Common use of Purchase and Conveyance Clause in Contracts

Purchase and Conveyance. On the Sale Date, the Seller, in exchange for the payment of the Purchase Price by the Purchaser, shall sell, transfer, assign, set over and convey to the Purchaser on an “AS IS, WHERE IS” basis with no representations and warranties whatsoever, and the Purchaser hereby agrees to purchase, assume and accept, without recourse, and subject to the terms of this Agreement, all right, title and interest of the Seller and the Debtor as of the Sale Date, to the Servicing. On the Sale Date, the Purchaser shall assume and discharge or perform when due the obligations arising as servicer or subservicer under any Servicing Agreement or Mortgage Loan.