Eligible Mortgages definition

Eligible Mortgages means loans secured by (i) mortgages over real property (fastigheter) intended for residential, agricultural, office or commercial purposes or site leasehold rights (tomträtter) intended for residential, office or commercial purposes, (ii) pledges over tenant-owner rights (bostadsrätter), or (iii) comparable security interests over equivalent assets situated in other countries within the European Economic Area.
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Eligible Mortgages means, subject to Section 4.12, Mortgages which secure Eligible Mortgage Loans, and which: (a) create a valid first lien (except for tax liens for taxes which are not delinquent at the time the Mortgage becomes part of the Pledged Property, other matters to which like properties are commonly subject which neither individually nor in the aggregate materially interfere with the benefits of the security intended to be provided by such Mortgages, and standard exceptions and exclusions in title insurance policies) on Residential Real Estate; (b) are duly recorded in the office of the proper recording officer in the State in which the real property described in such Mortgages is located to reflect of record that the Issuer (or one of its Affiliates) is the mortgagee or the beneficiary of the deed of trust; and (c) are covered by (i) title insurance policies insuring (A) that the title to the premises described in each such Mortgage is vested in the mortgagor or grantor therein named, (B) against unmarketability of such title, and (C) that such Mortgage is a first lien on said premises (except for the lien of general and special taxes and assessments on the property in question which were not delinquent at the date of the title insurance policy, other matters to which like properties are commonly subject which neither individually nor in the aggregate materially interfere with the benefits of the security intended to be provided by such Mortgage, and the standard exceptions and exclusions in such policies), and the amount payable to the mortgagee or the assignee of the mortgagee under each such policy is at least as great as the outstanding principal amount payable under the Mortgage Loan secured by such Mortgage, or (ii) an Opinion of Counsel stating that such Mortgage constitutes a first lien on the premises described in such Mortgage, which Opinion of Counsel may be subject to the exceptions set forth in clause (i)(C) above.
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Eligible Mortgages means those Mortgages selected for investment and management in the Mortgage Portfolio by the Mortgage Manager.
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Examples of Eligible Mortgages in a sentence

  • In addition, SMC Eligible Mortgages, (i) if delivered under MBS Delivery, must be delivered under Pool Purchase Contract no.

  • Note: SMC Eligible Mortgages and Non-SMC Mortgages may NOT be delivered under the same Pool Purchase Contract (if delivered under MBS Delivery), or under the same seller/servicer branch no.

  • RMST's current criteria for Eligible Mortgages is attached as Appendix 8.

  • As of any date of determination, Eligible Assets and Eligible Mortgages that are held by a Loan Party as of such date; provided that Borrowing Base Assets as of any date of determination shall include assets that will become Eligible Assets or Eligible Mortgages substantially concurrently with the funding of any Loan on such date.

  • The outstanding balance of the aggregate purchase prices paid to the Company by the Warehouse Purchasers for Eligible Mortgages (including Second Lien Mortgages and Bulk Purchase Mortgages, if any) which have not yet been sold to an Investor shall not exceed the Purchase Limit at any time.

  • In its sole discretion, RMST may advance funds to the Company, in the case of Eligible Mortgages purchased after the Company has closed them, or to the Closer, in all other instances, to pay amounts relating to the origination of a Mortgage.

  • For SMC Eligible Mortgages, individual loan mortgage insurance providing 35% coverage is required on all Mortgages where the LTV is above 80%.

  • Nevertheless, SMC Eligible Mortgages may be delivered under the same Pool Purchase Contract or the same seller/servicer branch no.

  • For SMC Eligible Mortgages, individual loan mortgage insurance providing 35% coverage is required.

  • Xxxxxx Xxx anticipates that all SMC Eligible Mortgages will be delivered for coverage under SMC.


More Definitions of Eligible Mortgages

Eligible Mortgages means mortgagees whose mortgages are eligible for purchase by the Federal National Mortgage Association.
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Eligible Mortgages means, subject to Section 4.12, Mortgages which secure Eligible Mortgage Loans, and which: (a) create a valid first lien (except for tax liens for taxes which are not delinquent at the time the Mortgage becomes part of the Pledged Property, other matters to which like properties are commonly subject which neither individually nor in the aggregate materially interfere with the benefits of the security intended to be provided by such Mortgages,
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Eligible Mortgages. Mortgages held by "Eligible Mortgage Holders".
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Eligible Mortgages means loans secured by mortgages over residential and commercial real property (Sw.
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Eligible Mortgages the meanings specified in Section 3.2(C). Eligible Notes Receivable(s): the meaning specified in Section 3.
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Related to Eligible Mortgages

  • Eligible Mortgagee means the holder of a security interest on a unit that has filed with the secretary of the association a written request that it be given copies of notices of any action by the association that requires the consent of mortgagees.

  • Eligible Mortgage Loan means a Mortgage Loan (including a Wet Funded Loan) with respect to which each of the following statements shall be accurate and complete (and Borrower, by including such Mortgage Loan in any computation of the Borrowing Base, shall be deemed to so represent and warrant to the Lenders as of the date of such computation):

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • Existing Mortgages means any mortgage, deed of trust or deed delivered pursuant to the Existing Credit Agreement including any amendments, modifications, restatements or assignments thereof.

  • Non-MERS Eligible Mortgage Loan Any Mortgage Loan other than a MERS Eligible Mortgage Loan.

  • Additional Mortgaged Property has the meaning assigned to that term in subsection 6.9.

  • Mortgages means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed and delivered by Borrower or its Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber the Real Property Collateral.

  • REMIC Eligible Mortgage Loan A Mortgage Loan held by a REMIC which satisfies and/or complies with all applicable REMIC Provisions.

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.

  • Fee Mortgage Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar document creating or evidencing a lien on Landlord’s interest in the Leased Property or any portion thereof (or an indirect interest therein, including without limitation, a lien on direct or indirect interests in Landlord) in accordance with the provisions of Article XXXI hereof.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • Existing Mortgage has the meaning specified in Section 5.02(a)(vi).

  • Eligible Substitute Mortgage Loan With respect to a Mortgage Loan substituted by the Transferor for a Deleted Mortgage Loan, a Mortgage Loan which must, on the date of such substitution, (i) have a Principal Balance, (or, in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Principal Balance), not in excess of, and not more than 10% less than the Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (v) comply with each representation and warranty set forth in Section 2.03 hereof; (vi) be the same credit grade category as the Deleted Mortgage Loan; (vii) have the same prepayment penalty term; and (viii) not be a Cooperative Mortgage Loan unless the Deleted Mortgage Loan was a Cooperative Mortgage Loan.

  • Blanket Mortgage The mortgage or mortgages encumbering a Cooperative Property.

  • Security Agreement Collateral means all "Collateral" as defined in the Security Agreement.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Underlying Mortgaged Property With respect to each Co-op Loan, the underlying real property owned by the related residential cooperative housing corporation.

  • Facility Mortgage As defined in Section 13.1.

  • Collateral Instruments means notes, bills of exchange, certificates of deposit and other negotiable and non-negotiable instruments, guarantees and any other documents or instruments which contain or evidence an obligation (with or without security) to pay, discharge or be responsible directly or indirectly for, any Indebtedness or liabilities under this Agreement and includes Encumbrances;

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • Security Agreements means the U.S. Security Agreement and the Canadian Security Agreement.

  • Collateral Assignments means, collectively, the Assignment of the Development Agreement, and the Assignment of Management Agreement, the Assignment of the Right to Receive Tax Credits, Capital Contributions and Partnership Interests, each in form and substance satisfactory to the Significant Bondholder and the Financial Monitor and as each may be amended or supplemented from time to time with the prior written consent of the Significant Bondholder.

  • Additional Mortgage shall have the meaning assigned to such term in Section 5.10(c).

  • Group I Mortgage Loans The Mortgage Loans identified on the Mortgage Loan Schedule as Group I Mortgage Loans.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.