Second Lien Mortgage Loans Clause Samples
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Second Lien Mortgage Loans. With respect to each Second Lien Mortgage Loan: (1) the related first lien Mortgage Loan does not permit negative amortization; (2) where required or customary in the jurisdiction in which the Mortgaged Property is located, the original lender has filed for record a request for notice of any action by the related senior lienholder, and the Seller has notified such second lienholder in writing of the existence of the Second Lien Mortgage Loan and requested notification of any action to be taken against the Mortgagor by such senior lienholder; either (a) no consent for the Second Lien Mortgage Loan is required by the holder of the related first lien Mortgage Loan or (b) such consent has been obtained and is contained in the related Mortgage File; (3) to the best of Seller’s knowledge, the related first lien Mortgage Loan is in full force and effect, and there is no default, lien, breach, violation or event which would permit acceleration existing under such first lien Mortgage Loan or Mortgage Note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration under such first lien Mortgage Loan; (4) the related first lien Mortgage contains a provision which provide for giving notice of default or breach to the mortgagee under the Mortgage Loan and allows such mortgagee to cure any default under the related first lien Mortgage; and (5) the related Mortgaged Property was the Mortgagor’s principal residence at the time of the origination of the such Second Lien Mortgage Loan. This representation and warranty is a Deemed Material Breach Representation.
Second Lien Mortgage Loans. (i) Either (A) no consent for the Second Lien Mortgage Loan is required by the holder of the related first lien or (B) such consent has been obtained and is contained in the Mortgage File;
(ii) With respect to any Second Lien Mortgage Loan, the Seller has not received notice of: (A) any proceeding for the total or partial condemnation of any Mortgaged Property, (B) any subsequent, intervening mortgage, lien, attachment, lis pendens or other encumbrance affecting any Mortgaged Property or (C) any default under any mortgage, lien or other encumbrance senior to each Mortgage;
(iii) With respect to any Second Lien Mortgage Loan, where required or customary in the jurisdiction in which the Mortgaged Property is located, the original lender has filed of record a request for notice of any action by the senior lienholder under the related First Lien, and the original lender has notified any senior lienholder in writing of the existence of the Second Lien Mortgage Loan and requested notification of any action to be taken against the Mortgagor by the senior lienholder;
(iv) No Second Lien Mortgage Loan is a "home equity line of credit" or Texas Home Equity Loan; and
(v) As of the related Closing Date, the Seller has not received a notice of default of a First Lien which has not been cured.
Second Lien Mortgage Loans. The Sellers hereby agree to deliver promptly to Administrative Agent (i) any notice of termination, default by a Seller or material breach by such Seller of the Take-Out Commitment relating to any Second Lien Mortgage Loan, (ii) any notice of the intention of the Take-out Investor not to perform under any Take-Out Commitment relating to any Second Lien Mortgage Loan, (iii) any amendment to a Take-Out Commitment relating to any Second Lien Mortgage Loan; provided that Sellers shall not amend, modify, waive or supplement any Take-Out Commitment relating to any Second Lien Mortgage Loan or the Schwab Purchase Agreement without the consent of the Administrative Agent, which may be granted or withheld in its sole discretion.
Second Lien Mortgage Loans. If the Purchased Mortgage Loan is a Second Lien Mortgage Loan:
Second Lien Mortgage Loans. Solely with respect to the Second Lien Mortgage Loans (as defined below), the Existing Purchase Agreement is hereby amended:
(a) Notwithstanding anything set forth in the Existing Purchase Agreement, the Purchaser shall purchase certain Mortgage Loans secured by a second lien on the related Mortgaged Property, as set forth on Exhibit A hereto (the “Second Lien Mortgage Loans”).
(b) Section 1 of the Existing Purchase Agreement is hereby amended by adding the following definition:
Second Lien Mortgage Loans. With respect to each Second Lien Mortgage Loan, the related first lien does not provide for Negative Amortization. Notwithstanding the foregoing, with respect to any Second Lien Mortgage Loan, the CLTV of such first lien and Second Lien Mortgage Loan does not exceed 100%.
Second Lien Mortgage Loans. No more than one percent (1%) of the Mortgage Loans are Second Lien Mortgage Loans. SCHEDULE IV The Responsible Party hereby makes the representations and warranties set forth in this Schedule IV to the Depositor, the Servicer and the Trustee, as of the Closing Date.
Second Lien Mortgage Loans. With respect to each Mortgage Loan which is a Second Lien:
(i) the related first lien does not permit negative amortization and (ii) either no consent for the Mortgage Loan is required by the holder of the first lien or such consent has been obtained and is contained in the Mortgage File.
(ii) Where required or customary in the jurisdiction in which the Mortgaged Property is located, the original lender has filed for record a request for notice of any action by the related senior lienholder, and the Seller has notified such senior lienholder in writing of the existence of the Second Lien Mortgage Loan and requested notification of any action to be taken against the Mortgagor by such senior lienholder;
(iii) To the best of Seller’s knowledge, the related first lien loan is in full force and effect, and there is no default lien, breach, violation or event which would permit acceleration existing under such first lien mortgage or mortgage note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration under such first lien loan;
(iv) The related first lien mortgage contains a provision which provides for giving notice of default or breach to the mortgagee under the Mortgage Loan and allows such mortgagee to cure any default under the related first lien mortgage; and
(v) The related Mortgaged Property is the Mortgagor’s principal residence.