Additional Collateral Mortgage Loan definition
Examples of Additional Collateral Mortgage Loan in a sentence
With respect to any Additional Collateral Mortgage Loan, the Additional Collateral Servicer shall cause to be filed in the appropriate recording office a Form UCC-3 giving notice of the assignment of the related security interest to the Trust Fund and shall thereafter cause the timely filing of all necessary continuation statements with regard to such financing statements.
MLMI acknowledges that it shall no longer be afforded coverage under the terms and provisions of the Surety Bond as to any particular Additional Collateral Mortgage Loan at such time as MLCC's obligation to administer such Additional Collateral Mortgage Loan terminates pursuant to the terms of the related Pledge Agreement.
If the Additional Collateral Servicer informs the Trustee that a Required Surety Payment is payable pursuant to the Surety Bond, with respect to any Additional Collateral Mortgage Loan, the Trustee shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall return such notice to the Additional Collateral Servicer for submission to the Surety Bond Issuer.
For good and valuable consideration, receipt of which is hereby acknowledged, Seller hereby sells, transfers, assigns, sets over and conveys to Purchaser without recourse all of Seller's right, title and interest in and to each pledge agreement and control agreement securing any Additional Collateral Mortgage Loan listed on such Final Mortgage Loan Schedule.
In addition, if an Additional Collateral Mortgage Loan becomes a defaulted Mortgage Loan, Servicer shall make all reasonable efforts to realize upon the Additional Collateral pertaining to such Mortgage Loan, and any proceeds from the realization thereof (and not such Additional Collateral itself) shall be included in the related Liquidation Proceeds and deposited in the Custodial Account, net of any related Servicing Advances.