assignment of mortgage, in blank, with respect to any MOM Loan that Lender determines shall be removed from the MERS System and (iv) maintain the MERS Agreement executed with MERS and Lender in full force and effect. (b) Once Borrower has become a registered MERS member, Borrower shall not de-register or attempt to de-register any Mortgage from the MERS System unless Borrower has complied with the requirements set forth in the MERS Agreement and the requirements hereof.
Appears in 2 contracts
Sources: Warehousing Credit and Security Agreement, Warehousing Credit and Security Agreement (Cohen & Co Inc.)