Title to Loans. All loans held for the Company's account, whether or not for future sale or delivery to an investor (the "Warehouse Loans"), are owned by the Company free and clear of any Lien, other than Liens in favor of the Company's lender banks pursuant to warehouse lines of credit and forward sale commitments or similar agreements to sell any such loans to investors in the ordinary course, and all Warehouse Loans meet all requirements for sale to the intended investors. Each mortgage or deed of trust securing a Warehouse Loan has been duly recorded or submitted for recordation in due course in the appropriate filing office in the name of the Company or one of its Subsidiaries as mortgagee. Neither the Company nor any of its Subsidiaries has released any security for any Warehouse Loan, except upon receipt of reasonable consideration for such release (as documented in the applicable Loan file), or accepted prepayment of any such Warehouse Loan which has not been promptly applied to such Warehouse Loan.
Title to Loans. Seller has good title to and is the sole owner of record and holder of the Loan and the indebtedness evidenced by each Note. Unless otherwise disclosed in the Loan Documents or the Offered Loan Schedule, Seller is the original mortgagee or assignee of the Mortgage, and there has been no more than one prior assignment and no sale, or hypothecation by Seller of the Loan. The Loan is not assigned or pledged, and Seller has good, indefeasible and marketable title thereto, and has full right to transfer and sell the Loan to the Buyer fee and clear of any encumbrance, equity interest, participation interest, lien, pledge, charge, claim or security interest, and has full right and authority subject to no interest or participation of, or agreement with, any other party, to sell and assign each Loan pursuant to this Agreement and following the sale of each Loan, Buyer will own such Loan free and clear of any encumbrance, equity interest, participation interest, lien, pledge, charge, claim or security interest.
Title to Loans. Delivery of Loans or Loan Documentation to the Servicer hereunder and/or custody of the Loans, and/or servicing activities contemplated hereby, shall not be deemed to convey to the Servicer any of the Bank’s beneficial or legal ownership interest in the Loans. The Servicer recognizes that the Bank has beneficial and legal ownership of the Loans, the Loan Documentation therefore, and the rights and benefits pertaining thereto.
Title to Loans. Neither custody of Loans or Loan Documentation by the Servicer hereunder, nor the servicing activities contemplated hereby, shall be deemed to convey to the Servicer any of the Holder’s beneficial or legal ownership interest in the Loans. The Servicer recognizes that the Holder has beneficial and legal ownership of the Loans, the Loan Documentation therefor, and the rights and benefits pertaining thereto.
Title to Loans. Legal title to all of the Loans shall be vested at all times in the Interim Eligible Lender Trustee for the benefit of and on behalf of the Depositor.
Title to Loans. All loans held for Headlands's account, whether or -------------- not for future sale or delivery to an investor (the "Warehouse Loans"), are owned by Headlands free and clear of any Lien, other than Liens in favor of Headlands's lender banks pursuant to warehouse lines of credit and forward sale commitments or similar agreements to sell any such loans to investors in the ordinary course, and all Warehouse Loans meet all requirements for sale to the intended investors. Each mortgage or deed of trust securing a Warehouse Loan has been duly recorded or submitted for recordation in due course in the appropriate filing office in the name of Headlands as mortgagee. Headlands has not released any security for any Warehouse Loan, except upon receipt of reasonable consideration for such release (as documented in the applicable Loan file), or accepted prepayment of any such Warehouse Loan which has not been promptly applied to such Warehouse Loan.
Title to Loans. All Mortgage Loans are owned by such Subsidiary free and clear of any Lien. Each mortgage or deed of trust securing a Mortgage Loan has been duly recorded or submitted for recordation in due course in the appropriate filing office in the name of the Company as mortgagee. Neither the Company nor any of its Subsidiaries has released any security for any Mortgage Loan, except upon receipt of reasonable consideration for such release (as documented in the applicable loan file), or accepted prepayment of any such Mortgage Loan which has not been promptly applied to such Mortgage Loan.
Title to Loans. Absence of Liens and Encumbrances. Rushmore, to the best of its knowledge, has good title to the Loans free and clear of all material pledges, liens, encumbrances, and adverse claims of any kind or character, Rushmore is duly authorized to transfer and assign the Loans to AmericasBank subject to receipt of regulatory approval.
Title to Loans. Seller has sole, good and marketable title to the Loans free and clear of all Encumbrances, except for such participations as are documented in the related Loan Documents or other Records.
Title to Loans. Bank of America and Seller acknowledge and agree that each transaction under the Early Purchase Program is intended to be a purchase and sale and not a financing transaction. As such, title to each EPP Loan that Bank of America purchases under the Early Purchase Program shall pass from Seller to Bank of America upon receipt by Seller or its agent of the Initial Purchase Price as described more fully in Section 3 herein. If, for any reason, any transaction hereunder is deemed to be a financing transaction, Seller shall be deemed to have pledged to Bank of America as security for Seller’s performance under each such financing transaction a first lien and priority security interest in and upon the related EPP Loan. Seller shall pay all fees and expenses associated with perfecting such security interest, including without limitation, the cost of filing UCC financing statements and recording assignments of mortgage, as and when required by Bank of America in its sole discretion.
