1980-075 CRA - Laserfiche WebLink

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(4) A current American Land Title Association Mortgage title insurance pol icy, contain ing unmodified endorsements 100, and 116 (with respect to single-family residences) or 116.2 (with respect to condominium units), duly assigned to the Trustee by the terms of such policy or by endorsement of the title insurance company, or the irrevocable agreement of the title company to so endorse such assignment for the benefit of the Trustee, on behalf of the Agency, insuring title to the mortgaged Residence as being vested in the Mortgagor and insuring that the lien of the Mortgage is subject only to Permitted Encumbrances, and issued in the face alIDunt of the Mortgage Loan by a title insurance company approved by FHLMC and qualified to do business in this State, or, in lieu of the foregoing described policy of Mortgage title insurance, a preliminary title report and irrevocable instructions from the Qualified Mortgage Lender to the escrow company not to close the Mortgage Loan with the Mortgagor until such title insurance company is able to and will issue the foregoing described policy of Mortgage title insurance, duly assigned by the terms of such policy or by endorsement of the title insurance company; the Qual ified Mortgage Lender shall instruct the escrow company to cause the original Mortgage Title insurance policy to be delivered, when available, timely to the Trustee; and (5) A copy of the Hazard Insurance policy, or an appropriate endorsement or binder of such Hazard Insurance, on the Residence subject to the 1 ien of the Mortgage, insuring the Trustee, the Agency and any other parties in interest as their interests may appear; - the Trustee shall pay and disburse from such Mortgage Loan Purchase Account on such date to the Qual ified Mortgage Lender identified in the Requis ition the amount set forth in the Requisition. The Agency shall keep and maintain accurate records of all such Mortgage Loan purchases, including therein a copy of all such Requisitions, a description of the Mortgage Loans purchased pursuant thereto, the purchase pri ce of such Mortgage Loans and the Qual ified Mortgage Lenders from whom such Mortgage Loans were purchased. The Trustee shall give notice of any such purchase of any Mortgage Loan to the Mortgage Insurer if required by applicable regulations of the Mortgage Insurer or by the terms of the Mortgage Insurance pol icy, and to such other persons as may be entitled to such noti ce by 1 aw or by the terms of the Mortgage, within thirty (30) days of the purchase. (F) No Mortgage Loan shall be purchased under this Resolution unless it shall have been finally endorsed for Mortgage Insurance or a firm commitment for such endorsement shall have been obtained and such Mortgage Loan and Mortgage Insurance shall further comply with any limitations specified in the Supplemental Resolution. (G) The Agency shall require Qual ified Mortgage Lenders and Servicers to comply with all rules and regulations of the Mortgage Insurer issuing Mortgage Insurance for the applicable Mortgage Loan and shall further 41 . . . . . .