First NLC Mortgage Loan definition

First NLC Mortgage Loan. A Mortgage Loan which was acquired from First NLC by the Unaffiliated Seller pursuant to the First NLC Purchase Agreement, and which has been acquired by the Trust Fund.

First NLC Mortgage Loan. Each Mortgage Loan purchased by the Purchaser pursuant to a First NLC Purchase Agreement and identified as a "First NLC Mortgage Loan" on the Mortgage Loan Schedule.

First NLC Mortgage Loan. Each Mortgage Loan purchased by the Purchaser pursuant to a First NLC Purchase Agreement and identified as an "First NLC Mortgage Loan" on the Mortgage Loan Schedule. First NLC Purchase Agreement: Collectively, the Mortgage Loan Purchase and Warranties Agreement, dated as of October 15, 2003, and the Mortgage Loan Purchase and Warranties Agreement, dates as of March 25, 2004, each by and between First NLC and the Purchaser, solely insofar as the First NLC Purchase Agreements relate to the First NLC Mortgage Loans.

Examples of First NLC Mortgage Loan in a sentence

• The substance of any such waiver, alteration or modification has been approved by the title insurer, if any, to the extent required by the policy, and its terms are reflected on the First NLC Mortgage Loan Schedule, if applicable.

• All payments required to be made up to the Closing Date for the First NLC Mortgage Loan under the terms of the Mortgage Note, other than payments not yet 30 days delinquent, have been made and credited.

• The First NLC Mortgage Loan was originated by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act, savings and loan association, a savings bank, a commercial bank, credit union, insurance company or other similar institution which is supervised and examined by a federal or state authority.

• The Seller is the sole owner of record and holder of the First NLC Mortgage Loan and the indebtedness evidenced by each Mortgage Note.

• The Mortgage Note and the Mortgage and any other agreement executed and delivered by a Mortgagor in connection with a First NLC Mortgage Loan are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms.

• No First NLC Mortgage Loan contains terms or provisions which would result in negative amortization.

• The terms of the Mortgage Note and Mortgage have not been impaired, waived, altered or modified in any respect, from the date of origination except by a written instrument which has been recorded, if necessary to protect the interests of the Purchaser, and which has been delivered to the Custodian or to such other Person as the Purchaser shall designate in writing, and the terms of which are reflected in the First NLC Mortgage Loan Schedule.

• Principal payments on the First NLC Mortgage Loan commenced no more than sixty days after funds were disbursed in connection with the First NLC Mortgage Loan.

• No First NLC Mortgage Loan has been modified so as to restructure the payment obligations or re-age the First NLC Mortgage Loan.

• The Mortgage Note is payable in equal monthly installments of principal and interest, which installments of interest, with respect to Adjustable Rate Mortgage Loans, are subject to change due to the adjustments to the Mortgage Interest Rate on each Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the First NLC Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization.