Excluded Mortgages definition

Excluded Mortgages means (i) any Single Family Mortgages sold by GMACM to Xxxxxx Mae subsequent to June 30, 2010 or delivered into Xxxxxx Xxx MBS and having an issue date subsequent to June 30, 2010, (ii) any Single Family Mortgages that would otherwise be Covered Mortgages, that violate anti-predatory laws or statutes or related regulations or that otherwise violate other applicable federal, state, and/or local laws and regulations, (iii) any Single Family Mortgages that have non-curable defects in title to the secured property, such as that the lien of the mortgaged property was not as represented and warranted to Xxxxxx Mae at the time of delivery, (iv) any Single Family Mortgages that have curable defects in title to the secured property, unless GMACM pays all necessary funds, or takes or causes to be taken any other actions, to cure such title defects, (v) any Single Family Mortgages that would otherwise be Covered Mortgages and that are part of a group of [***] mortgage loans that had one or more perpetrators (whose acts or omissions were fraudulent) in common for the entire group of such mortgage loans (as used in this section, “perpetrator” shall mean an entity or individual involved in the origination, sale or servicing of a mortgage loan (including without limitation a borrower, mortgage broker, loan officer, appraiser, title or closing agent, etc.)), and (vii) any Single Family Mortgages that are not in [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission compliance with Xxxxxx Xxx Charter Act requirements (including, without limitation, ineligible loans on condotels or impermissible multifamily units, or the absence of required Charter Act credit enhancement) [***]
Sample 1
Excluded Mortgages means Securitised Mortgages, mortgages under the “One Account”, “First Active”, “Virgin One” or “NatWest One” name or brand, any lifetime mortgages or any RBS CAMs (current account mortgages);
Sample 1Sample 2
Excluded Mortgages means the Mortgages set forth on Schedule 4.01(i).
Sample 1

Examples of Excluded Mortgages in a sentence

  • Xxxxxxx Mac reserves all rights to enforce its remedies under this Agreement with respect to Excluded Mortgages.

  • If Seller/Servicer does not submit such a written challenge (together with any applicable non-privileged supporting documentation) within such sixty (60) day period, any and all applicable Settlement Mortgages subject to such Excluded Mortgage Notice shall be conclusively deemed for all purposes to be Excluded Mortgages.

  • Servicer does not challenge (in accordance with the terms hereof) an Excluded Mortgage Notice, or if Xxxxxxx Mac’s determination in the Excluded Mortgage Notice is upheld by the Arbitrator(s), Seller/Servicer shall repurchase and/or pay the make-whole amount(s) for such Excluded Mortgage(s) calculated in accordance with the repurchase provisions set forth in the Purchase Documents.

  • Similarly, average mortgage and time deposits rates fell by 2.03 and 1.10 percentage points, respectively (Table 9).

  • If Seller/Servicer does not give written notice of its intent to arbitrate within the applicable time period, any and all applicable Settlement Mortgages subject to the Excluded Mortgage Notice will be conclusively deemed for all purposes to continue to be characterized as Excluded Mortgages, and Xxxxxxx Mac shall be entitled to exercise any and all rights and remedies under the Purchase Documents in connection therewith.

  • This text has been separately filed with the Securities and Exchange Commission Mortgages and the Excluded Mortgages according to the applicable terms.

  • There are no Excluded Assets other than (i) the Excluded Mortgages and the Excluded Accounts, (ii) cash and cash equivalents and the $50,000 due from officer's, reflected on the Closing Balance Sheet and (iii) minor items of tangible personal property listed on Schedule 2.2 and the vehicle driven by Xxxx Xxxxxxxxx.

  • Buyer shall have purchased, pursuant to the agreement referred to in Section 16.13, all Excluded Mortgages offered for sale by Seller and that qualify for purchase by Buyer (using Buyer's ordinary standards for loan purchases) and any related liability of Seller to warehouse lenders in respect of such mortgages purchased by Buyer shall be assumed and paid by Buyer.


More Definitions of Excluded Mortgages

Excluded Mortgages means: (1) all mortgage loans committed under a long-term standby purchase commitment structure as of the Effective Date or sold to Xxxxxx Xxx as a Class 1, 2, 3 or 4 Mortgage Loan either before or after the Effective Date; (2) all reverse mortgages sold to Xxxxxx Mae; and (3) all mortgage loans included as part of REMIC transaction FNW 2009-W1.
Sample 1
Excluded Mortgages means (i) any Single Family Mortgages sold by GMACM to Fannie Mae subsequent to June 30, 2010 or delivered into Fannie Mae MBS and having an issue date subsequent to June 30, 2010, (ii) any Single Family Mortgages that would otherwise be Covered Mortgages, that violate anti-predatory laws or statutes or related regulations or that otherwise violate other applicable federal, state, and/or local laws and regulations, (iii) any Single Family Mortgages that have non-curable defects in title to the secured property, such as that the lien of the mortgaged property was not as represented and warranted to Fannie Mae at the time of delivery, (iv) any Single Family Mortgages that have curable defects in title to the secured property, unless GMACM pays all necessary funds, or takes or causes to be taken any other actions, to cure such title defects, (v) any Single Family Mortgages that would otherwise be Covered Mortgages and that are part of a group of [***] mortgage loans that had one or more perpetrators (whose acts or omissions were fraudulent) in common for the entire group of such mortgage loans (as used in this section, "perpetrator" shall mean an entity or individual involved in the origination, sale or servicing of a mortgage loan (including without limitation a borrower, mortgage broker, loan officer, appraiser, title or closing agent, etc.)), and (vii) any Single Family Mortgages that are not in
Sample 1

Related to Excluded Mortgages

  • Permitted Mortgage means (a) any purchase money mortgage on such Principal Property prior to, simultaneously with or within 180 days after the later of (1) the acquisition or completion of construction or completion of substantial reconstruction, renovation, remodeling, expansion or improvement (each, a “substantial improvement”) of such Principal Property or (2) the placing in operation of such property after the acquisition or completion of any such construction or substantial improvement; (b) Mortgages on a Principal Property existing at the time of acquisition, including acquisition through merger or consolidation; (c) Mortgages existing on the date of the initial issuance of the Notes, Mortgages on assets of a corporation or other business entity existing on the date it becomes a Restricted Subsidiary or is merged or consolidated with the Company or a Restricted Subsidiary or at the time the corporation or other business entity sells, leases or otherwise disposes of its property as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary or Mortgages on the assets of a Subsidiary that is newly designated as a Restricted Subsidiary if the Mortgage would have been permitted under the provisions of this paragraph if such Mortgage was created while the Subsidiary was a Restricted Subsidiary; (d) Mortgages in favor of the Company or a Restricted Subsidiary; (e) Mortgages for taxes, assessments or governmental charges or levies that are not delinquent or that are being contested in good faith; (f) carriers’, warehousemen’s, materialmen’s, repairmen’s, mechanic’s, landlords’ and other similar Mortgages arising in ordinary course of business that are not delinquent or remain payable without penalty or that are being contested in good faith; (g) Mortgages (other than any Mortgage imposed by the Employee Retirement Income Security Act of 1974) consisting of pledges or deposits required in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; (h) easements, rights-of-way, restrictions, encroachments, imperfections and other similar encumbrances affecting real property that, in the aggregate, are not substantial in amount and do not in any case materially detract from the value of the Principal Property subject thereto or materially interfere with the ordinary conduct of the Company and its Subsidiaries’ business, taken as a whole; (i) Mortgages arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or governmental regulation, including any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property; (j) Mortgages arising from filing Uniform Commercial Code financing statements relating solely to leases; and (k) Mortgages to secure Indebtedness incurred to extend, renew, refinance or replace Indebtedness secured by any Mortgages referred to above, provided that the principal amount of the extended, renewed, refinanced or replaced Indebtedness does not exceed the principal amount of Indebtedness so extended, renewed, refinanced or replaced, plus transaction costs and fees, and that any such Mortgage applies only to the same property or assets subject to the prior permitted Mortgage (and, in the case of real property, improvements).

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.

  • Qualified Mortgage A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a “qualified mortgage”, or any substantially similar successor provision).

  • Cross-Collateralized Mortgage Loan Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other Mortgage Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized Mortgage Loans.

  • Excluded Property shall have the meaning set forth in the Security Agreement.

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

  • Qualified Mortgage Insurer Any mortgage insurer that is Xxxxxx Xxx and Xxxxxxx Mac approved.

  • Excluded Properties the collective reference to the fee or leasehold interest in real properties owned by the Parent Borrower or any of its Subsidiaries not described in Schedule 5.8.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

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

  • Qualified Replacement Mortgage A Home Equity Loan substituted for another pursuant to Section 3.04, 3.05(b) or 3.06(b) hereof, which (i) has a Coupon Rate at least equal to the Coupon Rate of the Home Equity Loan being replaced, (ii) is secured by Property that is of the same or better property type as, or is a single family dwelling and the same or better occupancy status as, the Property securing the Home Equity Loan being replaced or is a primary residence, (iii) shall mature no later than the latest Final Scheduled Distribution Date with respect to the related Home Equity Loan Group, (iv) has a Loan-to-Value Ratio as of the Replacement Cut-Off Date no higher than the Loan-to-Value Ratio of the replaced Home Equity Loan at such time, (v) shall be of the same or higher credit quality classification (determined in accordance with the Seller’s credit underwriting guidelines set forth in the Seller’s underwriting manual) as the Home Equity Loan which such Qualified Replacement Mortgage replaces, (vi) shall be a First Mortgage Loan if the Home Equity Loan which such Qualified Replacement Mortgage replaces was a First Mortgage Loan and shall be a First Mortgage Loan or Second Mortgage Loan if the Home Equity Loan which such Qualified Replacement Mortgage replaces was a Second Mortgage Loan, (vii) has an outstanding principal balance as of the related Replacement Cut-Off Date equal to or less than the outstanding principal balance of the replaced Home Equity Loan as of such Replacement Cut-Off Date, (viii) shall not provide for a “balloon” payment if the related Home Equity Loan did not provide for a “balloon” payment (and if such related Home Equity Loan provided for a “balloon” payment, such Qualified Replacement Mortgage shall have an original maturity of not less than the original maturity of such related Home Equity Loan), (ix) shall be a fixed rate Home Equity Loan if the Home Equity Loan being replaced is in Group I or an adjustable rate Home Equity Loan if the Home Equity Loan being replaced is in Group II, (x) satisfies the criteria set forth from time to time in the definition thereof at Section 860G(a)(4) of the Code (or any successor statute thereto) and applicable to the Trust, (xi) satisfies the representations and warranties set forth in Section 3.04(b) hereof, (xii) shall not be 30 days or more Delinquent and (xiii) if such Home Equity Loan being replaced is in Group II, shall adjust based on the same index as, have no lower margin than, have the same interval between adjustment dates as and have a maximum Coupon Rate no lower than, and a minimum Coupon Rate no lower than, the Home Equity Loan being replaced.

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Modified Mortgage Loan Any Mortgage Loan that has been the subject of a Servicing Modification.

  • 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.

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

  • FHA Approved Mortgagee means a corporation or institution approved as a mortgagee by the FHA under the National Housing Act, as amended from time to time, and applicable FHA Regulations, and eligible to own and service mortgage loans such as the FHA Loans.

  • Reportable Modified Mortgage Loan Any Mortgage Loan that (i) has been subject to an interest rate reduction, (ii) has been subject to a term extension or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such amount to the Stated Principal Balance of such Mortgage Loan; provided, however, that a Mortgage Loan modified in accordance with clause (i) above for a temporary period shall not be a Reportable Modified Mortgage Loan if such Mortgage Loan has not been delinquent in payments of principal and interest for six months since the date of such modification if that interest rate reduction is not made permanent thereafter.

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

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

  • Closing Date Mortgaged Property as defined in Section 3.1(h).

  • Deleted Mortgage Loan A Mortgage Loan replaced or to be replaced by a Qualified Substitute Mortgage Loan.

  • Specially Designated Mortgage Loan Documents With respect to any Mortgage Loan, subject to Section 1.04, the following documents on a collective basis:

  • Retained Mortgage File With respect to each Mortgage Loan, the file consisting of the Mortgage Loan Documents listed as items 6 through 12 of Exhibit C attached hereto. Securities Act: The Securities Act of 1933, as amended.

  • Permitted Existing Liens means the Liens on assets of the Company and its Subsidiaries identified as such on Schedule 1.1.3 to this Agreement.

  • Covered Mortgage Loan Any Mortgage Loan that is covered by a PMI Policy.

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