Grant Clause. It is intended that the conveyance of the Bank’s right, title and interest in and to Mortgage Loans and other property conveyed pursuant to this Agreement shall constitute, and shall be construed as, a sale of such property and not a grant of a security interest to secure a loan. However, if such conveyance is deemed to be in respect of a loan, it is intended that: (1) the rights and obligations of the parties shall be established pursuant to the terms of this Agreement; (2) the Bank hereby grants to the Depositor a first priority security interest in all of the Bank’s right, title and interest in, to and under, whether now owned or hereafter acquired, such Mortgage Loans and other property; and (3) this Agreement shall constitute a security agreement under applicable law.
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Samples: Mortgage Loan Sale and Assignment Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002-13), Mortgage Loan Sale and Assignment Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 03 4), Mortgage Loan Sale and Assignment Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2003-1)
Grant Clause. It is intended that the conveyance of the Bank’s right, title and interest in and to Mortgage Loans and other property conveyed pursuant to this Agreement shall constitute, and shall be construed as, a sale of such property and not a grant of a security interest to secure a loan. However, if any such conveyance is deemed to be in respect of a loan, it is intended that: (1a) the rights and obligations of the parties shall be established pursuant to the terms of this Agreement; (2b) the Bank hereby grants to the Depositor a first priority security interest in all of the Bank’s right, title and interest in, to and under, whether now owned or hereafter acquired, such Mortgage Loans and other property; and (3c) this Agreement shall constitute a security agreement under applicable law.
Appears in 4 contracts
Samples: Mortgage Loan Sale and Assignment Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1), Mortgage Loan Sale and Assignment Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Mortgage Loan Sale and Assignment Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1)
Grant Clause. It is intended that the conveyance of the Bank’s 's right, title and interest in and to Mortgage Loans and other property conveyed pursuant to this Agreement shall constitute, and shall be construed as, a sale of such property and not a grant of a security interest to secure a loan. However, if such conveyance is deemed to be in respect of a loan, it is intended that: (1) the rights and obligations of the parties shall be established pursuant to the terms of this Agreement; (2) the Bank hereby grants to the Depositor a first priority security interest in all of the Bank’s 's right, title and interest in, to and under, whether now owned or hereafter acquired, such Mortgage Loans and other property; and (3) this Agreement shall constitute a security agreement under applicable law.
Appears in 4 contracts
Samples: Mortgage Loan Sale and Assignment Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002), Mortgage Loan Sale and Assignment Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Mortgage Loan Sale and Assignment Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 7)
Grant Clause. It is intended that the conveyance of the Bank’s 's right, title and interest in and to Mortgage Assistance Loans and other property conveyed pursuant to this Agreement shall constitute, and shall be construed as, a sale of such property and not a grant of a security interest to secure a loan. However, if such conveyance is deemed to be in respect of a loan, it is intended that: (1) the rights and obligations of the parties shall be established pursuant to the terms of this Agreement; (2) the Bank hereby grants to the Depositor a first priority security interest in all of the Bank’s 's right, title and interest in, to and under, whether now owned or hereafter acquired, such Mortgage Assistance Loans and other property; and (3) this Agreement shall constitute a security agreement under applicable law.
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