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<br />(2) Upon receipt of the Statement of Representation and <br />Warranty described in subsection (1) above, the Trustee shall review such <br />Statement and verify that such Statement conforms with the requirements of <br />subsection (1). Upon completion of such verification to the satisfaction of <br />the Trustee and if the Trustee shall have received the appropriate Requisition <br />from the Agency and shall have received the appropriate request for funds from <br />the escrCIN company, the Trustee shall disburse funds to the title company to <br />purchase the applicable Mortgage Loan. It is understood that, upon the last <br />to occur of the requirements contained in the preceding sentence, it will <br />require the Trustee three (3) business days to complete the transfer of funds <br />to the title company. <br /> <br />(3) The applicable Mortgage Loan Purchase Agreement requires <br />that upon closing of the escrow and disbursement of funds by the escrow <br />company and del ivery by the escrow company of the documents described in <br />subsections (1) and (2), to the Qualified Mortgage Lender, the Qualified <br />Mortgage Lender shall irrwnediately deliver such documents to the Trustee. Upon <br />receipt of such documents by the Trustee, the Trustee shall review such <br />documents and verify that such documents conform on their face to the <br />requirements set forth in subsections (B), (0) and (E) of this Section 801. <br />The Trustee shall have ten (10) days within which to complete such <br />verification to the satisfaction of the Trustee. If the Trustee shall not be <br />satisfied that all such requirements have been met (and the defect is not <br />corrected by the Qualified Mortgage Lender), then the Qualified Mortgage <br />Lender shall repurchase such Mortgage Loan as provided in the Mortgage Loan <br />Purchase Agreement. <br /> <br />(0) Subject to the authorization and direction contained in <br />subsection (C) of this Section 801, prior to the purchase of the first <br />Mortgage Loan secured by a Residence located within a particular Condominium <br />Project, the Trustee shall have received a copy of the declaration of <br />covenants, conditions and restrictions applicable to such Condominium Project <br />whereby the homeowner's association is obligated to obtain and continue in <br />effect a policy of Hazard Insurance, together with a copy of policy of Hazard <br />Insurance insuring the Condominium Project containing a provision that said <br />policy shall not be canceled or terminated, or permitted to expire by its <br />terms, without ten (10) days prior written notice, the Trustee, the Agency and <br />the Servicer shall take such action as deemed appropriate to cause such policy <br />of Hazard Insurance not to be canceled, terminated or permitted to expire and <br />the Trustee shall" to the extent authorized by Requisition of the Agency, <br />cause any premiums to be advanced and pa i d by the Agency with moneys in the <br />Operating Fund, and, if there shall be no available moneys in the Operating <br />Fund, then with moneys in the Mortgage Reserve Fund. <br /> <br />Subject to the authorization and direction contained in subsection (C) <br />of this Section 801, prior to the purchase of the first Mortgage Loan secured <br />by a Residence located within a particular Condominium Project, the Trustee <br />shall have received with respect to such Condominium Project: <br /> <br />39 <br /> <br />. <br /> <br />. <br /> <br />. <br />. <br /> <br />. <br />. <br />