The Mortgage Loan Sample Clauses

The Mortgage Loan. The MCC may be used in conjunction with any mortgage loan, other than a mortgage loan originated under the Program or financed with the proceeds of mortgage revenue bonds issued under Section 143 of the Internal Revenue Code of 1986, as amended from time to time. The Lender shall establish all underwriting criteria for the Mortgage Loan, including interest rate, down payment requirement, term of the Mortgage Loan, minimum income requirements, fees, points, closing costs, and mortgage insurance requirements. The Authority will not issue an MCC in conjunction with a mortgage loan subsidized by tax-exempt mortgage revenue bonds issued pursuant to Section 143 of the Code.
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The Mortgage Loan. The Lender has lent to Borrower and Borrower has borrowed from Lender the original principal amount of $7,800,000.00 dated December 23, 1998 as a Mortgage Loan (the "Mortgage Loan"), which Mortgage Loan is evidenced by a promissory note delivered to Lender in form and substance as set forth in Exhibit G attached hereto, (together with any note which from time to time extends, amends, supplements, modifies, renews or substitutes for such promissory note, the "Mortgage Note"), which Mortgage Note is payable in monthly payments of principal and interest each in the amount of $90,749.64 payable on the first day of each month, until January 1, 2009, when the entire unpaid balance of the Mortgage Loan, together with all accrued and unpaid interest, shall be due and payable.
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The Mortgage Loan. Buyer acknowledges that the Property is subject to that certain mortgage loan (the “Loan”), wherein Seller is the borrower and Berkadia Commercial Mortgage LLC is the servicer and LNR Property LLC is special servicer (collectively, “Lender”). The Loan is evidenced by certain loan documents (the “Loan Documents”) true and correct copies of which have been delivered to Buyer on a CD ROM disk. By its execution and delivery of this Agreement, Buyer acknowledges that it has received copies of the Loan Documents. Buyer further agrees and acknowledges that if the transaction contemplated by this Agreement is to close prior to the maturity date of the Loan (currently February 5, 2015) it shall be an express condition precedent to Seller’s obligation to proceed to Closing and sell the Property to Buyer and Buyer’s obligations to proceed to Closing and purchase the Property from Seller that (i) the transaction contemplated by this Agreement be approved by Lender as to the sale and (ii) Buyer assumes the Loan (the “Loan Assumption”), all on terms and conditions satisfactory to each of Seller and Buyer in each party’s sole and absolute discretion (the foregoing approvals by Lender being the “Lender Consent”). Seller agrees that it shall diligently pursue obtaining Lender Consent promptly upon the mutual execution and deliver of this Agreement and the Lease and Buyer’s timely putting up the Xxxxxxx Money Deposit with Escrow Agent. As part of obtaining Lender Consent, Seller shall obtain a release of the Property and the Loan from certain cross default provisions contained in the Loan Documents. Buyer agrees that it shall cooperate with the reasonable requests of both Seller and Lender to provide such information about Buyer and complete such documentation as may be reasonably necessary for applying for the Lender Consent.
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The Mortgage Loan. From and after the Initial Closing Date the existing Mortgage Loan shall be deemed to be outstanding under this Agreement, and shall be evidenced by the existing Mortgage Note, attached hereto as Exhibit 2.3.2.
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The Mortgage Loan. Amount and Source of Mortgage Loan ............................ 11 Section 4.2 Terms of the Mortgage Loan .................................... 11 Section 4.3 Payment of Fees and Expenses................................... 11 Section 4.4 Application of Mortgage Loan Payments ......................... 13 Section 4.5 Notification of Prepayment of Mortgage Note.................... 13 ARTICLE V
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The Mortgage Loan. The Seller hereby represents and ----------------- warrants with respect to the Mortgage Loan that: (A) Immediately prior to the sale of the Mortgage Loan to the Purchaser, the Seller will be the lawful owner of the Mortgage Loan with the right to transfer such Mortgage Loan, free and clear of any lien, adverse claim, mortgage, security interest, pledge, charge or other encumbrance; and (B) The related assignment of Mortgages, Assignment of Loan Documents and Assignment of Leases, respectively, constitutes the legal, valid and binding assignment of the Mortgages, Assignment of Loan Documents and Assignment of Leases from the Seller to the Trustee. (C) Other than payments due but with respect to which the applicable grace period has not expired, (1) to the best knowledge of the Seller, after due inquiry, there is no material default, breach, violation or event of acceleration existing under the Mortgage Loan Documents, the Mortgage Note or the Mortgages in respect of any payment due and owing to the Seller from the Mortgagors; (2) to the Actual Knowledge (as defined below) of the Seller, there is no other material default, breach, violation or event of acceleration existing under the Mortgage Loan Documents, the Mortgage Note or the Mortgages nor is there any event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute such a material default, breach, violation or event of acceleration; and (3) to the best knowledge of the Seller, after due inquiry, it has not expressly waived any material default, breach, violation or event of acceleration under the Mortgage Loan Documents, the Mortgage Note or the Mortgages; and (D) To the best knowledge of the Seller, after due inquiry, there exists no valid offset, defense, counterclaim or right of rescission with respect to the Mortgage Loan Documents, the Mortgage Note or the Mortgages which would materially interfere with the practical realization of the benefits to the holder of the Mortgage Loan of the transactions contemplated in the Mortgage Loan Documents.
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The Mortgage Loan 
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Related to The Mortgage Loan

  • Mortgage Loan The appraisal was conducted by an appraiser who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Servicing of the Mortgage Loan (a) Each Holder acknowledges and agrees that, subject in each case to the specific terms of this Agreement, the Mortgage Loan shall be serviced pursuant to the terms of this Agreement and the applicable Servicing Agreement. (b) Prior to the closing of a Lead Securitization, all servicing and other decisions regarding the Mortgage Loan shall be made: (i) with respect to matters set forth on Exhibit D hereto, by unanimous consent of the Holders and (ii) with respect to all other matters, except as otherwise expressly set forth in this Agreement or in the Servicing Agreement (provided that any conflict between the Servicing Agreement and this Agreement shall be resolved in favor of this Agreement), by the Directing Holder. Each PSA shall contain terms and conditions that are customary for securitization transactions involving assets similar to the Mortgage Loan and that are otherwise (A) required by the Code relating to the tax elections of any Trust Fund, (B) required by law or changes in any law, rule or regulation or (C) requested by the Rating Agencies rating any Securitization. (c) Subject to the terms and conditions of this Agreement, each Holder hereby irrevocably and unconditionally consents, effective upon the Lead Securitization, to the appointment of the Master Servicer and the Trustee under the Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Directing Holder and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Servicing Agreement. Each Holder hereby appoints, effective upon the Lead Securitization, the Master Servicer, the Special Servicer and the Trustee under the Servicing Agreement as such Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement (subject at all times to the rights of the Holders as set forth herein and in such Servicing Agreement). (d) If, at any time the Lead Note is no longer in a Securitization, the Lead Note Holder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement that is substantially similar to the Servicing Agreement (and, if any Non-Lead Note is in a Securitization, a Rating Agency Confirmation from the Rating Agencies that were engaged by the Depositor to rate such Securitization shall be obtained) and all references herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided, however, that until a replacement Servicing Agreement has been entered into (and such Rating Agency Confirmation has been obtained), the Lead Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement that was previously in effect for the Lead Note, as if such Servicing Agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however, that until a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified Servicer appointed by the Lead Note Holder and does not have to be performed by the service providers set forth under the Servicing Agreement that was previously in effect.

  • Servicing of the Mortgage Loans The Mortgage Loans have been sold by the Seller to the Purchaser on a servicing released basis. Subject to, and upon the terms and conditions of this Agreement and the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Seller hereby sells, transfers, assigns, conveys and delivers to the Purchaser the Servicing Rights. The Purchaser shall retain the Interim Servicer as contract servicer of the Mortgage Loans for an interim period pursuant to and in accordance with the terms and conditions contained in the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein). The Seller shall cause the Interim Servicer to execute the Interim Servicing Agreement on the initial Closing Date. Pursuant to the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Interim Servicer shall begin servicing the Mortgage Loans on behalf of the Purchaser and shall be entitled to a Servicing Fee with respect to such Mortgage Loans until the applicable Transfer Date. The Interim Servicer shall conduct such servicing in accordance with the Interim Servicing Agreement. The Interim Servicer may enter into subservicing agreements with subservicers for the servicing and administration of the Mortgage Loans and for the performance of any and all other activities of the Interim Servicer as provided in the Interim Servicing Agreement. The Purchaser hereby acknowledges that the Seller shall assign its obligation to service the Mortgage Loans for the benefit of the Purchaser to its interim subservicer, which, on the date of this Agreement, is either Option One Mortgage Corporation or Litton Loan Servicing, LP.

  • Mortgage Loans As of the Closing Date, in consideration of the Issuer's delivery of the Notes and the Ownership Certificate to the Depositor or its designee, and concurrently with the execution and delivery of this Agreement, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the Issuer, without recourse, subject to Section 3.01, in trust, all the right, title and interest of the Depositor in and to the Mortgage Loans. Such conveyance includes, without limitation, the right to all payments of principal and interest received on or with respect to the Mortgage Loans on and after the Cut-off Date (other than payments of principal and interest due on or before such date), and all such payments due after such date but received prior to such date and intended by the related Mortgagors to be applied after such date together with all of the Depositor's right, title and interest in any REO Property and the proceeds thereof, the Depositor's rights under any Insurance Policies related to the Mortgage Loans, the Depositor's security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties and any proceeds of the foregoing, to have and to hold, in trust; and the Indenture Trustee declares that, subject to the review provided for in Section 2.02, it has received and shall hold the Trust Estate, as Indenture Trustee, in trust, for the benefit and use of the Noteholders and for the purposes and subject to the terms and conditions set forth in this Agreement, and, concurrently with such receipt, the Issuer has issued and delivered the Notes and the Ownership Certificate to or upon the order of the Depositor, in exchange for the Mortgage Loans and the other property of the Trust Estate. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Issuer all of its rights and interest under the Mortgage Loan Purchase Agreement but without delegation of any of its obligations thereunder. The Issuer hereby accepts such assignment, and shall be entitled to exercise all the rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such purpose, it were the Depositor. Upon the issuance of the Notes, ownership in the Trust Estate shall be vested in the Issuer, subject to the lien created by the Indenture in favor of the Indenture Trustee, for the benefit of the Noteholders. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Indenture Trustee of any obligation of the Depositor, the Seller, or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. The Depositor further agrees to cause ________________________ to assign all of its right, title and interest in and to the interest rate corridor transaction evidenced by each Confirmation to the Issuer, and all such right, title and interest shall be deemed to have been assigned by ________________________ to the Depositor and by the Depositor to the Issuer.

  • 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"):

  • Conveyance of the Mortgage Loans (a) Effective as of the Closing Date, subject only to receipt of the purchase price referred to in Section 1 hereof and the satisfaction of the other conditions to the Mortgage Loan Seller’s obligations set forth herein, the Mortgage Loan Seller does hereby sell, assign, transfer, set over and otherwise convey to the Purchaser, without recourse, representation or warranty, other than as set forth herein, all of the right, title and interest of the Mortgage Loan Seller in, to and under the Mortgage Loans and all documents included in the related Mortgage Files and Servicing Files, with the understanding that a servicing rights purchase and sale agreement or comparable agreement may be executed by the Mortgage Loan Seller and the Master Servicer. Such assignment includes all scheduled payments of principal and interest under and proceeds of the Mortgage Loans received after their respective Cut-off Dates (other than scheduled payments of interest and principal due on or before their respective Cut-off Dates, which shall belong and be promptly remitted to the Mortgage Loan Seller) together with all documents delivered or caused to be delivered hereunder with respect to such Mortgage Loans by the Mortgage Loan Seller (including all documents included in the related Mortgage Files and Servicing Files and any other documents required to be delivered by the Mortgage Loan Seller under Sections 2.01(b) and (c) of the Pooling and Servicing Agreement). The Purchaser shall be entitled to receive all scheduled payments of principal and interest due on the Mortgage Loans after their respective Cut-off Dates, and all other recoveries of principal and interest collected thereon after their respective Cut-off Dates (other than scheduled payments of principal and interest due on the Mortgage Loans on or before their respective Cut-off Dates and collected after such respective Cut-off Dates or, in the case of Qualified Substitute Mortgage Loans (if any), due on or prior to the related date of substitution and collected after such date, in each case, which shall belong to the Mortgage Loan Seller), except any Retained Defeasance Rights and Obligations. After the Mortgage Loan Seller’s transfer of the Mortgage Loans to the Purchaser, as provided herein, the Mortgage Loan Seller shall not take any action inconsistent with the Purchaser’s ownership of the Mortgage Loans. Except for actions that are the express responsibility of another party hereunder or under the Pooling and Servicing Agreement, and further except for actions that the Mortgage Loan Seller is expressly permitted to complete subsequent to the Closing Date, the Mortgage Loan Seller shall, on or before the Closing Date, take all actions required under applicable law to effectuate the transfer of the Mortgage Loans by the Mortgage Loan Seller to the Purchaser. It is expressly agreed and understood that, notwithstanding the assignment of the Mortgage Loan documents, it is expressly intended that the Mortgage Loan Seller will receive the benefit of any securitization indemnification provisions in the Mortgage Loan documents. (b) The conveyance of the Mortgage Loans and the related rights and property accomplished hereby is intended by the parties hereto to constitute a sale by the Mortgage Loan Seller of all the Mortgage Loan Seller’s right, title and interest in and to such Mortgage Loans and such other related rights and property by the Mortgage Loan Seller to the Purchaser. Furthermore, it is not intended that such conveyance be a pledge of security for a loan. If such conveyance is determined to be a pledge of security for a loan, however, then: (i) this Agreement shall constitute

  • 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.

  • Mortgage Loan Schedule The information pertaining to each Mortgage Loan which is set forth in the Mortgage Loan Schedule attached as an exhibit to this Agreement is true and correct in all material respects as of the Cut-off Date and contains all information required by the Pooling and Servicing Agreement to be contained therein.

  • Servicing of Mortgage Loans From and after the Effective Date, the Servicer does hereby agree to service the Mortgage Loans, but subject to the terms of this Agreement. The rights of the Owner to receive payments with respect to the Mortgage Loans shall be as set forth in this Agreement.

  • Mortgage Loan Characteristics The characteristics of the related Mortgage Loan Package are as set forth on the description of the pool characteristics for the applicable Mortgage Loan Package delivered pursuant to Section 11 on the related Closing Date in the form attached as Exhibit B to each related Assignment and Conveyance Agreement;

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