Mortgage Purchase definition
Examples of Mortgage Purchase in a sentence
As of the Mortgage Purchase Date, the Mortgage Lender shall not have done any act to create an offset, defense or counterclaim to the Mortgage Loan, including the obligation of the Mortgagor to pay the unpaid principal of and interest on the Mortgage Loan.
As of the Mortgage Purchase Date, as to each Mortgage, there shall be no mechanics’, laborers’, or materialman’s liens or claims therefor outstanding for work, labor, or materials affecting the property encumbered by the Mortgage securing the Mortgage Loan that are or might be or become liens prior to, or equal with, the lien of the Mortgage and no rights outstanding that under law could give rise to such lien, for work performed or materials supplied to the property prior to the date of the Mortgage.
As of the Mortgage Purchase Date, the representations, warranties and covenants of the Mortgage Lender set forth in Section 2.02 hereof remain true and are in full force and effect.
In subsection 4.13(m) of this Agreement, the Mortgage Lender represents and warrants to, and covenants with the Authority and the Servicer with respect to each Mortgage Loan purchased by the Servicer, that the Home located on the Mortgaged Property is complete and in general good repair as of the Mortgage Purchase Date.
As of the Mortgage Purchase Date, the Mortgage Lender’s financial condition has not changed substantially for the worse from its condition as of the date of execution of this Agreement.
As of the Mortgage Purchase Date, the Mortgage Lender has no knowledge of any acts or circumstances, economic or otherwise, which may have an adverse effect on the credit of any Mortgagor, the prospect of prompt payment of any Mortgage Loan or the value of any security therefore.
As of the Mortgage Purchase Date, the Mortgage Lender has complied with all of its servicing and other obligations pursuant to Section 4.17 hereof.
As of the Mortgage Purchase Date, the Mortgage Lender has no knowledge of any circumstances or condition with respect to the Mortgagor, Single Family Residence, Mortgage Loan or any related document that could reasonably be expected to cause prudent private investors in the secondary market to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become delinquent or to adversely affect the value or the marketability of the Mortgage Loan.
If Seattle Bank, in connection with this Agreement, any Commitment, or any Advance, Other Credit Accommodation, Account, Mortgage Purchase Program or other service, breaches any obligation of Seattle Bank to Customer not otherwise excused by this Agreement or applicable law, Seattle Bank will be obligated to Customer only for Customer’s actual, direct damages, if any.
Any obligations of the Seattle Bank in connection with this Agreement, any Commitment, or otherwise arising in connection with any Advance, Other Credit Accommodation, Account, Mortgage Purchase Program or other service, shall be excused to the extent delayed or prevented by reason of computer, communications system or power failure, labor disturbances, governmental laws, orders or regulations, riots, insurrection, acts of terror, war or any other causes beyond the reasonable control of the Seattle Bank.