Common use of Remedies for Breach of Representations and Warranties of the Servicer Clause in Contracts

Remedies for Breach of Representations and Warranties of the Servicer. It is understood and agreed that the representations and warranties set forth in Section 3.01 shall survive the engagement of the Servicer to perform the servicing responsibilities as of the related Transfer Date, and shall inure to the benefit of the Owner. Upon notice to either the Servicer or the Owner of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of a Mortgage Loan or the Mortgage Loans or the interest of the Owner in any Mortgage Loan or all of the Mortgage Loans or the servicing thereof, the party discovering such breach shall give prompt written notice to the other. The Servicer shall have a period of one hundred twenty (120) days from the earlier of its discovery or its receipt of notice of any such breach within which to correct or cure such breach. The Servicer hereby covenants and agrees that if any such breach is not corrected or cured within such one hundred twenty (120) day period, the Servicer shall, at the Owner's option assign the Servicer’s rights and obligations under this Agreement (or respecting the affected Mortgage Loans) to a successor servicer, subject the approval of the Owner, which approval shall be in the Owner’s sole discretion. Such assignment shall be made in accordance with Section 11.04 hereof without the payment of any termination fee. 01. Any cause of action against the Servicer relating to or arising out of the breach of any representations and warranties made in Section 3.01 shall accrue upon (i) the earlier of discovery of such breach by the Servicer or notice thereof by the Owner to the Servicer, (ii) failure by the Servicer to cure such breach, and (iii) demand upon the Servicer by the Owner for compliance with this Agreement.

Remedies for Breach of Representations and Warranties of the Servicer. It is understood and agreed that the representations and warranties set forth in Section 3.01 shall survive the engagement of the Servicer to perform the servicing responsibilities as of the related Transfer Date, and shall inure to the benefit of the Owner. Upon notice to discovery by either the Servicer or the Owner of a breach of any of the foregoing representations and warranties which materially and adversely affects the ability of the Servicer to perform its duties and obligations under this Agreement or otherwise materially and adversely affects the value of a the Mortgage Loan Loans, the Mortgaged Property or the Mortgage Loans priority of the security interest on such Mortgaged Property or the interest of the Owner in any Mortgage Loan or all of the Mortgage Loans or the servicing thereofOwner, the party discovering such breach shall give prompt written notice to the other. The Servicer shall have a period Within 60 days of one hundred twenty (120) days from the earlier of its either discovery by or its receipt of notice to the Servicer of any breach of a representation or warranty set forth in Section 6.01 which materially and adversely affects the ability of the Servicer to perform its duties and obligations under this Agreement or otherwise materially and adversely affects the value of the Mortgage Loans, the Mortgaged Property or the priority of the security interest on such breach within which to correct or cure such breach. The Servicer hereby covenants and agrees that if any such breach is not corrected or cured within such one hundred twenty (120) day periodMortgaged Property, the Servicer shallshall use its best efforts promptly to cure such breach in all material respects and, at if such breach cannot be cured, the Owner may, in the Owner's option sole and absolute discretion (i) terminate the Servicer for cause under Section 9.01 of this Agreement, (ii) assign the Servicer’s 's rights and obligations under this Agreement (or respecting the affected Mortgage Loans) to a successor servicer, subject the approval of the Owner, which approval shall be in the Owner’s sole discretion. Such servicer (such assignment shall to be made in accordance with Section 11.04 hereof without Sections 9.01 and 10.01) and (iii) exercise all rights and remedies which the payment Owner may have at law or in equity against the Servicer except as such rights and remedies may be limited by the terms of any termination fee. 01this Agreement. Any cause of action against the Servicer relating to or arising out of the material breach of any representations and warranties made in Section 3.01 6.01 shall accrue upon (i) the earlier of discovery of such material breach by the Servicer or notice thereof by the Owner to the Servicer, (ii) failure by the Servicer to cure such breachmaterial breach within the applicable cure period, and (iii) demand upon the Servicer by the Owner for compliance with this Agreement.