Eligible Mortgage definition

Eligible Mortgage is Mortgage which meets RMST's criteria for funding under the Warehouse Facility. RMST's current criteria for Eligible Mortgages is attached as Appendix 8. RMST may change the criteria by notice given to the Company.

Eligible Mortgage means (in addition to any First Mortgage or Deed of Trust specifically approved in writing by the Bank) any First Mortgage or Deed of Trust on improved real property owned by a church, other non-profit organization or other entity located within the continental limits of the United States of America or Canada, securing a valid and subsisting Promissory Note, or valid and subsisting Bonds of an issuing church, other non-profit organization or other entity of which the Trust is the legal and equitable owner and holder, provided that:

Eligible Mortgage means a Residential Mortgage that is:

Examples of Eligible Mortgage in a sentence

• Any successor to the Servicer shall be subject to the approval of the Master Servicer and, to the extent required by the Trust Agreement, the Trustee and such successor, shall be a member in good standing of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor Servicer).

• Subject to the preceding sentence, as soon as practicable after the Closing Date or Servicing Transfer Date, as applicable (but in no event more than 90 days thereafter except to the extent delays are caused by the applicable recording office), the Servicer, at the expense of the Seller, shall cause to be properly recorded in each public recording office where such Non-MERS Eligible Mortgage Loans are recorded each Assignment of Mortgage.

• Subject to the preceding sentence, as soon as practicable after the Closing Date or Servicing Transfer Date, as applicable (but in no event more than 90 days thereafter except to the extent delays are caused by the applicable recording office), the Servicer, at the expense of the Depositor, shall cause to be properly recorded in each public recording office where such Non-MERS Eligible Mortgage Loans are recorded each Assignment of Mortgage.

• Any successor to the Servicer shall be subject to the approval of the Master Servicer and, to the extent required by the Trust Agreement, the Trustee, shall be a member in good standing of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor Servicer).

• Subject to the preceding sentence, as soon as practicable after the Closing Date or Servicing Transfer Date, as applicable (but in no event more than 90 days thereafter except to the extent delays are caused by the applicable recording office), the Servicer, at the expense of the Seller on behalf of the Depositor, shall cause to be properly recorded in each public recording office where such Non-MERS Eligible Mortgage Loans are recorded each Assignment of Mortgage.

More Definitions of Eligible Mortgage

Eligible Mortgage means, at any time, any Investment Mortgage (or Mortgage which is intended to be an Investment Mortgage) (A) which complies with any applicable Product Specific Eligibility Criteria at such time; or (B) which has been approved as an Investment Mortgage by MCAN in accordance with Section 2.2(3).

Eligible Mortgage means a Pick-a-Payment mortgage loan that is secured by a 1-4 unit residential property that is the Borrower’s principal residence.

Eligible Mortgage means a residential mortgage, the principal amount of which did not exceed the conforming loan size that was in existence at the time of origination for a comparable dwelling as established by the federal national mortgage association.

Eligible Mortgage means any mortgage, deed of trust, or other security instrument held by an Institutional Lender.

Eligible Mortgage means and refer to a mortgagee, beneficiary under a deed of trust, or lender who has requested notice in writing of certain matters from the Association in accordance with this Declaration.

Eligible Mortgage means each Mortgage Interest; provided that (i) there has been no MAC (other than a MAC which has ceased to be in effect) in respect of the relevant Mortgaged Property (or any Mortgagor or Credit Support Obligor for the applicable Mortgage Interest Agreements) since December 31, 1997 or, if later, the date on which the Borrower or any of its Subsidiaries acquired an interest in such Mortgaged Property, (ii) such Mortgage Interest is not subject to a Lien otherwise permitted pursuant to Section 6.9(i) or 6.9 (iv), (iii) in the case of Mortgaged Properties consisting of Office Assets or Clinics or Mortgaged Properties that have more than one Tenant, the Notional Interest Cover Ratio is met, and (iv) in the case of Mortgaged Properties that do not consist of Office Assets or Clinics or that do not have more than one Tenant, (a) the Mortgagor in respect of such Mortgage Interest is not in default under any payment obligation or in any material respect under any other Contractual Obligation between such Mortgagor and Borrower or any of its Subsidiaries, including without limitation any Mortgage Interest Agreement, any note payable by such Mortgagor to Borrower or any of its Subsidiaries or any Lease, (b) there has been no Cash Flow Event with respect to such Mortgaged Property, and (c) no Credit Support Obligor in respect of such Mortgage Interest is in default under any payment obligation or in any material respect under any other Contractual Obligation of such Credit Support Obligor to Borrower or any of its Subsidiaries, including without limitation any Lease, Mortgage Interest Agreement or Credit Support Agreement.

Eligible Mortgage means an agreement pursuant to which the obligation of Seller to make Contract Payments hereunder (up to a maximum of $40 million) is secured, on terms reasonably satisfactory to Buyer, by a first priority mortgage on the Opryland Hotel located in Nashville, Tennessee (which mortgage may equally and ratably secure Eligible Notes).