REMEDY FOR FIRST PAYMENT DEFAULT. However, anything to the contrary notwithstanding, in the event the Borrower fails to make the first payment due to the Buyer within thirty (30) days of the payment due date, regardless of whether such payment is subsequently paid by the Borrower, the Buyer, at its sole and absolute discretion, shall have the right to have Seller repurchase said Loan(s) at the Buy-Back Price. The Seller shall have fifteen (15) days from the date Buyer notifies Seller of a Borrower whose first payment is delinquent to have Borrower cure such delinquency.
Appears in 3 contracts
Sources: Master Agreement for Sale and Purchase of Mortgages (Cityscape Corp), Master Agreement for Sale and Purchase of Mortgages (Cityscape Corp), Master Agreement for Sale and Purchase of Mortgages (Cityscape Corp)