Illinois Land Trust definition

Illinois Land Trust. A trust formed under a trust agreement between the trustee and one or more beneficiaries named therein, pursuant to which such trustee holds legal and equitable title to a Mortgaged Property located in the State of Illinois and such beneficiaries are the owners of the beneficial interest in such trust.
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Illinois Land Trust. Trust Number 3386, an Illinois Land Trust.
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Examples of Illinois Land Trust in a sentence

  • If any discrepancies are found involving Borrowers’ SSN or ITIN, these must be resolved before Closing.A Borrower must be on title as owner of the Mortgaged Property, unless the property is titled in the name of an:• Inter Vivos Revocable Trust that meets Guide eligibility requirements (see Chapter 3.1.5 for eligibility requirements); or• Illinois Land Trust that meets Guide eligibility requirements (see Chapter 3.1.6 for eligibility requirements).

  • If any discrepancies are found involving Borrowers’ SSN or ITIN, these must be resolved before Closing.A Borrower must be on title as owner of the Mortgaged Property, unless the property is titled in the name of an : • Inter Vivos Revocable Trust that meets Guide eligibility requirements (see Chapter 3.1.5 for eligibility requirements); or• Illinois Land Trust that meets Guide eligibility requirements (see Chapter 3.1.6 for eligibility requirements).

  • Exceptions for a [Facsimile] Collateral Assignment of Beneficial Interest for Illinois Land Trust loans are acceptable.

  • A completed, unfiled assignment of this recorded interest from the Seller must be in the file.• Land Trust Rider to Security Instrument: Signed copies of the document which identifies the mortgaged property as being held by an Illinois Land Trust must be recorded with the security instrument.• Land Trust Rider to the Mortgage Note: Signed copies of this document must be delivered in the loan file.

  • Any “taxpayer” who is not the owner of record or the beneficial owner via an Illinois Land Trust (such as a tenant who has been assigned the legal liability for property taxes) must, at the time of filing the appeal, provide a copy of the written instrument that transfers property tax liability from the owner to the taxpayer.

  • A trust holding an airplane is a type of purpose trust.46 Similar to the structure of an Illinois Land Trust, the trustee is the titled and registered owner of the aircraft, but the beneficiary has the right to dissolve the trust at any time and return possession of the aircraft back to him- or herself, or on to a qualified third party.

  • Under the Illinois Land Trust Beneficial Interest Disclosure Act, a “land trust” isany express agreement or arrangement whereof a use, confidence or trust is declared of any land, or of any charge upon land, for the use or benefit of any beneficiary, under which the title to real property, both legal and equitable, is held by a trustee … and under which the interest of the beneficiary is personal property only.

  • Land Trust’ is nowhere within the trust agreement before the Court, or the [d]eeds of conveyance, the Court finds that the trust is, in fact and as a matter of law, an Illinois Land Trust.

  • If title to a lot is held by an Illinois Land Trust, the Trustee shall not have any personal liability for the assessment, but all beneficiaries of the Trust shall be jointly and severally so liable.

  • Except as provided in the immediately preceding sentence, any termination or reduction of the Revolving Loan Commitments will be permanent and such Revolving Loan Commitments will not be reinstated except pursuant to, and in accordance with, Section 2.17.

Related to Illinois Land Trust

  • Community land trust means a community housing development organization whose (i) corporate

  • Blind Trust means an independently managed trust in which the employee-beneficiary has no management rights and in which the employee-beneficiary is not given notice of alterations in or other dispositions of the property subject to the trust.

  • Ameren Illinois means Ameren Illinois Company d/b/a Ameren Illinois.

  • Agricultural land means land suitable for use in farming.

  • Agricultural lands means land currently used for the purpose of producing an agricultural commodity for commercial purposes, land left fallow under a crop rotational program, or land enrolled in an agricultural subsidy or set-aside program.

  • New Mexico CANCELLATION section is amended as follows: If You are the original purchaser of this Agreement, You may return this Agreement and receive a refund if: (i) You have not made a claim under the Agreement; and (ii) You return this Agreement within twenty days after the date We mail You a copy of the Agreement or within ten days after You receive a copy of the Agreement if We furnish You with the copy at the time the Agreement is purchased. We may not cancel this Agreement without providing You with written notice at least fifteen (15) days prior to the effective date of cancellation. Such notice shall include the effective date of cancellation and the reason for cancellation. If this Agreement has been in force for a period of seventy (70) days, We may not cancel it before the expiration of the Agreement term or one (1) year, whichever occurs first, unless: 1) You fail to pay any amount due; 2) You are convicted of a crime which results in an increase in the service required under the Agreement; 3) You engage in fraud or material misrepresentation in obtaining this Agreement; or 4) You commit any act, omission, or violation of any terms of this Agreement after the effective date of this Agreement which substantially and materially increases the service required under this Agreement. A ten percent (10%) penalty per month (or each portion thereof) shall be applied to refunds not paid or credited within sixty (60) days of receipt of a returned Agreement.

  • AT&T ILLINOIS means the AT&T owned ILEC doing business in Illinois.

  • AT&T LOUISIANA means the AT&T owned ILEC doing business in Louisiana.

  • AT&T KENTUCKY means the AT&T owned ILEC doing business in Kentucky.

  • state trust land means land owned by the state-

  • AT&T SOUTH CAROLINA means the AT&T owned ILEC doing business in South Carolina.

  • AT&T MISSISSIPPI means the AT&T owned ILEC doing business in Mississippi.

  • State land means land which vests in the national or a provincial government, and includes land below the high water mark and the Admiralty Reserve, but excludes land belonging to a local authority;

  • Indian land means the lands of any Indian Tribe or within Indian country.

  • Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.

  • State purchased health care or "health care" means medical

  • Pledged Asset Mortgage Servicing Agreement The Pledged Asset Mortgage Servicing Agreement, dated as of February 28, 1996 between MLCC and the Master Servicer. Pooling and Servicing Agreement or Agreement: With respect to any Series, this Standard Terms together with the related Series Supplement.

  • California Renewables Portfolio Standard means the renewable energy program and policies codified in California Public Utilities Code Sections 399.11 through 399.31 and California Public Resources Code Sections 25740 through 25751, as such provisions may be amended or supplemented from time to time.

  • North Carolina CANCELLATION section is amended as follows: We may not cancel this Agreement except for nonpayment by You or for violation of any of the terms and conditions of this Agreement.

  • Qualified agricultural property means that term as defined in section 1211 of the revised school code, MCL 380.1211.

  • Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

  • AT&T MISSOURI means the AT&T owned ILEC doing business in Missouri.

  • College property means any property owned, leased, or controlled by a member college of the Virginia Community College System and the administrative office of the Virginia Community College System.

  • State property means any building, land, or other real property owned, leased, or occupied by any department, agency, or instrumentality wholly owned by the State, unless, with respect to any building, land, or other real property leased or rented by the State, the lease or rental agreement shall prohibit the establishment of such vending facilities.

  • Real estate investment trust means any corporation, trust or association qualifying and electing to be taxed as a real estate investment trust under federal law.

  • Indian lands means lands owned by the United States and held for the use or benefit of Indian tribes or bands or individ- ual Indians and lands within the boundaries of a federally recog- nized reservation that are owned by Indian tribes or bands or indi- vidual Indians.