Mortgage Reserve Fund definition

Mortgage Reserve Fund or “MRF” means a trust account, or an account held by the Lender, for and on behalf of the Borrower, to which the Borrower contributes and from which withdrawals must be approved by HUD. The purpose of the fund, includes, but is not limited to, providing HUD a means to assist the Hospital to avoid mortgage defaults and to preserve the value of the Mortgaged Property and the Hospital’s business.
Sample 1Sample 2Sample 3
Mortgage Reserve Fund means the Fund so designated which is established and created by the 1976 General Resolution.
Sample 1Sample 2

Examples of Mortgage Reserve Fund in a sentence

  • In cases where the actual cost of the Deferred Repairs is less than estimated, any resulting excess funds in the Escrow attributable to the Deferred Repairs Estimate Amount that were funded from Loan proceeds may be used: (a) to pay for additional project expenses approved by Lender and HUD, the funds for which shall continue to be subject to this Agreement, in addition to further cost certification if Program Obligations so require, and/or (b) to fund the Mortgage Reserve Fund.

  • Moneys in the Mortgage Reserve Fund shall be applied and used as provided in Section 5.20 hereof and in the applicable Series Supplement to cure deficiencies in the Debt Service Fund; provided, however, that no moneys shall be transferred from the Mortgage Reserve Fund for such purpose if other moneys are available for such purpose in any other Fund or Account listed in Section 5.20 (except the Debt Service Reserve Fund).

  • Apply the MRF to the unpaid principal balance of the Note and/or permit the use of the MRF for any other remedies provided under the Mortgage Reserve Fund Agreement or the Mortgage Reserve Trust Fund Agreement.

  • At the time of the closing of each Loan transaction, the Sponsor will cause amounts equal to 1.00% of the Purchase Price of the Property to be deposited into each of the Mortgage Reserve Fund Account and the Property Preservation Reserve Fund Account.

Related to Mortgage Reserve Fund

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Reserve Funds means, collectively, the Tax and Insurance Reserve Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Interest Reserve Account As defined in Section 3.4(d).

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • Carryover Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 4.07 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-22". Funds in the Carryover Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-22". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Mortgage Interest Rate The annual rate of interest borne on a Mortgage Note.

  • Interest Reserve Amount has the meaning set forth in Section 5.1(d).

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Available Reserve Account Amount means, for any Transfer Date, an amount equal to the lesser of (a) the amount on deposit in the Reserve Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Reserve Account made or to be made with respect to such date) and (b) the Required Reserve Account Amount, in each case on such Transfer Date.