Common use of Assumption Restrictions Clause in Contracts

Assumption Restrictions. In any case in which a Single Family Residence subject to a Mortgage Loan other than a Conventional Mortgage Loan or a USDA Rural Development Loan has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage Loan, the Servicer may release (subject to any required FHA or VA approval, as applicable, and in accordance with currently-applicable FHA or VA rules and regulations, as the case may be) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if the Servicer so consents in writing; provided, however, that such assumption may only be permitted if, as of the date of the assumption: (i) the purchaser is an Eligible Mortgagor, subject also to the requirement of initial and continued occupancy of the Home as his or her primary residence, (ii) unless the Single Family Residence is located in a Targeted Area or another exception applies, the purchaser is a First-Time Homebuyer, (iii) the Purchase Price of the Single Family Residence does not exceed the Maximum Purchase Price then applicable for a Single Family Residence in the area of State where the residence is located, (iv) the Mortgage Loan continues to be insured under the insurance policies described in this Agreement and approved by the Servicer, (v) the purchaser’s current Annual Family Income does not exceed the then-current Maximum Household Income Limit, and (vi) the Mortgage Loan must continue to comply with the requirements of FHA and VA regulations, as applicable, and the GNMA Guide. The assumption restrictions shall be incorporated in the related Mortgage and kept as a part of the Mortgage File. In connection with any such assumption agreement, the interest rate of the related Mortgage Note shall not be changed; however, the Servicer may charge in connection with each assumption an assumption fee permitted by FHA or VA, as applicable, plus, to the extent permitted by law, the reasonable and customary out-of-pocket costs paid or incurred by the Mortgage Lender as specified in Section 4.05 hereof. All warranties and representations of the Mortgage Lender with respect to the Mortgage Loan shall continue in full force and effect after the assumption with respect to the period prior to the assumption as applied to the original Mortgagor. They shall also apply with respect to the period following the assumption except to the extent they relate to facts concerning the status or performance of the assuming purchaser. Conventional Mortgage Loans are not assumable.

Assumption Restrictions. In any case in which a Single Single-Family Residence subject to a Mortgage Loan other than a Conventional Mortgage Loan or a USDA Rural Development Loan has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage Loan, the Servicer may release (subject to any required FHA FHA, HUD, RD or VA or PMI Insurer and Xxxxxx Xxx or Xxxxxxx Mac approval, as applicable, and in accordance with currently-currently applicable FHA FHA, RD, HUD or VA or PMI Insurer and Xxxxxx Mae or Xxxxxxx Mac rules and regulations, as the case may be) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if the Servicer so consents in writing; provided, however, that such assumption may only be permitted if, as of the date of the assumption: : (ia) the purchaser is an Eligible MortgagorPerson or Family, (b) with respect to House Key Program Mortgage Loans, subject also to the requirement of initial and continued occupancy purchaser will occupy the Single- Family Residence within 60 days of the Home assumption as the purchaser’s principal residence and intends to maintain the Single-Family Residence as his or her primary residenceprincipal residence as long as he or she is liable under the Mortgage Loan, (c) with respect to House Key Program Mortgage Loans, (ii) unless the Single Single-Family Residence is located in a Targeted Area or another exception appliesArea, the purchaser is a First-First Time Homebuyer, (d) with respect to House Key Program Mortgage Loans, (iii) the Purchase Price Acquisition Cost of the Single Single- Family Residence does not exceed the Maximum Purchase Price then current limits applicable for a Single an existing Single-Family Residence in the area of State where the residence is located, relevant County, (ive) the Mortgage Loan continues is continued to be insured under the insurance policies described in this the Agreement and approved by the Servicer, , (vf) the purchaser’s current Annual Family Income does not exceed the then-then current Maximum Household Income Limit, and Annual Family Income, (vig) the Mortgage Loan must continue to comply with the requirements of FHA and FHA, HUD, RD or VA regulations, as applicable, and the GNMA Xxxxxx Mae Guide or the requirements of the PMI Insurer and Xxxxxx Xxx Selling and Servicing Guide or Xxxxxxx Mac Selling and Servicing Guide, as applicable, and (h) with respect to House Key Program Mortgage Loans, the purchaser receives a Recapture Notice. The assumption restrictions shall be incorporated in the related Mortgage and kept as a part of the Mortgage File. In connection with any such assumption agreement, the interest rate of the related Mortgage Note shall not be changed; however, the Servicer may charge in connection with each assumption assumption, an assumption fee permitted by FHA FHA, RD, HUD, VA or VAXxxxxx Xxx, or Xxxxxxx Mac as applicable, plus, to the extent permitted by law, the reasonable and customary out-of-pocket costs paid or incurred by the Servicer as specified with respect to a Mortgage Lender as specified in Section 4.05 hereof. All warranties and representations of the Mortgage Lender with respect to the Mortgage Loan shall continue in full force and effect after the assumption with respect to the period prior to the assumption as applied to the original Mortgagor. They shall also apply with respect to the period following the assumption except to the extent they relate to facts concerning the status or performance of the assuming purchaser. Conventional Mortgage Loans are not assumable.

Assumption Restrictions. In any case in which a Single Family Residence subject to a Mortgage Loan other than a Conventional Mortgage Loan or a USDA Rural Development Loan Residential Housing Unit has been or is about to be conveyed by the Mortgagor Xxxxxxxxx and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage Loan, the Servicer may is hereby authorized to release (subject to any required FHA FHA, USDA/RD, VA, Xxxxxx Xxx, Xxxxxx Xxx or VA Xxxxxxx Mac approval, as applicable, and in accordance with currently-the Code and the applicable FHA FHA, USDA/RD, VA, Xxxxxx Mae, Xxxxxx Xxx or VA Freddie Mac rules and regulations, as the case may be) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if if: (a) the Servicer so consents in writing; provided, however, that such assumption may only be permitted if, as residence being acquired is a Residential Housing Unit within the meaning of the date MRB Origination Agreement at the time of the assumption: ; (ib) the purchaser requirements of Section 4 of the MRB Origination Agreement with respect to Mortgage Loan originations are satisfied (including, without limitation, the assumptor is an Eligible Mortgagorprovided with the Notice to Mortgagor Regarding Potential Recapture Tax, subject also the Acquisition Cost of the Residential Housing Unit is less than or equal to the requirement of initial then current Maximum Permitted Acquisition Cost applicable to existing Residential Housing Units and continued occupancy the Annualized Gross Household Monthly Income of the Home as his Mortgagors is less than or her primary residence, equal to the then current Maximum Permitted Family Income Limits applicable to Mortgagors under the Code); (ii) unless the Single Family Residence is located in a Targeted Area or another exception applies, the purchaser is a First-Time Homebuyer, (iiic) the Servicer has received a Conditional Commitment and a Purchase Price of Certification from the Single Family Residence does not exceed Corporation; (d) FHA, USDA/RD, VA, Xxxxxx Xxx, Xxxxxx Xxx, Freddie Mac or the Maximum Purchase Price then applicable for a Single Family Residence PMI Insurer, as applicable, have approved such conveyance if such approval is required and in the area of State where the residence is located, (iv) any event the Mortgage Loan continues to be insured under the insurance policies described in this Agreement and approved by the Servicer, (v) the purchaser’s current Annual Family Income does not exceed the then-current Maximum Household Income Limit, and (vi) the Mortgage Loan must continue to comply with the any requirements of FHA and VA regulationsFHA, USDA/RD, VA, or the PMI Insurer, as applicable, and the GNMA Guide. The assumption restrictions shall be incorporated in the related Mortgage and kept as a part of the Mortgage File. In connection with any such assumption agreementXxxxxx Mae Guides, the interest rate Xxxxxx Xxx Guides or the Xxxxxxx Mac Guides, as applicable; (e) the Servicer has received payment of the related Mortgage Note shall not be changed; however, its then customary assumption charge (which charge the Servicer may charge in connection with each assumption an assumption fee permitted by FHA or VA, as applicable, plus, to retain for its own account); (f) the extent permitted by lawMortgage Loan, the reasonable Residential Housing Unit and customary out-of-pocket costs paid or incurred the assumptor meet all the requirements of the Program and the Code; and (g) the assumption will not affect the exclusion from gross income for federal income tax purposes of interest on the Bonds. Upon receipt by the Mortgage Lender as specified in Section 4.05 hereof. All warranties and representations Servicer of FHA, USDA/RD, VA or the Mortgage Lender PMI Insurer of transfer documents with respect to the Mortgage Loan shall continue in full force being assumed, and effect after the delivery by the Corporation to the Servicer of the Conditional Commitment, the Servicer may complete the assumption with respect to transaction. Under no circumstances shall the period prior Servicer or the Corporation consent to the assumption as applied of a Mortgage Loan upon the conveyance of a Residential Housing Unit unless the above conditions (a) through (g) have been met or unless the Corporation shall have received an opinion of counsel of its choice, recognized to be expert in such matters, that permitting a conveyance without having met said conditions would not affect the original Mortgagor. They shall also apply with respect to the period following the assumption except to the extent they relate to facts concerning the status or performance validity of the assuming purchaserBonds nor the exclusion from gross income for federal income tax purposes of the interest thereon and the Corporation shall have so notified the Servicer. Conventional Mortgage Loans are If the Servicer determines that a Residential Housing Unit has been conveyed by the Mortgagor or its successor in interest and that the conditions (a) through (g) above have not assumablebeen, and cannot be, met, the Servicer shall take any and all steps necessary to secure all benefits payable under the applicable FHA Insurance, USDA/RD Guaranty, VA Guaranty, Xxxxxx Xxx Guaranty or Xxxxxxx Mac Guaranty, as applicable, and shall commence foreclosure proceedings if allowed by FHA, USDA/RD, VA or the PMI Insurer, as applicable, unless otherwise directed by the Corporation in writing within fifteen (15) days after such notice.

Assumption Restrictions. In any case in which a Single Family Residence Real Estate subject to a Mortgage Loan other than a Conventional Mortgage Loan or a USDA Rural Development Loan has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage LoanMortgage, the Servicer may release (subject to any required FHA or VA approval, as applicable, and in accordance with currently-applicable FHA or VA rules and regulations, as the case may be) the original Mortgagor and take or shall enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if the Servicer so consents in writingconveyed; provided, however, that such the assumption may only be permitted ifagreement complies with the assumption restrictions contained in the Mortgage. The foregoing assumption restrictions (as well as any additional assumption restrictions required by FHA, as of the date of the assumption: (i) the purchaser is an Eligible MortgagorRD, subject also to the requirement of initial and continued occupancy of the Home as his or her primary residenceVA, (ii) unless the Single Family Residence is located in a Targeted Area or another exception appliesPIH, the purchaser is a First-Time HomebuyerPMI Insurer, (iii) the Purchase Price of the Single Family Residence does not exceed the Maximum Purchase Price then applicable for a Single Family Residence in the area of State where the residence is located, (iv) the Mortgage Loan continues to be insured under the insurance policies described in this Agreement and approved by the Servicer, (v) the purchaser’s current Annual Family Income does not exceed the then-current Maximum Household Income Limit, and (vi) the Mortgage Loan must continue to comply with the requirements of FHA and VA regulationsGSE’s, as applicable, and the GNMA Guide. The assumption restrictions ) shall be incorporated in the related Related Mortgage and kept as a part of the Mortgage File. In connection with any such assumption agreement, the interest rate of the related Related Mortgage Note note shall not be changed; however, the Servicer may charge in connection with each assumption an assumption fee permitted by FHA or VA, as applicable, plus, to the extent permitted by lawlaw or regulations of FHA, RD, VA, PIH, the PMI Insurer, the GSE’s, as applicable, a fee, which does not exceed the customary application fee for the assumption of Mortgages, plus the reasonable and customary out-of-pocket costs paid or incurred by the Servicer. Second Lien Mortgages are not assumable. An assumption shall be approved only if the following conditions are met: (a) if such approval is required, and FHA, RD, VA, PIH, the PMI Insurer, the GSE’s, as applicable, have approved such conveyance and the Mortgage Lender shall continue to be insured or guaranteed, as specified applicable by FHA, VA, RD, PIH or the PMI Insurer; (b) the new Mortgagor and the former Mortgagor have executed the documents set forth in Section 4.05 hereof. All warranties and representations the Program Manual; (c) the eligibility requirements of the Mortgage Lender Program as set forth in the Program Manual are met with respect to such assumption, based upon the Mortgage Loan shall continue in full force and effect after facts as they exist at the assumption with respect to the period prior to time of the assumption as applied if the Mortgage were being made for the first time, as such facts are determined in accordance with the Program Manual; (d) the new Mortgagor shall have submitted a VA Guaranty Applicant’s Certificate of Understanding and Consent, a Mortgagor’s Certificate Regarding FHA Insured Home Mortgage or approval of assumptions by the PMI Insurer, RD, PIH, HUD, or comparable GSE, as appropriate, in the forms contained in the Program Manual. If the Servicer determines that property subject to a Mortgage or Second Lien Mortgage has been conveyed by a Mortgagor and that the above conditions (a) through (d) are not satisfied, the Servicer shall give notice thereof to the original MortgagorDepartment. They shall also apply with respect If the Servicer believes that some action other than foreclosure can be taken so as to enable it to consent to the period following transfer of the assumption except Real Estate and such action is acceptable to the extent they relate GSE’s, FHA, VA, RD, PIH, HUD, or PMI Insurer as applicable, it shall so advise the Department and cause such action to facts concerning be taken or not, as the status or performance case may be, at the direction of the assuming purchaserDepartment. Conventional Mortgage Loans are not assumableIf no such action can be taken, the Servicer shall so advise the Department, shall take any and all steps necessary to secure all benefits payable under the FHA insurance, the VA guaranty, RD guaranty, Section 184 guaranty, HUD or the private mortgage guaranty insurance of the PMI Insurer, as applicable, and shall commence foreclosure proceedings in accordance with FHA, VA, RD, PIH, HUD and PMI Insurer procedures, as applicable.

Assumption Restrictions. In any case in which a Single Single-Family Residence subject to a Mortgage Loan other than a Conventional Mortgage Loan or a USDA Rural Development Loan has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage Loan, the Servicer may release (subject to any required FHA FHA, HUD, RD or VA or PMI Insurer and Xxxxxx Xxx or Xxxxxxx Mac approval, as applicable, and in accordance with currently-currently applicable FHA FHA, RD, HUD or VA or PMI Insurer and Xxxxxx Xxx or Freddie Mac rules and regulations, as the case may be) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if the Servicer so consents in writing; provided, however, that such assumption may only be permitted if, as of the date of the assumption: : (ia) the purchaser is an Eligible MortgagorPerson or Family, (b) with respect to House Key Program Mortgage Loans, subject also to the requirement of initial and continued occupancy purchaser will occupy the Single-Family Residence within 60 days of the Home assumption as the purchaser’s principal residence and intends to maintain the Single-Family Residence as his or her primary residenceprincipal residence as long as he or she is liable under the Mortgage Loan, (c) with respect to House Key Program Mortgage Loans, (ii) unless the Single Single-Family Residence is located in a Targeted Area or another exception appliesArea, the purchaser is a First-First Time Homebuyer, (d) with respect to House Key Program Mortgage Loans, (iii) the Purchase Price Acquisition Cost of the Single Single- Family Residence does not exceed the Maximum Purchase Price then current limits applicable for a Single an existing Single-Family Residence in the area of State where the residence is located, relevant County, (ive) the Mortgage Loan continues is continued to be insured under the insurance policies described in this the Agreement and approved by the Servicer, , (vf) the purchaser’s current Annual Family Income does not exceed the then-then current Maximum Household Income Limit, and Annual Family Income, (vig) the Mortgage Loan must continue to comply with the requirements of FHA and FHA, HUD, RD or VA regulations, as applicable, and the GNMA Xxxxxx Xxx Guide or the requirements of the PMI Insurer and Xxxxxx Xxx Selling and Servicing Guide or Xxxxxxx Xxx Xxxxxxx and Servicing Guide, as applicable, and (h) with respect to House Key Program Mortgage Loans, the purchaser receives a Recapture Notice. The assumption restrictions shall be incorporated in the related Mortgage and kept as a part of the Mortgage File. In connection with any such assumption agreement, the interest rate of the related G:\FLP\ORIGINATION AGREEMENT 2011-WSHFC-AHFA.doc 36 Mortgage Note shall not be changed; however, the Servicer may charge in connection with each assumption assumption, an assumption fee permitted by FHA FHA, RD, HUD, VA or VAXxxxxx Xxx, or Freddie Mac as applicable, plus, to the extent permitted by law, the reasonable and customary out-of-pocket costs paid or incurred by the Servicer as specified with respect to a Mortgage Lender as specified in Section 4.05 hereof. All warranties and representations of the Mortgage Lender with respect to the Mortgage Loan shall continue in full force and effect after the assumption with respect to the period prior to the assumption as applied to the original Mortgagor. They shall also apply with respect to the period following the assumption except to the extent they relate to facts concerning the status or performance of the assuming purchaser. Conventional Mortgage Loans are not assumable.