Common use of No Future Advances Clause in Contracts

No Future Advances. The principal amount of the Mortgage Loan stated on the Mortgage Loan Schedule has been fully disbursed as of the Closing Date (except for certain amounts that were fully disbursed by the mortgagee, but were escrowed or held in reserve pursuant to the terms of the related Mortgage Loan documents) and there are no future advances required to be made by the mortgagee under any of the related Mortgage Loan documents. Any requirements under the related Mortgage Loan documents regarding the completion of any on-site or off-site improvements and to disbursements of any escrow funds therefor have been or are being complied with or such escrow funds are still being held. The Seller has not, nor, to the Seller’s knowledge, have any of its agents or predecessors in interest with respect to the Mortgage Loan, in respect of payments due on the related Mortgage Note or Mortgage, directly or indirectly, advanced funds or induced, solicited or knowingly received any advance of funds by a party other than the related Mortgagor other than (a) interest accruing on such Mortgage Loan from the date of such disbursement of such Mortgage Loan to the date which preceded by thirty (30) days the first payment date under the related Mortgage Note and (b) application and commitment fees, escrow funds, points, reimbursements for fees and expenses, and other amounts incurred in connection with the origination and funding of the Mortgage Loan and providing a “locked” rate of interest for the Mortgage Loan.

No Future Advances. The full original principal amount of each Mortgage Loan, net of any discounts, has been fully advanced or disbursed to the Mortgagor named therein, except with respect to (i) escrow holdback amounts permitted under the applicable Agency Guides for weather-related or seasonal improvement costs, fees or expenses and (ii) specific mortgage products agreed upon by Buyer in writing in its sole and absolute discretion. All costs, fees and expenses incurred in making or closing the Mortgage Loan stated on and the recording of the Mortgage Loan Schedule has been fully disbursed as were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage. With respect to any Mortgage Loan, the terms of which require Seller or Guarantor to make additional advances or disbursements to or on behalf of the Closing Date (except for certain amounts that were fully disbursed by Mortgagor named therein after the mortgageedate of origination, but were escrowed or held each of Seller and Guarantor has made all such advances and disbursements in reserve pursuant to accordance with the terms of the related Mortgage Loan documents) and/or the terms and there are no future advances required to be made by the mortgagee under any conditions of the related mortgage loan program, and such additional amounts have been advanced or disbursed from Seller’s or Guarantor’s respective funds, and not from funds representing any Purchase Price paid by Buyer to such Seller hereunder. For all Mortgage Loan documents. Any Loans other than with respect to (i) escrow holdback amounts for weather-related or seasonal improvement costs, fees or expenses and (ii) specific mortgage products agreed upon by Buyer in writing in its sole and absolute discretion, there is no requirement for future advances and any and all requirements under the related Mortgage Loan documents regarding the as to completion of any on-site or off-site improvements and as to disbursements of any escrow funds therefor have been or are being complied with or such escrow funds are still being held. The Seller has not, nor, to the Seller’s knowledge, have any of its agents or predecessors in interest with respect to the Mortgage Loan, in respect of payments due on the related Mortgage Note or Mortgage, directly or indirectly, advanced funds or induced, solicited or knowingly received any advance of funds by a party other than the related Mortgagor other than (a) interest accruing on such Mortgage Loan from the date of such disbursement of such Mortgage Loan to the date which preceded by thirty (30) days the first payment date under the related Mortgage Note and (b) application and commitment fees, escrow funds, points, reimbursements for fees and expenses, and other amounts incurred in connection with the origination and funding of the Mortgage Loan and providing a “locked” rate of interest for the Mortgage Loansatisfied.