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.
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Mortgage Reserve Fund means the Fund so designated which is established and created by the 1976 General Resolution.
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Examples of Mortgage Reserve Fund in a sentence

  • Borrower grants to Lender a first-priority perfected security interest in Borrower’s interest in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Reserve Fund as additional security for payment of the Debt to the extent Borrower has an interest in same.

  • Borrower grants to Lender a security interest in Borrower’s interest (if any) in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Reserve Fund as security for payment of the Debt to the extent Borrower has an interest in the same.

  • 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.

  • 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.

  • Borrower grants to Lender a first-priority perfected security interest in Borrower’s interest in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender and each of the Mezzanine A Reserve Funds, if any, subject to the prior rights of Mezzanine A Lender and Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Reserve Fund as additional security for payment of the Debt to the extent Borrower has an interest in same.

  • 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).

  • The Mortgage Reserve Fund shall be held by the Trustee and a separate Account therein shall be established with respect to each Series of Bonds to the extent provided in a Series Supplement.

  • 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.