Home Equity Loans Clause Samples
The Home Equity Loans clause defines the terms under which a borrower may obtain a loan using the equity in their home as collateral. Typically, this clause outlines eligibility requirements, the maximum loan amount based on the home's appraised value, interest rates, and repayment terms. By clearly specifying these conditions, the clause ensures both parties understand the borrowing limits and obligations, thereby reducing the risk of misunderstandings or disputes regarding the use of home equity as security for a loan.
POPULAR SAMPLE Copied 1 times
Home Equity Loans. In case the Indenture Trustee shall become successor Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Successor Servicer any one of its Affiliates acceptable to the Insurer, provided that it shall be fully liable for the actions and omissions of such Affiliate in such capacity as Successor Servicer.
Home Equity Loans. The Mortgage Loan Schedule shall identify which Mortgage Loans are HELOC Mortgage Loans, and indicates whether each such HELOC Mortgage Loan has an active or terminated line of credit, and such information is true and correct in all material respects.
Home Equity Loans. For each of the Restructured Loans where a gain or loss is realized in a sale under Sections 4.1 or 4.2, a schedule showing the calculation in the form and in accordance with the methodology set forth in Exhibit 2d(1).