Examples of Additional Collateral Mortgage Loan in a sentence
Seller acknowledges and agrees that any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Additional Collateral Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest with respect to each Additional Collateral Mortgage Loan on the property described therein and Seller has full right to pledge and assign the same to Buyer.
Schedule 1-A-12 (2) Each Additional Collateral Mortgage Loan is insured under the terms and provisions of a Surety Bond subject to the limitations set forth therein.
The terms of the Note and Mortgage (and the terms of the Additional Collateral with respect to each Additional Collateral Mortgage Loan) have not been impaired, waived, altered or modified in any respect, from the date of origination; except by a written instrument which has been recorded, if necessary to protect the interests of Buyer, and which has been delivered to the Custodian and the terms of which are reflected in the Loan Schedule.
The first Monthly Payment shall have been made prior to the second scheduled Monthly Payment becoming due and if the Loan is an Additional Collateral Mortgage Loan, neither such Loan nor the related Additional Collateral has been dishonored.
Upon the purchase of each Additional Collateral Mortgage Loan, Buyer will acquire a first-priority perfect security interest in the related Securities Account or, if necessary to perfect a first-priority security interest in each asset contained in such Securities Account, a perfected first-priority security interest in each such asset contained in each Securities Account.