Examples of Bridge Mortgage Loan in a sentence
A loss in respect of a Bridge Mortgage Loan will not be a Realised Loss and will as a result not be debited to the Principal Deficiency Ledger as on the Principal Deficiency Ledger losses are registered in respect of Mortgage Receivables which back the Notes, other than the Class S Notes and the Class X Notes.
This amount will be credited to the Reserve Account and is the sum of (a) the Reserve Account Second Target Level (including the Negative Carry Amount consisting of (i) the Construction Deposit Negative Carry Amount, (ii) the Pre-funded Account Negative Carry Amount and (iii) the Swap Negative Carry Amount) and (b) the Bridge Mortgage Loan Available Funds on the Closing Date.
Bridge Mortgage Loan are granted by the Originator to the relevant Borrowers to purchase a new house by obtaining a loan to bridge the period the Borrower temporarily owns two properties.
BAC shall not be assessed a Commitment Fee or Non-Use Fee on Bridge Mortgage Loans or Interim Mortgage Loans until such time as a Bridge Mortgage Loan or Interim Mortgage Loan (other than the Grandfathered Loans) becomes subject to a Transaction, and, at such time, the fees payable with respect to Bridge Mortgage Loans and Interim Mortgage Loans, respectively, shall be those set forth in Exhibit I, Part I of this Agreement, as may be amended from time to time by the parties hereto.
Such Mortgage Loan is either an Eligible Cherrywood Mortgage Loan or an Eligible CRE Bridge Mortgage Loan, as applicable, and such Mortgage Loan is secured by a Mortgaged Property located in the contiguous U.S. and that is not an Ineligible Property Type.
With respect to the Interim and Bridge Mortgage Loan portion of the line, an additional Commitment Fee in an amount to be determined by the Sellers and the Buyer shall be payable prior to the Buyer entering into any Transactions with respect to Interim Mortgage Loans or Bridge Mortgage Loans.
With respect to each RTL Mortgage Loan, Cherrywood Mortgage Loan and CRE Bridge Mortgage Loan, the applicable Seller shall hold or cause to be held all related Holdback Amounts (exclusive of the related Non-Segregated Holdback Amounts) not yet disbursed to the related Mortgagor in the applicable Holdback Account and shall apply the same to improve and rehabilitate the related Mortgaged Property in accordance with the related Loan Documents.
To the extent any Mortgage Loan that is subject to a proposed Transaction is a CRE Bridge Mortgage Loan, an RTL Mortgage Loan or an SBC Mortgage Loan, (a) Buyer must approve such Transaction, the related Underwriting Guidelines, the related Seller Provided Diligence Package and expected repurchase strategy related to such Mortgage Loans in writing prior to the proposed Purchase Date and (b) Seller shall deliver any amendments to any Program Agreement as may be required by Buyer.
Indemnify and hold Lender harmless from and against any loss, including reasonable attorneys’ fees and costs, attributable to the failure of any title insurance company, agent or attorney to comply with Borrower’s disbursement or instruction letter relating to any Bridge Mortgage Loan.
With respect to each CRE Bridge Mortgage Loan that is subject to a proposed Transaction, the applicable Seller shall have uploaded to a DebtX site at least five (5) Business Days prior to the proposed Purchase Date all related Loan Documents and all related reports, including, but not limited to each document set forth on Schedule 4 attached hereto.