Examples of Mortgage Paper in a sentence
Bank itself may at any time after the termination of Borrower’s license to collect payments due under any Mortgage Paper pledged to Bank, so notify the account debtors and/or collect payments due under such Mortgage Paper.
Bank shall have no duty as to the collection or protection of the Mortgage Paper nor as to the preservation of any rights pertaining thereto.
The Mortgage Paper mentioned herein secures and enforces the payment of the Obligations including but not limited to all sums advanced by Bank to Borrower pursuant to the Note.
Upon the occurrence of an Event of Default Bank will have the ability to take over and control all servicing rights for the Mortgage Paper pledged to Bank.
If any appraisal is required or desired by Bank with respect to any property covered by a Mortgage which constitutes part of Eligible Mortgage Paper, Borrower shall, within thirty (30) days following a request therefor by Bank, furnish to Bank (at Borrower’s sole cost and expense) an appraisal with respect to such property in form, substance and by an appraising firm acceptable to Bank.
If the Loan is paid in full and Bank has no further obligation to make advances hereunder Bank will release its liens and security interests against the Mortgage Paper pledged to Bank, (i.e. Bank will reassign without warranty or recourse the Mortgage Paper).
If any other appraisal is required or desired by Lender with respect to any property covered by a Mortgage which constitutes part of the Mortgage Paper, Borrower shall, within thirty (30) days following a request therefor by Lender, furnish to Lender (at Borrower’s sole cost and expense) an appraisal with respect to such property in form, substance and by an appraising firm acceptable to Lender.
In order to induce Bank to enter into this Agreement, Borrower has represented to Bank that Borrower will promptly furnish Bank with all information needed/requested by Bank from time to time to track each item of Mortgage Paper that is pledged to Bank ("Item"), viz.
Borrower will not, directly or indirectly, sell, lease, assign, transfer, or otherwise dispose of any of its assets, except (a) dispositions of Inventory in the ordinary course of business, (b) dispositions, for fair value, of worn-out and obsolete equipment not necessary to the conduct of its business, and (c) dispositions of Mortgage Loans and the Mortgage Paper relating thereto which have been paid in full and no longer constitute Collateral.
Bank agrees that it will not mail the executed Notice Letter for each Mortgage Paper pledged to Bank until the occurrence of an Event of Default.