Examples of Mortgage Loan Closing Date in a sentence
Upon receipt of such book-entry interest and the execution of Loan Documents evidencing the Mortgage Loan on the Mortgage Loan Closing Date, the Operating Partnership shall cause the trustee to cancel such book-entry interest and such book-entry interest shall thereafter be of no further effect.
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Interest at the Selected Interest Rage, calculated on the basis of a 360-day year comprised of twelve (12) thirty day months, shall be due and payable commencing on the "Mortgage Loan Closing Date" as hereinafter defined.
Subject to Section 7(d) hereof and the Loan Commitment Agreement, on each Mortgage Loan Closing Date, the Borrower and the Holder shall execute Loan Documents (as defined in the Loan Commitment Agreement) or execute additional Loan Documents, or otherwise amend or supplement existing Loan Documents, as appropriate, to evidence a Mortgage Loan in an amount equal to the aggregate principal amount of the Exchange Notes to be cancelled (such amount, the “Demand Amount”).
Upon compliance by Borrower with all of the terms, conditions and provisions of this Commitment and the MBS/DUS Program and issuance of the FNMA Commitment, the Mortgage Loan Closing date shall be established by WMF to occur on a date and time mutually agreed upon by WMF and Borrower; provided, however, that the Mortgage Loan Closing Date shall be no later than that set forth on the Rate Setting Form.
On the Mortgage Loan Closing Date, the Loan Fee set forth above shall be paid to WMF by Borrower in immediately available funds (or an amount equal to such Loan Fee shall be deducted from the Mortgage Loan proceeds funded by WMF).
In addition, on such Mortgage Loan Closing Date, the Operating Partnership shall pay to the Holder (i) any accrued but unpaid interest due on the Exchange Notes to be cancelled to, but excluding, the Mortgage Loan Closing Date and (ii) a cancellation fee equal to 0.20% of the Demand Amount.
If the Borrower wishes to finance a Mortgage Loan hereunder that does not comply in all respects with the Underwriting Guidelines, the Borrower shall request prior approval thereof from the Agent and will deliver to the Agent, no later than three (3) Business Days prior to the requested Mortgage Loan Closing Date, the related underwriting file.
On each Mortgage Loan Closing Date, the Holder shall deliver a certificate to the Operating Partnership executed by any managing director of the Holder and making, on behalf of the Holder, the representations, warranties and covenants set forth in EXHIBIT E hereto.
Unless otherwise waived, on the Mortgage Loan Closing Date and to assure the future availability of funds to satisfy the costs of certain replacement items set forth on Exhibit "A" attached to this Commitment, Borrower shall deposit with WMF the Initial Deposit to Replacement Reserves set forth above in immediately available funds (or an amount equal to the Initial Deposit to Replacement Reserve shall be deducted from the Mortgage Loan proceeds funded by WMF).