No Delinquent Charges. There are no delinquent taxes, ground rents, insurance premiums or assessments (including, without limitation, assessments payable in future installments or other similar outstanding charges, water charges or sewer rents) affecting the Mortgaged Property or such amounts, if existing and in dispute, have been escrowed or covered by a letter of credit. For purposes of this representation, an obligation shall become "delinquent" on the date on which both of the following conditions are satisfied: (A) interest and/or penalties are due with respect to the unpaid amount and (B) enforcement action can be taken by the related taxing authorities.
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Merrill Lynch Mort Invest Inc Mort Pass THR Cert Ser 1999 C1), Mortgage Loan Purchase Agreement (Merrill Lynch Mort Invest Inc Mort Pass THR Cert Ser 1999 C1), Mortgage Loan Purchase Agreement (Merrill Lynch Mort Invest Inc Mort Pass THR Cert Ser 1999 C1)
No Delinquent Charges. There are no delinquent taxes, ground rents, insurance premiums or assessments (including, without limitation, assessments payable in future installments or other similar outstanding charges, water charges or sewer rents) affecting the any Mortgaged Property or such amounts, if existing and in dispute, have been escrowed or covered by a letter of credit. For purposes of this representation, an obligation shall become "delinquent" on the date on which both of the following conditions are satisfied: (A) interest and/or penalties are due with respect to the unpaid amount and (B) enforcement action can be taken by the related taxing authorities.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Painewebber Mortgage Acceptance Corp V), Mortgage Loan Purchase and Sale Agreement (Painewebber Mortgage Acceptance Corp V)
