Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to: (1) the lien of current real property taxes and assessments not yet due and payable; (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and (3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 30 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 7), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected perfected, first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1i) the lien of current real property taxes and assessments not yet due and payable;
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority security interest on the property described therein and the Company Seller has full right to sell and assign the same to the Purchaser. The Mortgaged Property was notWith respect to any Co-op Loan, as the related Mortgage is a valid, subsisting and enforceable first priority security interest on the related cooperative shares securing the Mortgage Note, subject only to (a) liens of the date of origination related residential cooperative housing corporation for unpaid assessments representing the Mortgagor's pro rata share of the Mortgage Loan, subject to a related residential cooperative housing corporation's payments for its blanket mortgage, deed of trustcurrent and future real property taxes, deed insurance premiums, maintenance fees and other assessments to secured debt or which like collateral is commonly subject and (b) other security instrument creating a lien subordinate matters to which like collateral is commonly subject which do not materially interfere with the lien benefits of the Mortgagesecurity interest intended to be provided by the related Security Agreement;
Appears in 26 contracts
Samples: Master Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2006-7), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2006-3ar)
Valid First Lien. The Mortgage (other than with respect to a Cooperative Loan) is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest on the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage (other than with respect to a Cooperative Loan) is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 15 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2001 19)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-4), Assignment, Assumption and Recognition Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2006-Ar1), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-3)
Valid First Lien. The Each Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including Property all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems affixed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoingforegoing securing the Mortgage Note's original Principal Balance. The Mortgage and the Mortgage Note do not contain any evidence of any security interest or other interest or right thereto. Such lien is free and clear of all adverse claims, liens and encumbrances having priority over the first of the Mortgage is subject only to:
to (1) the lien of non-delinquent current real property taxes and assessments not yet due and payable;
, (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording which are acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (iA) which are referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or and in form and (iiB) which do not adversely affect the Appraised Value appraised value of the Mortgaged Property as set forth in such appraisal; and
, and (3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority security interest on the property described therein therein, and the Company Seller has the full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 3 contracts
Samples: Seller's Purchase, Warranties and Servicing Agreement (Gs Mortgage Securities Corp), Purchase Agreement (Gs Mortgage Securities Corp), Seller's Purchase, Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) : the lien of current real property taxes and assessments not yet due and payable;
(2) ; covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) and other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2006-Ar3), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar5)
Valid First Lien. The Except with respect to each Co-op Loan, the Mortgage is a valid, subsistingexisting, perfected and enforceable and perfected first first-lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, free and clear of all additionsadverse claims, alterations liens and replacements made at any time with respect to encumbrances having priority over the foregoing. The lien of the Mortgage is Mortgage, subject only to:
(1i) the lien of current real property taxes and assessments not yet due and payable;
(2ii) any security agreement, chattel mortgage or equivalent document evidencing such Mortgage Loan;
(iii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions in the area where the Mortgaged Property is located generally and specifically referred to in the lender's ’s title insurance policy or attorney’s title opinion delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or and (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3iv) other matters to which like properties are commonly subject which do not individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any Except with respect to each Co-op Loan, any such security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting existing and enforceable first first-lien and first priority security interest with respect to the related Mortgage Loan on the property described therein and the Company Seller has the full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement, Mortgage Loan Purchase and Servicing Agreement (Five Oaks Investment Corp.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoingforegoing and with respect to Cooperative Mortgage Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to:
(1) a. the lien of current real property taxes and assessments not yet due and payable;
(2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's Buyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 2 contracts
Samples: Master Repurchase Agreement (Home Point Capital Inc.), Master Repurchase Agreement (loanDepot, Inc.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) . the lien of current real property taxes and assessments not yet due and payable;
(2) . covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) . other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. 2005-4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected (a) with respect to each first lien Mortgage Loan, first priority lien and first priority security interest, on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1i) the lien of current real property taxes and assessments not yet due and payable;
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's Buyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 2 contracts
Samples: Master Repurchase Agreement (Homebanc Corp), Master Repurchase Agreement (Homebanc Corp)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien Lien on the Mortgaged Property, Property including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. There is no delinquent tax or assessment Lien against the Mortgaged Property, and the Seller has paid all property tax bills. The lien Lien of the Mortgage is subject only to:
(1a) the lien Lien of current real property taxes and assessments not yet due and payable;
(2b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and and: (i) referred to or to otherwise considered in the appraisal made for the originator of Appraisal relating to the Mortgage Loan Loan; or (ii) which that do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisalAppraisal; and
(3c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and perfected first priority security interest Lien on the property Mortgaged Property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyer in accordance with the Requirements of Law and any and all contractual obligations. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, unless otherwise indicated, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien Lien subordinate to the lien Lien of the Mortgage;. U. CO-OP Loan: Valid First Lien. With respect to each Co-op Loan, the related Mortgage is a valid, enforceable and subsisting first security interest on the related cooperative shares securing the related cooperative note and lease, subject only to (a) liens of the cooperative for unpaid assessments representing the Mortgagor’s pro rata share of the cooperative’s payments for its blanket mortgage, current and future real property taxes, insurance premiums, maintenance fees and other assessments to which like collateral is commonly subject and (b) other matters to which like collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the security interest. There are no liens against or security interests in the cooperative shares relating to each Co-op Loan (except for unpaid maintenance, assessments and other amounts owed to the related cooperative which individually or in the aggregate will not have a material adverse effect on such Co-op Loan), which have priority equal to or over the Seller’s security interest in such Co-op Shares.
Appears in 2 contracts
Samples: Master Repurchase Agreement, Master Repurchase Agreement (loanDepot, Inc.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage; with respect to each Co-op Loan, each Assignment of Lease Agreement creates a valid, enforceable and subsisting first security interest in the collateral securing the related Mortgage Note subject only to (a) the lien of the related Co-op Corporation for unpaid assessments representing the obligor's pro rata share of the Co-op Corporation’s payments for its blanket mortgage, current and future real property taxes, insurance premiums, maintenance fees and other assessments to which like collateral is commonly subject and (b) other matters to which like collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Assignment of Lease Agreement; provided, however, that the appurtenant Proprietary Lease may be subordinated or otherwise subject to the lien of any mortgage on the Co-op Project;
Appears in 2 contracts
Samples: Flow Master Seller’s Warranties and Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S1), Flow Master Seller’s Warranties and Servicing Agreement (JPMMT 2007-A6)
Valid First Lien. The Mortgage is properly recorded (or, as to newly-Originated Mortgage Loans, is in the process of being recorded) and is a valid, subsisting, existing and enforceable and perfected first lien on the Mortgaged Property, Lien with respect to each Mortgage Loan including all buildings improvements thereon, free and improvements on the Mortgaged Propertyclear of all adverse claims, and Liens having priority over the Lien of the Mortgage, subject in all additions, alterations and replacements made at any time cases to the exceptions of title set forth in the title insurance policy with respect to the foregoing. The lien related Mortgage Loan, which exceptions are acceptable to prudent mortgage lending institutions generally and specifically referred to in lender’s title insurance policy that was delivered to the Seller, the exceptions set forth below and such other exceptions to which similar properties are commonly subject and that do not, individually or in the aggregate, materially and adversely affect the benefits of the Mortgage is security intended to be provided by such Mortgage. In addition to the foregoing, such Lien may be subject only to:
to (1i) the lien of current real property taxes and assessments not yet due and payable;
delinquent; (2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording that are acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy that was delivered to the originator of the Mortgage Loan Seller and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which that do not adversely affect the Appraised Value of purchase by, or the Mortgaged Property set forth in such appraisalpurchase price to be paid by, the Approved Takeout Investor; and
and (3iii) other matters to which like properties are commonly subject which that do not individually or in the aggregate materially interfere with and adversely affect the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting existing and enforceable first lien and first priority security interest securing the related Mortgage Loan on the property described therein and the Company Seller has full right to sell and assign the same related Mortgage Assets to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Administrative Agent.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Valid First Lien. The Each Mortgage is a valid, subsisting, enforceable valid and perfected subsisting first lien on a single parcel of real estate included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the related Mortgage Loan, which exceptions are generally acceptable to prudent mortgage lending companies, the exceptions set forth below and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage is subject only to:
(1i) the lien of current real property taxes and assessments not yet due and payable;delinquent.
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoingforegoing and with respect to Cooperative Mortgage Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to:: and payable;
(1) a. the lien of current real property taxes and assessments not yet due and payable;due
(2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's Buyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement (Stonegate Mortgage Corp)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoingforegoing and with respect to Cooperative Mortgage Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to:
(1) a. the lien of current real property taxes and assessments not yet due and payable;
(2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 1 contract
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1a) the lien of current real property taxes and assessments not yet due and payable;
(2b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Originator has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-F1)
Valid First Lien. The On each Purchase Date, with respect to a Mortgage Loan, the related Mortgage is a valid, subsisting, enforceable and perfected first lien and first priority security interest on the Mortgaged Property, as set forth on the Mortgage Loan Schedule, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1a) the lien of current real property taxes and assessments not yet due and payable;
(2b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value appraised value of the Mortgaged Property set forth in such appraisal; and
(3c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreementSecurity Agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority perfected security interest on the property described therein and the Company Seller has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 1 contract
Samples: Master Repurchase Agreement (Hanover Capital Mortgage Holdings Inc)
Valid First Lien. The Except with respect to a Mortgage Loan that is a GNMA EBO where the related Mortgaged Property has been sold to a third party and the FHA Mortgage Insurance claim proceeds have not yet been received, the Mortgage is a valid, subsisting, enforceable and perfected with respect to each first lien Mortgage Loan, first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:to (collectively, “Permitted Encumbrances”):
(1) a. the lien of current real property taxes and assessments not yet due and payable;
(2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and;
(3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Administrative Agent.
Appears in 1 contract
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1i) the lien of current real property taxes and assessments not yet due and payable;
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien Lien on the Mortgaged Property, Property including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. There is no delinquent tax or assessment Lien against the Mortgaged Property, and the Seller has paid all property tax bills. The lien Lien of the Mortgage is subject only to:
(1a) the lien Lien of current real property taxes and assessments not yet due and payable;
(2b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and and: (i) referred to or to otherwise considered in the appraisal made for the originator of Appraisal relating to the Mortgage Loan Loan; or (ii) which that do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisalAppraisal; and
(3c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and perfected first priority security interest Lien on the property Mortgaged Property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyers in accordance with the Requirements of Law and any and all Sch. 1-4 LEGAL02/41080625v5 LEGAL02/41080625v8 contractual obligations. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, unless otherwise indicated, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien Lien subordinate to the lien Lien of the Mortgage;.
Appears in 1 contract
Valid First Lien. The Mortgage is a valid, subsisting, subsisting and enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien Lien on the Mortgaged Property, Property including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien Lien of the Mortgage is subject only to:
(1a) the lien Lien of current real property taxes Taxes and assessments not yet due and payablepayable or that are being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided;
(2b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and and: (i) referred to or to otherwise considered in the appraisal made for the originator of Appraisal relating to the Mortgage Loan Loan; or (ii) which that do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisalAppraisal; and
(3c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and perfected first priority security interest Lien on the property Mortgaged Property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyer in accordance with the Requirements of Law and any and all contractual obligations. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, unless otherwise indicated, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien Lien subordinate to the lien Lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement (Caliber Home Loans, Inc.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest with respect to each first lien Mortgage Loan, in each case, on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) . the lien of current real property taxes and assessments not yet due and payable;
(2) . covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's Buyer’s title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisalLoan; and
(3) . other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates with respect to each first lien mortgage loan, a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to Buyer. Other than with respect to another lien that confirms that such lien is subordinate to the Purchaser. The lien of the Mortgage Loan, the Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;on such Mortgaged Property.
Appears in 1 contract
Samples: Master Repurchase Agreement (Angel Oak Mortgage, Inc.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage; with respect to each Co-op Loan, each Assignment of Lease Agreement creates a valid, enforceable and subsisting first security interest in the collateral securing the related Mortgage Note subject only to (a) the lien of the related Co-op Corporation for unpaid assessments representing the obligor's pro rata share of the Co-op Corporation's payments for its blanket mortgage, current and future real property taxes, insurance premiums, maintenance fees and other assessments to which like collateral is commonly subject and (b) other matters to which like collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Assignment of Lease Agreement; provided, however, that the appurtenant Proprietary Lease may be subordinated or otherwise subject to the lien of any mortgage on the Co-op Project;
Appears in 1 contract
Samples: Flow Master Seller's Warranties and Servicing Agreement (Sunset Financial Resources Inc)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected with respect to each first lien Transaction Mortgage Loan, first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) a. the lien of current real property taxes and assessments not yet due and payable;; LEGAL02/37648106v16
(2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Transaction Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Transaction Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and;
(3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Transaction Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company applicable Seller Party has full right to sell pledge and assign the same to the PurchaserAdministrative Agent. The Mortgaged Property was not, as of the date of origination of the Transaction Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Valid First Lien. The Each Mortgage is a valid, subsisting, enforceable and perfected first lien of record on a single parcel of real estate constituting the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, Property and all additions, alterations and replacements made at any time with respect to the foregoingtime. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority security interest on the property described therein and the Company Ameriquest has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp. Gsamp Trust 2004-He2)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged PropertyProperty . Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage; with respect to each Co-op Loan, each Assignment of Lease Agreement creates a valid, enforceable and subsisting first security interest in the collateral securing the related Mortgage Note subject only to (a) the lien of the related Co-op Corporation for unpaid assessments representing the obligor's pro rata share of the Co-op Corporation's payments for its blanket mortgage, current and future real property taxes, insurance premiums, maintenance fees and other assessments to which like collateral is commonly subject and (b) other matters to which like collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Assignment of Lease Agreement; provided, however, that the appurtenant Proprietary Lease may be subordinated or otherwise subject to the lien of any mortgage on the Co-op Project;
Appears in 1 contract
Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;, except as set forth in the Mortgage Loan Schedule.
Appears in 1 contract
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first priority lien and perfected first priority security interest on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) a. the lien of current real property taxes and assessments not yet due and payable;
(2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's Buyer’s title insurance policy delivered to the originator of the Purchased Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal appraisal, if any, made for the originator of the Purchased Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal, if any; and
(3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Purchased Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Purchased Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Valid First Lien. The Each Mortgage is a valid, subsisting, enforceable valid and perfected subsisting first lien on a single parcel of real estate included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the related Loan, which exceptions are generally acceptable to prudent mortgage lending companies, the exceptions set forth below and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;delinquent.
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien Lien on the Mortgaged Property, Property including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. There is no delinquent tax or assessment Lien against the Mortgaged Property, and the Seller has paid all property tax bills. The lien Lien of the Mortgage is subject only to:
(1a) the lien Lien of current real property taxes and assessments not yet due and payable;
(2b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and and: (i) referred to or to otherwise considered in the appraisal made for the originator of Appraisal relating to the Mortgage Loan Loan; or (ii) which that do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisalAppraisal; and
(3c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and perfected first priority security interest Lien on the property Mortgaged Property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyer in accordance with the Requirements of Law and any and all contractual obligations. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, unless otherwise indicated, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien Lien subordinate to the lien Lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement (Stonegate Mortgage Corp)
Valid First Lien. The Each Mortgage is a valid, subsisting, enforceable valid and perfected subsisting first lien of record on a single parcel of real estate constituting the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time time, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the foregoingrelated Mortgage Loan, which exceptions are generally acceptable to prudent mortgage lending companies, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. In no event shall any Mortgage Loan be in a lien position more junior than a second lien. The lien of the Mortgage is subject only to:
(1i) the lien of current real property taxes and assessments not yet due and payable;
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) specifically referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection LEGAL02/33574838v9 Sch. 3-3 with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable perfected first lien and first priority security interest on the property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Valid First Lien. The Each Mortgage is a valid, subsisting, enforceable valid and perfected subsisting first lien on a single parcel of real estate included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing, subject in all cases to the exceptions to title set forth in the title insurance policy with respect to the related Mortgage Loan, which exceptions are generally acceptable to prudent mortgage lending companies, the exceptions set forth below and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage. The lien of the Mortgage is subject only to:: Sch. 1-5 LEGAL02/43731153v4
(1i) the lien of current real property taxes and assessments not yet due and payable;delinquent.
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and first priority security interest on the property described therein and the Company a Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien Lien on the Mortgaged Property, Property including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. There is no delinquent tax or assessment Lien against the Mortgaged Property, and the applicable Seller has paid all property tax bills. The lien Lien of the Mortgage is subject only to:
(1a) the lien Lien of current real property taxes and assessments not yet due and payable;
(2b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and and: (i) referred to or to otherwise considered in the appraisal made for the originator of Appraisal relating to the Mortgage Loan Loan; or (ii) which that do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisalAppraisal; and
(3c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and perfected first priority security interest Lien on the property Mortgaged Property described therein and the Company applicable Seller has full right to sell and assign the same to the PurchaserBuyer in accordance with the Requirements of Law and any and all contractual obligations. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, unless otherwise indicated, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien Lien subordinate to the lien Lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement (Impac Mortgage Holdings Inc)
Valid First Lien. The Mortgage is a valid, subsisting, ---------------- enforceable and perfected first lien on the Mortgaged Property. Where the Mortgaged Property consists of residential real estate, including the lien includes all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such building, and all additions, alterations alterations, and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1) the lien of current real property taxes and assessments not yet due and payable;
(2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein Mortgaged Property and any additional collateral for the Mortgage Loan and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Samples: Mortgage Loan Sale, Warranties and Servicing Agreement (Structured Asset Securities Corporation)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoingforegoing and with respect to Cooperative Mortgage Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to:
(1) a. the lien of current real property taxes and assessments not yet due and payable;
(2) b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's Buyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 1 contract
Samples: Master Repurchase Agreement (Caliber Home Loans, Inc.)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien Lien on the Mortgaged Property, Property including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. There is no delinquent tax or assessment Lien against the Mortgaged Property, and the Seller has paid all property tax bills. The lien Lien of the Mortgage is subject only to:
(1a) the lien Lien of current real property taxes and assessments not yet due and payable;
(2b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions Institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and and: (i) referred to or to otherwise considered in the appraisal made for the originator of Appraisal relating to the Mortgage Loan Loan; or (ii) which that do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisalAppraisal; and
(3c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and perfected first priority security interest Lien on the property Mortgaged Property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyer in accordance with the Requirements of Law and any and all contractual obligations. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, unless otherwise indicated, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien Lien subordinate to the lien Lien of the Mortgage;.
Appears in 1 contract
Valid First Lien. The Mortgage is a valid, subsisting, subsisting and enforceable and perfected first lien on the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1i) the lien of current real property taxes and special assessments not yet due and payable;
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to mortgage lending institutions generally and specifically referred to in the lender's title insurance policy delivered to the originator of the Mortgage Loan and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which that do not adversely affect the Appraised Value appraised value of the Mortgaged Property set forth in such appraisal;
(iii) in the case of a Mortgaged Property that is a condominium or an individual unit in a planned unit development, liens for common charges permitted by statute; and
(3iv) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured debt Buyer or other security instrument creating a lien subordinate to the lien of the Mortgage;its designee (including Custodian).
Appears in 1 contract
Samples: Letter Agreement (American Home Mortgage Investment Corp)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected (a) with respect to each first lien Mortgage Loan, first priority lien and first priority security interest, on the real property included in the Mortgaged Property, including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(1i) the lien of current real property taxes and assessments not yet due and payable;
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage ‘ lending institutions generally and specifically referred to in the lender's Buyer’s title insurance policy delivered to the originator of the Mortgage Loan and (ia) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (iib) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company Seller has full right to sell pledge and assign the same to the PurchaserBuyer. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Valid First Lien. The Each Mortgage is evidences a valid, subsisting, enforceable and perfected first lien on the related Mortgaged Property, including all buildings and improvements on the Mortgaged Property, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:
(: 1) the lien liens of current real property taxes and assessments not yet due and payable;
(, and, if the related Mortgaged Property is a condominium unit, any lien for common charges permitted by statute; 2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording of such Mortgage acceptable to mortgage lending institutions generally and in the area in which the related Mortgaged Property is located or specifically referred to in the lender's -s title insurance policy or attorney-s opinion of title and abstract of title delivered to the originator of the such Mortgage Loan Loan; and (i) referred to or to otherwise considered in the appraisal made for the originator of the Mortgage Loan or (ii) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; and
(3) other matters to which like properties are commonly subject which do not not, individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Company has full right to sell and assign the same to the Purchaser. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien subordinate to the lien of of, the Mortgage;.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corporation)
Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected first lien Lien on the Mortgaged Property, Property including all buildings and improvements on the Mortgaged PropertyProperty and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. There is no delinquent tax or assessment Lien against the Mortgaged Property, and the Seller has paid all property tax bills. The lien Lien of the Mortgage is subject only to:
(1i) the lien Lien of current real property taxes and assessments not yet due and payable;
(2ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender's ’s title insurance policy delivered to the originator of the Mortgage Loan and and: (i) referred to or to otherwise considered in the appraisal made for the originator of Appraisal relating to the Mortgage Loan Loan; or (ii) which that do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisalAppraisal; and
(3iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the mortgage Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting subsisting, enforceable and enforceable first lien and perfected first priority security interest Lien on the property Mortgaged Property described therein and the Company Seller has full right to sell and assign the same to the PurchaserBuyers in accordance with the Requirements of Law and any and all contractual obligations. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, unless otherwise indicated, subject to a mortgage, deed of trust, deed to secured secure debt or other security instrument creating a lien Lien subordinate to the lien Lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement (Home Point Capital Inc.)
