Valid Lien. The related Mortgage is properly recorded and is a valid, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect the Appraised Value of the Mortgaged Property, (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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 13 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2007-Ar7), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar7)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected first lien and first priority security interest with respect to each (if the Mortgage Loan which is indicated by the Seller to be a First Lien first lien Mortgage Loan on the Loan Purchase Detail) or second lien (as reflected on if the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected second lien Mortgage Loan on the Mortgage Loan Schedule), in either case, Purchase Detail) on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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, and the Mortgaged Property is owned by the Mortgagor in fee simple or is a leasehold estate, subject only to to:
(a) if the Mortgage Loan is indicated by Seller to be a second lien Mortgage Loan on the Loan Purchase Detail, a prior mortgage lien on the Mortgaged Property;
(b) the lien of current real property taxes and assessments not yet due and payable, ;
(bc) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 and
(i) referred to or 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, Property set forth in such appraisal; and
(cd) other matters to which like properties are commonly subject to which do not individually or in the aggregate 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 and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each (if the Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected first lien Mortgage Loan on the Mortgage Loan SchedulePurchase Detail) or (B) second lien and second priority security interest with respect to each (if the Mortgage Loan which is indicated by the Seller to be a Second Lien second lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, Purchase Detail) on the property Mortgaged Property described therein therein, and the Seller has full right to sell and assign the same to the PurchaserMBF. All tax identifications and property descriptions are legally sufficient; and tax segregations, where required, have been completed. The Mortgaged Property was is not, and as of the date of the origination of the Mortgage LoanLoan was not, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;, except to the extent permitted by the Takeout Investor under any applicable Takeout Commitment.
Appears in 3 contracts
Samples: Mortgage Loan Repurchase Agreement (Sirva Inc), Mortgage Loan Purchase and Sale Agreement (National Credit & Guaranty CORP), Multifamily and Health Care Mortgage Loan Repurchase Agreement (Municipal Mortgage & Equity LLC)
Valid Lien. The related Mortgage is properly recorded and the Mortgage and, with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares, is a valid, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect the Appraised Value of the Mortgaged Property, (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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure 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 2006-4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar1)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan ScheduleData Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to: (a1) the lien of current real property taxes and assessments not yet due and payable, ; (b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property, Property set forth in such appraisal; (c3) 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 Property; and (d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan Schedule) Data Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 2 contracts
Samples: Master Loan and Security Agreement (Aames Investment Corp), Master Loan and Security Agreement (Aames Financial Corp/De)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan ScheduleData Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s Lender's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan Schedule) Data Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 2 contracts
Samples: Master Loan and Security Agreement (Aames Financial Corp/De), Warehouse Loan and Security Agreement (Aames Financial Corp/De)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), real property included in either case, on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property, Property set forth in such appraisal; and
(c3) 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 and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 2 contracts
Samples: Master Repurchase Agreement (PHH Corp), Master Repurchase Agreement (PHH Corp)
Valid Lien. The related Other than with respect to Second Lien Mortgage is properly recorded and Loans, the Mortgage is a valid, existing subsisting, enforceable and enforceable (A) perfected first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected Loan, on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property 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. With respect to Second Lien Mortgage Loan Schedule)Loans, or (B) the Mortgage is a valid, subsisting, enforceable and perfected second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on Loan. The lien of the Mortgage Loan Schedule), in either case, on the Mortgaged Property, including all improvements on the Mortgaged Property is subject only to (a) to:
a. the lien of current real property taxes and assessments not yet due and payable, (b) ;
b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderBuyer’s title insurance policy delivered to the originator of the Mortgage Loan and which do not adversely affect the Appraised Value of the Mortgaged Property, (c) Loan;
c. 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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) Property; and
d. with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected Loans, the first lien Mortgage on the Mortgage Loan Schedule) a First Lien on the such 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) interest, or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (interest, as reflected on the Mortgage Loan Schedule), in either caseapplicable, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 2 contracts
Samples: Master Repurchase Agreement (Angel Oak Mortgage, Inc.), Master Repurchase Agreement (Angel Oak Mortgage, Inc.)
Valid Lien. The related Mortgage is properly recorded or has been sent for recording and is a valid, existing and enforceable (Aa) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule)Lien, or (Bb) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule)second lien, in either case, on the Mortgaged Property, Property including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect the Appraised Value of the Mortgaged Property, (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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing and enforceable (Aa) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (Bb) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule)Loan, in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-15)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending Schedule 1-3 55 institutions generally and specifically referred to in the lender’s 's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal; or
(c3) 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 and Property;
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape) a First Lien single prior mortgage lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) Tape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Loan and Security Agreement (BNC Mortgage Inc)
Valid Lien. The related Mortgage is properly recorded and is (or with respect to a Wet Loan shall upon recordation be) a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan ScheduleData Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is (or with respect a Wet Loan upon funding shall be) subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s Lender's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan Schedule) Data Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Except with respect to any First Lien Mortgage Loan which was originated in connection with a Concurrent Second Lien 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Warehouse Loan and Security Agreement (Aames Financial Corp/De)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan (including any Negative Amortization which may arise thereunder) which is indicated by the Seller to be a First Lien first lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan (including any Negative Amortization which may arise thereunder)which is indicated by the Seller to be a Second Lien second lien (as reflected on the Mortgage Loan Schedule), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 a Co-op Loan) is subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 or the use, enjoyment, value or marketability of the related Mortgaged Property;
(4) in the case of a Mortgaged Property and that is a condominium or an individual unit in a planned unit development, liens for common charges permitted by statute; and
(d5) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage second lien Loan (as reflected on the Mortgage Loan Schedule) a First Lien first lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien Loan (as reflected on the Mortgage Loan Schedule) ), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure 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 Proprietary Lease creates a valid, enforceable and subsisting first security interest in the collateral securing the related Mortgage Note and with respect to Co-op Loans, the Proprietary Lease and the Co-op Shares 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 Proprietary Lease; 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: Master Repurchase Agreement (MortgageIT Holdings, Inc.)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable (except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws effecting creditors' rights generally and enforceable by general principles of equity) and perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), Tape) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan ScheduleTape), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being exceptions to title acceptable to mortgage lending institutions generally and specifically referred to in the lender’s Seller's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not materially and adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape) a First Lien on the 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, existing and enforceable .
(A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the a Seller to be a First Lien (as reflected on the Mortgage Loan ScheduleTape) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the a Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the such 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 1 contract
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien first lien (as reflected on the Mortgage Loan Schedule), Tape) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien (as reflected on the Mortgage Loan ScheduleTape), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 the items listed in (a1), (2) and (3) below (the "Permitted Liens"):
(1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape) a First Lien first lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien first lien (as reflected on the Mortgage Loan ScheduleTape) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the Seller such Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Loan and Security Agreement (Doral Financial Corp)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect the Appraised Value of the Mortgaged Property, (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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Samples: Master Mortgage Loan Purchase and Interim Servicing Agreement (Luminent Mortgage Trust 2007-2)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected lien (A) and with respect to each first lien Mortgage Loan, a first priority lien and first priority security interest interest, and with respect to each a Second Lien Mortgage Loan which is indicated by the Seller to be Loan, a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second priority lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected interest) on the Mortgage Loan Schedule), real property included in either case, on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 (a) to:
a. the lien of current real property taxes and assessments not yet due and payable, (b) ;
b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderrelated Buyer’s title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal;
c. with respect to a Second Lien Mortgage Loan, the first lien on the Mortgaged Property, (c) ; and
d. 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 and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest (or solely with respect to each a Second Lien Mortgage Loan which is indicated by the Seller to be Loan, a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, interest) on the property described therein and the Seller has full right to sell pledge and assign the same to Buyers or Administrative Agent. Other than with respect to a Second Lien Mortgage Loan or 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 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 (Caliber Home Loans, Inc.)
Valid Lien. The related Mortgage is properly recorded and (including any Negative Amortization which may arise thereunder) is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) ), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement (American Home Mortgage Investment Corp)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected with respect to each first lien Mortgage Loan, first priority lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected interest, on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), real property included in either case, on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 the following (acollectively, “Permitted Encumbrances”):
(i) the lien of current real property taxes and assessments not yet due and payable, ;
(bii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally and specifically referred to in the lenderBuyer’s title insurance policy or title commitment delivered to the originator Originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the Originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal; and
(ciii) 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 and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Valid Lien. The related Each Mortgage is properly recorded a valid and is a valid, existing and enforceable subsisting First Lien (A) first lien and first priority security interest or with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected Loan, a Second Lien) on the Mortgage Loan Schedule), a single parcel or multiple contiguous parcels of real estate included in either case, on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property 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 only 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 to:
(ai) the lien of current real property taxes and assessments not yet due and payable, delinquent.
(bii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal; and
(ciii) 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 Property, and which will not prevent realization of the full benefits of any Rural Housing Service Guaranty; and
(div) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on Loans, the Mortgage Loan Schedule) a First Lien on the Mortgaged Propertyrelated first lien Mortgage. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing subsisting, enforceable and enforceable (A) first lien First Lien and first priority security interest (or with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule)Loan, in either case, Second Lien) on the property described therein and the 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 secure 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 Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable (except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws effecting creditors' rights generally and enforceable by general principles of equity) and perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Loan Originator to be a First Lien first lien (as reflected on the Mortgage Loan Schedule), ) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Loan Originator to be a Second Lien second lien (as reflected on the Mortgage Loan Schedule), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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: (a1) the lien of current real property taxes and assessments not yet due and payable, ; (b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being exceptions to title 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not materially and adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal; (c3) 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 Property; and (d4) with respect to each Mortgage Loan which is indicated by the Seller Loan Originators to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien first lien on the 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, existing and enforceable .
(A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller a Loan Originator to be a First Lien Loan (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller a Loan Originator to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the Seller such Loan Originator 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Indenture Trustee.
Appears in 1 contract
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Asset Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a an Alabama Second Lien Loan (as reflected on the Mortgage Loan Asset Schedule), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller to be a an Alabama Second Lien Mortgage Loan (as reflected on the Mortgage Loan Asset Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Asset Schedule) ), or (B) second lien Second Lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a an Alabama Second Lien Mortgage Loan (as reflected on the Mortgage Loan Asset Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;, unless otherwise disclosed to Buyer in writing on or prior to the date on which such Loan becomes subject to a Transaction hereunder.
Appears in 1 contract
Samples: Master Repurchase Agreement (Centex Land Vista Ridge Lewisville III General Partner, LLC)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect the Appraised Value of the Mortgaged Property, (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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the Seller has full right to sell and assign the same to the Purchaser. The Unless otherwise set forth in the related Data File, the Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-He3)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable (except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws effecting creditors' rights generally and enforceable by general principles of equity) and perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrowers to be a First Lien (as reflected on the Mortgage Loan Schedule), Tape) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrowers to be a Second Lien (as reflected on the Mortgage Loan ScheduleTape), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being exceptions to title 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not materially and adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing and enforceable ; and
(A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller a Borrower to be a First Lien (as reflected on the Mortgage Loan ScheduleTape) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller a Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the Seller such Borrower 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Lender.
Appears in 1 contract
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected first priority lien and first priority security interest, or junior lien and junior priority security interest with respect to each a Junior Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected Loan, on the Mortgage Loan Schedule)property therein described, or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), real property included in either case, on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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, subject only in all case to the exceptions to title set forth in the title insurance policy with respect to the related Underlying Asset, which exceptions are generally acceptable to prudent mortgage lending companies, the exceptions set forth below and such other exceptions to which similar properties ae 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 to:
(ai) the lien of current real property taxes and assessments not yet due and payable, delinquent;
(bii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 Underlying Asset and (a) referred to or otherwise considered in the appraisal made for the originator of the Underlying Asset or (b) which do not adversely affect the Appraised Value appraised value of the Mortgaged Property set forth in such appraisal;
(iii) in the case of a Junior Mortgage Loan, the senior lien(s) on the Mortgaged Property, ; and
(civ) 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 and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan Underlying Asset establishes and creates a valid, existing subsisting and enforceable (A) first or second priority lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the Seller has Seller’s full right to sell pledge and assign the same to Buyer. Other than with respect to Junior Mortgage Loans, the Purchaser. The related Mortgaged Property was not, as of the date of origination of the Mortgage LoanUnderlying Asset, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), real property included in either case, on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to: (a1) the lien of current real property taxes and assessments not yet due and payable, ; (b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property, Property set forth in such appraisal; and (c3) 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 Schedule 1-A-3 Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected first or second lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), real property included in either case, on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 (a) to:
1. the lien of current real property taxes and assessments not yet due and payable;
2. in the case of any Mortgage Loan with a second lien position, (b) a first lien on such Mortgaged Property and 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 second 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;
3. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, (c) Property set forth in such appraisal; and
4. 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 and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first or second lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Loan and Security Agreement (New Century Financial Corp)
Valid Lien. The related Mortgage is properly recorded and (including any Negative Amortization which may arise thereunder) is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) ), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the Seller has full right to sell pledge and assign the same to the PurchaserBuyer. The Except with respect to any First Lien Loan which was originated in connection with a Concurrent Second Lien 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Repurchase Agreement (Aames Investment Corp)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (Aa) first lien and first priority security interest with respect to each first lien Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule)Loan, perfected first priority lien and perfected first priority security interest, or (Bb) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule)Loan, perfected second priority lien and perfected second priority security interest, in either each case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Mortgage Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to (a) to:
1. the lien of current real property taxes and assessments not yet due and payable, (b) ;
2. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, (c) 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 and (d) Property; and
4. with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected Loan, a first lien on the Mortgage Loan Schedule) a First Lien on 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) with respect to each first lien mortgage loan, a valid, existing subsisting and enforceable (A) first lien and first priority security interest or (b) with respect to each Second Lien Mortgage Loan which is indicated by the Seller to be Loan, a First Lien (as reflected on the Mortgage Loan Schedule) or (B) valid, subsisting and enforceable second priority lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule)interest, in either each case, on the property described therein and the Seller has full right to sell pledge and assign the same to the Purchaser. The Mortgaged Property was not, as Administrative Agent on behalf of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Buyer.
Appears in 1 contract
Samples: Master Repurchase Agreement (Korth Direct Mortgage Inc.)
Valid Lien. The related Mortgage is properly recorded and is for any Loan in Pool A creates a valid, existing subsisting, enforceable and enforceable (A) perfected first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the Mortgaged Property, including and the Mortgage for any Loan in Pool B creates a valid, subsisting, enforceable and perfected second lien on the Mortgaged Property, and in each case includes all improvements buildings on the Mortgaged Property 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 "Permitted Exceptions," which consist of the following:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenantsconvenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect referred to or otherwise considered in the Appraised Value appraisal made for the originator of the Mortgaged Property, Loan;
(c3) 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 and Property; and
(d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule4) a First Lien on valid first lien in the Mortgaged Property. case of Loans in Pool B. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes in Pool A established and creates a valid, existing subsisting, enforceable and enforceable (A) perfected first lien and first priority security interest on the property described therein, and with respect to each Mortgage Loan which is indicated by the Seller to be Pool B a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule)interest, in either case, on the property described therein and the Seller has full right to sell and assign the same to the PurchaserBuyer. The Except as noted on the Loan Schedule, for a Loan in Pool A the Mortgaged Property was not, as of the respective date of origination of the Mortgage LoanLoans in Pool A, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien lien, subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Loan Purchase Agreement (Westmark Group Holdings Inc)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan ScheduleData Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission) a First Lien on the Mortgaged Property. With respect to each Cooperative Loan, each assignment of Proprietary Lease 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 Cooperative Corporation for unpaid assessments representing the obligor's pro rata share of the Cooperative 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 Proprietary Lease; provided, however, that the appurtenant Proprietary Lease may be subordinated or otherwise subject to the lien of any mortgage on the Cooperative Project. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan Schedule) Data Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Loan and Security Agreement (MortgageIT Holdings, Inc.)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable ---------- perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property;
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape) a First Lien prior mortgage lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) Tape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the Seller Borrower 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Lender.
Appears in 1 contract
Samples: Master Loan and Security Agreement (New Century Financial Corp)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape) a First Lien prior first mortgage lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) Tape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Loan and Security Agreement (Hanover Capital Mortgage Holdings Inc)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect the Appraised Value of the Mortgaged Property, (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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage, except if the holder of such subordinate lien has executed a subordination agreement agreeing to make such lien subordinate to the lien created by the Mortgage Loan;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-He1)
Valid Lien. The related Mortgage is properly recorded and is (or with respect to a Wet Loan shall upon recordation be) a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan ScheduleData Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is (or with respect a Wet Loan upon funding shall be) subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s Lender's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien (as reflected on the Mortgage Loan Schedule) Data Transmission), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Warehouse Loan and Security Agreement (Aames Financial Corp/De)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable ---------- perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape) a First Lien prior mortgage lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) Tape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the Seller such Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Loan and Security Agreement (Life Financial Corp)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), in either case, on the Mortgaged Property, including all improvements on the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect the Appraised Value of the Mortgaged Property, (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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, on the property described therein and the 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Opx1)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected Loan, on the Mortgage Loan Schedule), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected on the Mortgage Loan Schedule), real property included in either case, on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the related Mortgaged Property, Property set forth in such appraisal; and
(c3) 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 and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either caseLoan, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Samples: Master Loan and Security Agreement (New York Mortgage Trust Inc)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable (A) perfected with respect to each first lien Mortgage Loan, first priority lien and first priority security interest (and with respect to each a Second Lien Mortgage Loan which is indicated by the Seller to be Loan, a First Lien (as reflected on the Mortgage Loan Schedule), or (B) second priority lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien (as reflected interest) on the Mortgage Loan Schedule), real property included in either case, on the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 (a) to:
a. the lien of current real property taxes and assessments not yet due and payable, (b) ;
b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, (c) Property set forth in such appraisal;
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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) Property;
d. with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on Loan, the Mortgage Loan Schedule) a First Lien first lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest (or solely with respect to each a Second Lien Mortgage Loan which is indicated by the Seller to be Loan, a First Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), in either case, interest) on the property described therein and the Seller 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 Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal; and
(c3) 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 and Property.
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on in the Mortgage Loan ScheduleTape) a First Lien prior mortgage lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) Tape), or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the Seller Borrower 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Lender.
Appears in 1 contract
Samples: Master Loan and Security Agreement (Long Beach Financial Corp)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable (except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws effecting creditors' rights generally and enforceable by general principles of equity) and perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrowers to be a First Lien (as reflected on the Mortgage Loan Schedule), Tape) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller such Borrowers to be a Second Lien (as reflected on the Mortgage Loan ScheduleTape), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being exceptions to title 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 (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not materially and adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrowers to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape) a First Lien on the 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, existing and enforceable .
(A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller a Borrower to be a First Lien (as reflected on the Mortgage Loan ScheduleTape) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller a Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleTape), in either case, on the property described therein and the Seller such Borrower 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 secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;Lender.
Appears in 1 contract
Valid Lien. The related Mortgage is properly recorded Loan has been duly executed and is delivered by the Mortgagor, and the lien created thereby has been duly recorded, or has been delivered to the appropriate governmental authority for recording, and constitutes a valid, existing valid and enforceable perfected (Ai) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the applicable Seller to be a First Lien (as reflected on the Mortgage Loan ScheduleData Transmission), or (Bii) second junior lien and second junior priority security interest with respect to each Mortgage Loan which is indicated by the applicable Seller to be a Second Junior Lien (as reflected on the Mortgage Loan Schedule), Data Transmission) in either case, case on the related Mortgaged Property, including and in each case free and clear of all improvements on Liens (except the Mortgaged Property subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being 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 which do not adversely affect the Appraised Value of the Mortgaged Property, (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 or the use, enjoyment, value or marketability of the related Mortgaged Property and (d) with respect to each Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a First Lien on the Mortgaged PropertyExisting Liens). Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing subsisting and enforceable (Ai) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the applicable Seller to be a First Lien (as reflected on the Mortgage Loan Schedule) Data Transmission), or (Bii) second junior lien and second junior priority security interest with respect to each Mortgage Loan which is indicated by the applicable Seller to be a Second Junior Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, case on the property described therein related Mortgaged Property, and the applicable Seller has full right to sell and assign the same to the Purchaser. The Mortgaged Property was notWith respect to any Cooperative 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 secure 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 Co-op Security Agreement;
Appears in 1 contract
Samples: Transfer and Assignment Agreement (Franklin Credit Holding Corp/De/)
Valid Lien. The related Mortgage is properly recorded and is a valid, existing subsisting, enforceable and enforceable perfected (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule), Data Transmission) or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the real property included in the Mortgaged Property, including all improvements buildings on the Mortgaged Property 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 and with respect to Cooperative Loans, including the Proprietary Lease and the Cooperative Shares. The lien of the Mortgage is subject only to to:
(a1) the lien of current real property taxes and assessments not yet due and payable, ;
(b2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording being acceptable to prudent mortgage lending institutions generally and specifically referred to in the lender’s Lender's title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property, Property set forth in such appraisal;
(c3) 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 and Property; and
(d4) with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) Data Transmission), a First Lien on the 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, existing subsisting and enforceable (A) first lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a First Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) Data Transmission or (B) second lien and second priority security interest with respect to each Mortgage Loan which is indicated by the Seller Borrower to be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan ScheduleData Transmission), in either case, on the property described therein and the Seller Borrower has full right to sell pledge and assign the same to the PurchaserLender. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien subordinate to the lien of the Mortgage;.
Appears in 1 contract
