Mortgage Custodian definition

Mortgage Custodian means First Chicago National Processing Corporation, as custodian pursuant to the Mortgage Custodial Agreement for all Mortgage Loans pledged hereunder, and its successors and permitted assigns thereunder.
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Mortgage Custodian. A Person appointed by the Trustee at any time as its agent as mortgage custodian pursuant to Section 8.11(h) hereof which is unaffiliated with the Depositor, which initially shall be the Trustee.
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Examples of Mortgage Custodian in a sentence

  • The terms of the Mortgage Note and Mortgage have not been impaired, waived, altered or modified in any respect, except by a written instrument which has been recorded, if necessary to protect the interests of the Lender and which has been delivered to the Mortgage Custodian.

  • If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any instrument (including any certificated security or promissory note) or chattel paper (in each case as defined in the UCC), such instrument or chattel paper shall be immediately delivered to the Mortgage Custodian or the Bond/PC Custodian, as applicable, on behalf of Lender, duly endorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Loan Agreement.

  • The Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents required to be delivered for the Mortgage Loan by the Borrower under the Mortgage Custodial Agreement have been delivered to the Mortgage Custodian at or prior to the time specified for delivery in the Mortgage Custodial Agreement.

  • The Borrowers covenant to safeguard such Servicing Records and to deliver them promptly to the Lender or its designee (including the Mortgage Custodian) at the Lender's request.

  • Nothing contained in this Loan Agreement shall obligate the Lender to segregate, or cause the Mortgage Custodian or the Bond/PC Custodian to segregate, any Collateral delivered to the Lender, the Bond/PC Custodian, or the Mortgage Custodian by the Borrowers.

  • The Lender shall have received the Mortgage Custodial Agreement, conforming to the requirements hereof and executed by a duly authorized officer of each Borrower and the Mortgage Custodian.

  • Nothing contained in this Loan Agreement shall obligate the Lender to segregate, or cause the Mortgage Custodian or the Bond/PC Custodian to segregate, any Collateral delivered to the Lender, the Bond/PC Custodian, or the Mortgage Custodian by the Borrower.

  • With respect to Eligible Mortgage Loans, the Mortgage Custodian shall, pursuant to the Mortgage Custodial Agreement: (i) hold the related Mortgage Loan Documents as exclusive bailee and agent for the Lender and (ii) deliver Trust Receipts to the Lender each to the effect that it has reviewed the related Mortgage Loan Documents in the manner and to the extent required by the Mortgage Custodial Agreement and identifying any Exceptions in such Mortgage Loan Documents as so reviewed in the Exception Reports.

  • Upon the appointment of a Mortgage Custodian other than the Trustee, the Servicer, the Trustee and the Mortgage Custodian shall enter into a mortgage custodian agreement.

  • Upon consummation of the sale of the property included in the Trust Fund, the Mortgage Custodian shall deliver the Mortgage Collateral Security to the Servicer.