Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent of Seller, except in connection with a refinanced Mortgage Loan.
Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent thereof unless such debt was originated more than 12 months prior to the origination of such Mortgage Loan;
Proceeds of Mortgage Loan. Except with respect to a HELOC, the proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to any Seller or any Affiliate or correspondent of any Seller, except in connection with a refinanced Mortgage Loan.
Proceeds of Mortgage Loan. The Mortgagor covenants and agrees that:
a. It will use not less than 95% of the proceeds of the Mortgage Loan to provide a residential rental project and in connection with the Development will use this 95% of the proceeds of the Mortgage Loan to pay costs of the Development (regardless of the Mortgagor's status as an organization described in Section 501(c)(3) of the Code or as any other entity exempt from Federal income taxation) which are chargeable by the Mortgagor to the capital accounts of the partners of the Mortgagor for Federal income tax and financial accounting purposes or would be so chargeable either with a proper election by a taxpayer (for example, under Section 266 of the Code) or, but for a proper election of a Mortgagor to deduct this amount, all in accordance with and to the extent required by Treasury Regulations Section 1.1038(a). This amount will be expended solely for costs paid or incurred subsequent to the date of the Authority's Resolution Determining Feasibility. Although the components of the Development include certain items of property that may not directly qualify as "qualified residential rental projects" under Code Section 142(a)(7), these items are functionally related and subordinate items but of a character and size commensurate with the character and size of the items to which they relate. The Mortgagor shall, at the request of the Authority, furnish the Authority with copies of the Federal income tax returns of the Mortgagor.
b. The Development will be a residential rental project as it will consist of a building or structure or several proximate buildings or structures and facilities functionally related and subordinate thereto:
i. each containing one or more similarly constructed units (as defined in the Treasury Regulations) and facilities which are functionally related and subordinate to such units; and
ii. all of the units of which will, on a continuous basis, be rented or available on a nontransient basis for rental to members of the general public.
c. The Mortgagor has incurred or will incur within six months of the date hereof a substantial binding obligation to commence the acquisition and construction of the Development, pursuant to which the Mortgagor is obligated to expend at least the lesser of (i) 2 1/2% of the principal amount of the Mortgage Loan or (ii) $100,000. The Mortgagor will proceed with due diligence to complete the Development.
d. No portion of the proceeds of the Mortgage Loan will be used t...
Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent of Seller, except in connection with a refinanced Mortgage Loan; provided, however, that other than with respect to FHA Loans and VA Loans originated in accordance with their respective guidelines, no such refinanced Mortgage Loan shall have been originated pursuant to a streamlined mortgage loan refinancing program.
Proceeds of Mortgage Loan. The proceeds of the Underlying Mortgage Loan have not been and shall not be used by the related Seller or the related Servicer to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or Servicer or any Affiliate thereof or correspondent of the related Seller or the related Servicer, except in connection with a refinanced Underlying Mortgage Loan.
Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Obligor to the Originator or any Affiliate or correspondent of the Originator, except in connection with a refinanced Mortgage Loan; provided that no such refinanced Mortgage Loan shall have been originated pursuant to a streamlined mortgage loan refinancing program.
Proceeds of Mortgage Loan. To the best of the Borrower's knowledge, the proceeds of such Pledged Eligible Asset have not been and shall not be applied to satisfy, in whole or in part, any debt owing by the related mortgagor/borrower to an Affiliate of the Borrower with respect to the origination of such Pledged Eligible Asset whereby such Affiliate has taken or will take (i) a discounted pay-off of such debt in connection with such application, or (ii) a subordinated lien on any property securing such debt or an equity interest in the related mortgagor in connection with such application unless, in any such case, such fact is disclosed in the list of exceptions included in the related Commercial Loan/Asset File.
Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent of Seller, except in connection with a refinanced Mortgage Loan; provided, however, that other than with respect to FHA Loans and VA Loans originated in accordance with their respective guidelines, no such refinanced Mortgage Loan (other than a Xxxxxx Xxx Refi Plus Mortgage Loan) shall have been originated pursuant to a streamlined mortgage loan refinancing program.
Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to any Nationstar Party or any Affiliate or correspondent of any Nationstar Party, except in connection with a refinanced Mortgage Loan.
