Convertible Mortgage Loans definition

Convertible Mortgage Loans. Any Mortgage Loan evidenced by a Mortgage Note that according to its terms is convertible at the option of the Mortgagor from a variable Mortgage Rate to a fixed Mortgage Rate, subject to satisfaction of the conditions set forth in such note.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Convertible Mortgage Loans. With respect to ARM Loan, the Mortgage Loan is not a Convertible Mortgage Loan unless otherwise indicated on and in conformity with the related Mortgage Loan Schedule.

Examples of Convertible Mortgage Loans in a sentence

• There are no Convertible Mortgage Loans which contain a provision allowing the Mortgagor to convert the Mortgage Note from an adjustable interest rate Mortgage Note to a fixed interest rate Mortgage Note.

• Any repurchase of a Convertible Mortgage Loan(s) pursuant to the foregoing provisions of this Section 3.04 shall be accomplished by deposit in the Custodial Account of the amount of said repurchase price for distribution to the Purchaser on the next scheduled Remittance Date.

• The Master Servicer agrees to make such determinations and otherwise administer the Convertible Mortgage Loans as contemplated in the Mortgage Notes until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become Converted Mortgage Loans, and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates.

• The Servicer agrees to make such determinations and otherwise administer the program contemplated in the Mortgage Notes for the Convertible Mortgage Loans until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become Converted Mortgage Loans, and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates.

• There are no Convertible Mortgage Loans which contain a provision allowing the Mortgagor to convert the Mortgage Note from an Adjustable Rate Mortgage Loan to a Fixed Rate Mortgage Loan.

• The Master Servicer agrees to make such determinations and otherwise administer the program contemplated in the Mortgage Notes for the Convertible Mortgage Loans until the later to occur of (i) the date on which all the Convertible Mortgage Loans have become fixed rate Mortgage Loans and (ii) the last date on which Mortgagors have the option to convert the adjustable interest rates on their Mortgage Notes to fixed interest rates or new Indices and related Margins.

• A successor Master Servicer (including, without limitation, the Trustee as a successor Master Servicer ) shall not be obligated to purchase Convertible Mortgage Loans that become Converting Mortgage Loans pursuant to Section 3.04(b) unless, upon becoming a successor Master Servicer, such successor Master Servicer elects in its sole discretion, by giving written notice of such election to the Trustee at or about the time of its succession, to be obligated to make such purchases.

• If guests should fail to comply with the conditions and obligations of this agreement, guests shall surrender the cottage, remove all guests’ property and belongings and leave the cottage in good order and free of damage.

• In addition, the Master Servicer agrees to comply with the provisions of the Mortgage Notes to service the Convertible Mortgage Loans in accordance with the terms of the related Mortgage Notes.

• In addition, the Master Servicer agrees to comply with the provisions of the Mortgage Notes to service the Index Convertible Mortgage Loans and the Convertible Mortgage Loans in accordance with the terms of the related Mortgage Notes.