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 a Residential Mortgage that is:

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:

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of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor Servicer).

• 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of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor Servicer).

• Any successor to the Servicer shall be subject to the approval of the Master Servicer and the NIMS Insurer 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of the MERS system (if any of the Mortgage Loans are MERS Eligible Mortgage Loans, unless such Mortgage Loans are withdrawn from MERS and Assignments of Mortgage are recorded in favor of the Trustee at the expense of the successor Servicer).

• Any successor to the Servicer shall be subject to the approval of the Master Servicer and the NIMS Insurer and, to the extent required by the Trust Agreement, 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 Master Servicer instructs the Servicer to record Assignments of Mortgage (but in no event more than 30 days thereafter except to the extent delays are caused by the applicable recording office), the Servicer, at the Servicer's expense, 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 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 any mortgage, deed of trust, or other security instrument held by an Institutional Lender.

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, 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 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 each Mortgage Interest where (i) the requirements of Section 2.16 in respect of such Mortgage Interest are met, (ii) except in the case of Mortgaged Properties that consist of Medical Office Assets or Clinics, 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, (iii) except in the case of Mortgaged Properties that consist of Medical Office Assets or Clinics, there has been no Cash Flow Event with respect to such Mortgaged Property , and in the case of Mortgaged Properties consisting of Medical Office Assets or Clinics, the Notional Interest Cover Ratio is met, (iv) except in the case of Mortgaged Properties that consist of Medical Office Assets or Clinics, 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, and (v) such Mortgage Interest is not subject to a Lien otherwise permitted pursuant to Section 6.9(i) or 6.9 (iv).

Eligible Mortgage means a loan (A) that is secured primarily by residential or commercial real property, (B) that, when originated or acquired by the IDI and if combined