Common use of Type of Mortgaged Property Clause in Contracts

Type of Mortgaged Property. If a portion of the Mortgaged Property was being used for commercial purposes then (i) the mixed use of the property represents a legal, permissible use of the property under the local zoning requirements, (ii) the Mortgagor is the owner and the operator of the business, (iii) the Mortgaged Property is primarily residential in nature and (iv) the market value of the property is primarily a function of its residential characteristics.