MORTGAGE COLLATERAL Sample Clauses

The Mortgage Collateral clause defines the specific property or assets that are pledged by the borrower to secure a mortgage loan. In practice, this clause identifies the real estate or other assets that the lender can claim if the borrower defaults on the loan, and may include details such as property descriptions, legal boundaries, or asset lists. Its core function is to provide the lender with security for the loan, ensuring that there is a tangible asset available to recover losses in the event of non-payment.
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MORTGAGE COLLATERAL. The Borrower acknowledges that the Bank is permitting it to retain in its possession all Specific and Blanket Mortgage Collateral (together or separately the “Mortgage Collateral”) for purposes of servicing, collection and foreclosure, and the Borrower acknowledges that the Borrower will hold such Mortgage Collateral, and all proceeds and payments therefrom, in trust as the Bank’s security and for the benefit and subject to the direction and control of the Bank, and upon the following additional terms and conditions: (a) At the Bank’s request and sole option, the Borrower shall immediately deliver to the Bank an Assignment of each item of Mortgage Collateral in the Bank’s form for the same. Further, at the Bank’s request and sole option, the Borrower will physically deliver to the Bank all documentation as to Specific Mortgage Collateral and/or Blanket Mortgage Collateral (including, without limitation, any participation certificates or other evidence thereof) and/or endorse in favor of the Bank all or any portion of same. Except as authorized by the Bank, the Borrower shall not withdraw any Specific Mortgage Collateral prior to its payment in full of all Obligations. The Borrower shall promptly notify the Bank in writing (i) whenever principal payments in excess of ten percent (10%) of the remaining unpaid balance are made by Borrower’s customers on any item of Specific Mortgage Collateral, (ii) whenever any item of Specific Mortgage Collateral is paid off in full by Borrower’s customers or involved in any foreclosure action, and/or (iii) whenever any building on property serving as Specific Mortgage Collateral is damaged by casualty or otherwise in excess of twenty-five percent (25%) of its appraised value (if the Borrower does not reasonably believe that such building can be promptly repaired). Such written notices shall not initially be required where a Borrower’s Blanket Mortgage Collateral provides collateral for the Obligations (i.e., if Sections 2(c) or 2(d) above has been utilized by the Borrower). (b) The aggregate of the (i) market value of Securities Collateral and (ii) principal balances due under Mortgage Collateral shall be maintained at all times by the Borrower in an amount not less than that percentage of outstanding advances required by the Credit Policy. (c) Upon written direction from the Bank, the Borrower will deposit all collections from Mortgage Collateral in a separate bank account designated as required by the Bank as a source of...
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MORTGAGE COLLATERAL. (a) Except to the extent that FHLBank directs otherwise, Borrower and each Pledging Affiliate that has granted a security interest in Mortgage Collateral may retain possession of the same for purposes of servicing, collecting, and enforcing such Mortgage Collateral. Borrower and each Pledging Affiliate shall hold such Mortgage Collateral and the proceeds of and collections from such Mortgage Collateral in trust for FHLBank’s security and
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MORTGAGE COLLATERAL. Promptly and in any event within one hundred twenty (120) days after the date hereof (subject to extension by the Administrative Agent in its sole discretion and without the need for approval from the Requisite Lenders) (the “Mortgage Recording Deadline”), the Borrowers will (a) provide to the Administrative Agent those items required by the definition of Mortgage Collateral Deliverables, and Section 8(h) hereof, and (b) provide to the Administrative Agent reasonably satisfactory evidence of the payment in full of any and all title insurance premiums, title company service charges, record and lien search charges, filing fees and charges, mortgage recording taxes and intangible taxes incurred in connection with the issuance of the Mortgage Policy, diligence related to the Mortgage Collateral Deliverables and the recordation of the Mortgage and Assignment of Leases on the Mall. The Administrative Agent may elect to record the Mortgage despite the failure of the Borrowers to deliver all of the Mortgage Collateral Deliverables so long as the items described in clauses (b) and (d) of the definition of Mortgage Collateral Deliverables have been delivered and in such event, the Mall shall be deemed to satisfy the Mortgage Collateral Deliverables requirement. To the extent the Borrowers are unable to either (x) obtain a Mortgage Policy for the Mall or (y) record such Mortgage and Assignment of Leases within such one hundred twenty (120) day period due to the closure of the applicable local recording or filing office, the Administrative Agent shall grant one or more extensions of such one hundred twenty (120) day period for the delivery of such Mortgage Policy and/or to record such Mortgage and Assignment of Leases as reasonably required to account for such closure and without the need for approval from the Requisite Lenders.
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MORTGAGE COLLATERAL. Shall include (i) loans or participations therein secured by mortgages, deeds of trust or similar liens on residential or commercial properties; (ii) loans or participations therein secured by security interests in or similar liens on shares issued by cooperative housing corporations and the related proprietary leases or occupancy agreements; (iii) conditional sales contracts or installment sales or loan agreements or participations therein secured by manufactured housing or other residential or commercial properties; (iv) mortgage loans, certificates or other securities guaranteed by the Government National Mortgage Association; (v) mortgage loans, certificates or other securities issued or guaranteed by the Federal National Mortgage Association; (vi) mortgage loans, certificates or other securities issued or guaranteed by the Federal Home Loan Mortgage Corporation; (vii) mortgage pass-through certificates, collateralized mortgage obligations or other types of mortgage-related securities issued by any person or entity; and (viii) similar assets;
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MORTGAGE COLLATERAL. Under no circumstances shall the Bank be obligated to assume, perform or fulfill any obligation of the Institution as a lender or otherwise.
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Related to MORTGAGE COLLATERAL

  • Real Estate Collateral With respect to any real property (individually and collectively, the “Premises”) (a) owned in fee simple by the Borrower or any of the Guarantors on the date hereof, (b) acquired in fee simple by the Borrower or any Guarantor after the date hereof with a purchase price of greater than $1,000,000 or (c) leased by the Borrower or any of the Guarantors, which leasehold estate becomes Additional Leasehold Collateral (each a “Material Real Property”), within 60 days after the date hereof in the case of clause (a), within 90 days of the acquisition thereof in the case of clause (b) and, subject to the proviso of the definition of “Additional Leasehold Collateral”, within 90 days after receipt of the Administrative Agent’s request (at the direction of the Lenders in accordance with the definition of “Additional Leasehold Collateral”) to include such leasehold as additional Collateral in the case of clause (c): (i) the Borrower shall deliver to the Administrative Agent, as mortgagee, fully executed counterparts of Mortgages, each dated not later than 60 days after the date hereof or 90 days after the date of acquisition of such Material Real Property, as the case may be, duly executed by the Borrower or the applicable Guarantor, together with evidence of the completion (or satisfactory arrangements for the completion), of all recordings and filings of such Mortgage as may be necessary to create a valid, perfected Lien, subject to Permitted Liens, against the properties purported to be covered thereby; (ii) the Borrower shall deliver to the Administrative Agent mortgagee’s title insurance policies (or marked up title insurance commitments having the effect of title insurance policies) in favor of the Administrative Agent, as mortgagee for the ratable benefit of the Secured Parties in an amount equal to 100% of the fair market value of the Premises purported to be covered by the related Mortgage, as estimated by the Borrower in good faith, insuring that title to such property is marketable and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances other than Permitted Liens, and shall be accompanied by evidence of the payment in full of all premiums thereon; and (iii) the Borrower shall deliver to the Administrative Agent, with respect to each of the covered Premises, the most recent survey of such Premises, together with either (A) an updated survey certification in favor of the Administrative Agent from the applicable surveyor stating that, based on a visual inspection of the property and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (B) an affidavit from the Borrower and the Guarantors stating that there has been no change, other than, in each case, changes that do not materially adversely affect the use by the Borrower or Guarantor, as applicable, of such Premises for the Borrower or such Guarantor’s business as so conducted, or intended to be conducted, at such Premises. Notwithstanding the foregoing, (i) the Borrower and the Guarantors shall not be required to pledge or grant any security interest in any Material Real Property if the cost of perfecting the lien exceeds the fair market value of such Material Real Property and (ii) so long as the Indenture is outstanding, the provisions of this Section 6.17 shall not apply with respect to any real property which has not been included as “Collateral” under the Indenture.

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Other Mortgage Liens None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.

  • The Mortgage Pool The Series ____-__ Certificates shall evidence the entire beneficial ownership interest in a mortgage pool (the "Mortgage Pool") of conventional, fixed rate, fully amortizing one- to four-family residential mortgage loans (the "Mortgage Loans") having the following characteristics as of ________ __, ____ (the "Cut-off Date"):

  • Mortgage Lessee does hereby agree to make reasonable modifications of this Lease requested by any Mortgagee of record from time to time, provided such modifications are not substantial and do not increase any of the Rents or obligations of Lessee under this Lease or substantially modify any of the business elements of this Lease.