Required Appraisal Mortgage Loan. Each Trust Mortgage Loan (or, in the case of clause (ii) below, any successor Trust REO Loan with respect thereto) (i) that is 60 days or more delinquent in respect of any Periodic Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the Special Servicer in a manner that affects the amount or timing of any Periodic Payment (other than a Balloon Payment) (except, or in addition to, bringing monthly Periodic Payments current and extending the Maturity Date for less than six months), (iv) 60 days following the receipt by the Special Servicer of notice that a receiver has been appointed and continues in such capacity in respect of the related Mortgaged Property, (v) 60 days following the receipt by the Special Servicer of notice that the related Mortgagor has become the subject of a bankruptcy proceeding, or (vi) delinquent in respect of any Balloon Payment unless (x) the related Mortgagor makes an Assumed Periodic Payment on each Due Date (commencing with the Due Date of such Balloon Payment) during the period contemplated in clause (y), and (y) the applicable Master Servicer receives, within 60 days after the Due Date of such Balloon Payment, written evidence from an institutional lender of such lender's binding commitment to refinance such Trust Mortgage Loan within 120 days after the Due Date of such Balloon Payment and
Required Appraisal Mortgage Loan. Each Mortgage Loan (i) that is sixty (60) days or more delinquent in respect of any Periodic Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the Special Servicer to reduce the amount of any Periodic Payment (other than a Balloon Payment), (iv) with respect to which a receiver is appointed and continues in such capacity in respect of the related Mortgaged Property, (v) with respect to which a Mortgagor declares bankruptcy or with respect to which the related Mortgagor is subject to a bankruptcy proceeding or (vi) with respect to which any Balloon Payment on such Mortgage Loan has not been paid by its scheduled maturity date. Any Required Appraisal Mortgage Loan shall cease to be such at such time as it has become a Corrected Mortgage Loan.
Required Appraisal Mortgage Loan. Each Mortgage Loan (i) that is sixty (60) days or more delinquent in respect of any Periodic Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the Special Servicer to reduce the amount of any Periodic Payment (other than a Balloon Payment), (iv) with respect to which a receiver is appointed and continues in such capacity in respect of the related Mortgaged Property, (v) with respect to which a Mortgagor declares bankruptcy or with respect to which the related Mortgagor is subject to a bankruptcy proceeding or (vi) with respect to which any Balloon Payment on such Mortgage Loan has not been paid by its scheduled maturity date unless the Master Servicer has, on or prior to the due date of such Balloon Payment, received written evidence from an institutional lender of such lender's binding commitment to refinance such Mortgage Loan within 60 days after the due date of such Balloon Payment; provided, however, that a Required Appraisal Mortgage Loan will cease to be a Required Appraisal Mortgage Loan;
Examples of Required Appraisal Mortgage Loan in a sentence
The Special Servicer will deliver a copy of each Required Appraisal (or letter update or internal valuation) to the Master Servicer, the Controlling Class Representative and the Trustee (and, if such Required Appraisal Mortgage Loan is a Co-Lender Loan, to the related Companion Holder) within 10 Business Days of obtaining such Required Appraisal (or letter update or internal valuation).
With respect to each Required Appraisal Mortgage Loan, the Master Servicer will be required to obtain a Required Appraisal within 60 days of a Mortgage Loan becoming a Required Appraisal Mortgage Loan and thereafter shall obtain a letter update of such Required Appraisal once every 12 months if such Mortgage Loan remains a Required Appraisal Mortgage Loan.
Upon a Trust Mortgage Loan that is a part of a Serviced Loan Combination becoming a Required Appraisal Mortgage Loan, the Special Servicer shall notify each related Non-Trust Holder to such effect.
Promptly following the receipt of, and based upon, such Appraisal, the Special Servicer shall redetermine and report to the Trustee, the Master Servicer and the Controlling Class Representative the then applicable Appraisal Reduction Amount, if any, with respect to the subject Required Appraisal Mortgage Loan.
With respect to each Required Appraisal Mortgage Loan, the Master Servicer will be required to obtain a Required Appraisal (within 60 days) of a Mortgage Loan becoming a Required Appraisal Mortgage Loan and thereafter shall obtain a Required Appraisal once every 12 months if such Mortgage Loan remains a Required Appraisal Mortgage Loan.
More Definitions of Required Appraisal Mortgage Loan
Required Appraisal Mortgage Loan. Each Mortgage Loan that (i) is sixty (60) days or more delinquent in respect of any Monthly Payments, (ii) becomes an REO Loan or (iii) has been modified by the Special Servicer to reduce the amount of any Monthly Payment (other than a Balloon Payment).
Required Appraisal Mortgage Loan. Other than with respect to the Non-Serviced Mortgage Loans, (i) any Mortgage Loan that is 60 days or more delinquent in respect of any Periodic Payments, (ii) any Mortgage Loan that becomes an REO Loan, (iii) any Mortgage Loan that has been modified by the Special Servicer to reduce the amount of any Periodic Payment (other than a Balloon Payment), (iv) any Mortgage Loan with respect to which a receiver is appointed and continues in such capacity in respect of the related Mortgaged Property, (v) any Mortgage Loan with respect to which a Mortgagor declares bankruptcy or with respect to which the related Mortgagor is subject to a bankruptcy proceeding, (vi) any Mortgage Loan with respect to which any Balloon Payment on such Mortgage Loan has not been paid by its scheduled maturity date; provided, however, that a Required Appraisal Mortgage Loan will cease to be a Required Appraisal Mortgage Loan:
Required Appraisal Mortgage Loan. Each Mortgage Loan (i) that is sixty (60) days or more delinquent in respect of any Monthly Payments, (ii) that is an REO Loan as to which the related REO Property is acquired on behalf of the Trust Fund, (iii) that has been modified by the Special Servicer to reduce the amount of any Monthly Payment, other than a Balloon Payment, (iv) to which a receiver is appointed and continues in such capacity in respect of the related Mortgage Property, (v) the Mortgagor of which shall have filed a petition or been subjected to the appointment of a conservator or receiver or liquidator in any insolvency or related proceeding or (vi) a Balloon Payment with respect to which is due and has not been paid on its Stated Maturity Date.
Required Appraisal Mortgage Loan. Each Mortgage Loan (i) that is sixty or more days delinquent in respect of any Monthly Payments, (ii) that becomes an REO Mortgage Loan, (iii) that has been modified by the applicable Special Servicer to reduce the amount of any Monthly Payment (other than a Balloon Payment), (iv) with respect to which a receiver is appointed and continues in such capacity, (v) with respect to which the Borrower is subject to any bankruptcy proceeding or (vi) with respect to which a Balloon Payment is not made on its scheduled Due Date; provided, however, that a Mortgage Loan shall cease to be a Required Appraisal Mortgage Loan upon its becoming a Corrected Mortgage Loan.
Required Appraisal Mortgage Loan. Each Trust Mortgage Loan (or, in the case of clause (ii) below, any successor Trust REO Loan with respect thereto) (i) that is 60 days or more delinquent in respect of any Periodic Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the Special Servicer in a manner that affects the amount or timing of any Periodic Payment (other than a Balloon Payment) (except, or in addition to, bringing monthly Periodic Payments current and extending the Maturity Date for less than six months), (iv) 60 days following the receipt by the Special Servicer of notice that a receiver has been appointed and continues in such capacity in respect of the related Mortgaged Property, (v) 60 days following the receipt by the Special Servicer of notice that the related Mortgagor has become the subject of a bankruptcy proceeding, or (vi) with respect to which any related Balloon payment has not been paid by its scheduled maturity date; provided that a Required Appraisal Mortgage Loan shall cease to be a Required Appraisal Mortgage Loan:
Required Appraisal Mortgage Loan. Each Trust Mortgage Loan (or, in the case of clause (ii) below, any successor Trust REO Loan with respect thereto) (i) that is 60 days or more delinquent in respect of any Periodic Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the Special Servicer in a manner that affects the amount or timing of any Periodic Payment (other than a Balloon Payment) (except, or in addition to, bringing monthly Periodic Payments current and extending the Maturity Date for less than six months), (iv) 60 days following the receipt by the Special Servicer of notice that a receiver has been appointed and continues in such capacity in respect of
Required Appraisal Mortgage Loan. Each Mortgage Loan (i) that is sixty (60) days or more delinquent in respect of any Monthly Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the Special Servicer to reduce the amount of any Monthly Payment (other than a Balloon Payment), (iv) with respect to which a receiver in bankruptcy is appointed and continues in such capacity in respect of the related Mortgage Property, (v) with respect to which the related Mortgagor is subject to a bankruptcy proceeding or (vi) with respect to which any Balloon Payment on such Mortgage Loan has not been paid within sixty days after its scheduled maturity date.