Common use of Purchase and Assumption Clause in Contracts

Purchase and Assumption. The Owner, in exchange for the payment of the applicable Purchase Price by the Servicing Rights Purchaser on the related Closing Date, shall sell, transfer, assign, set over and convey to the Servicing Rights Purchaser, without recourse, but subject to the terms of this Agreement, all of its right, title and interest in and to the Servicing Rights relating to Mortgage Loans specified in the related B▇▇▇ of Sale and Servicer Acknowledgement having a Stated Principal Balance in an amount set forth in such B▇▇▇ of Sale and Servicer Acknowledgement. The Servicing Rights Purchaser hereby purchases and assumes such Servicing Rights from the Owner as of the related Closing Date and the Servicer hereby assumes the servicing of the Mortgage Loans specified in the related B▇▇▇ of Sale and Servicer Acknowledgement as of the Transfer Date in accordance with the terms of the related Servicing Agreement. Upon payment by the Servicing Rights Purchaser of the Purchase Price for Servicing Rights as specified in each B▇▇▇ of Sale and Servicer Acknowledgement, the sale, transfer and conveyance of the related Servicing Rights hereunder shall become final and the Servicing Rights Purchaser shall thereupon be fully vested with all legal and beneficial right, title and interest in and to the related Servicing Rights.