Residential Lot Loan definition

Residential Lot Loan means a Construction/Permanent Loan to finance the residential lot upon which improvements are intended to be constructed, the stated final maturity of which is twelve (12) months or less from its origination date, the Cumulative Loan-to-Value Ratio of which is ninety percent (90%) or less and whose Customer is eligible for a permanent Mortgage Loan from the relevant Company, subject to receipt of an acceptable sales contract, builder approval documentation, construction plans and specifications, an “as-constructed” Appraisal and, if applicable, updated Customer credit documentation.
Sample 1Sample 2
Residential Lot Loan means a Construction to Permanent Mortgage Loan (a) to finance the residential lot upon which improvements are intended to be constructed; (b) with an LTV of not more than 90%; (c) with a final stated maturity of twelve months from origination and (d) whose Mortgagor is eligible for a permanent Mortgage Loan from the relevant Seller, subject to receipt of an acceptable sales contract, builder approval documentation, construction plans and specifications, an “as-constructed” Appraisal and, if applicable, updated Mortgagor credit documentation.
Sample 1
Residential Lot Loan. Each of the mortgage loans secured by a residential lot that is transferred and assigned to the Trust pursuant to Sections 2.01 and 2.05 and identified in the Mortgage Loan Schedule delivered on the Closing Date, together with the Related Documents, exclusive of any mortgage loan that is transferred to the Seller, from time to time pursuant to Sections 2.02 and 2.05.
Sample 1

Examples of Residential Lot Loan in a sentence

  • Effective immediately after the deposit of the Purchase Price by the Servicer, all interest of the Indenture Trustee in the Modified Residential Lot Loan shall automatically be deemed transferred and assigned to the Servicer and all benefits and burdens of ownership thereof, including the right to accrued interest thereon from the date of the deposit of the Purchase Price and the risk of default thereon, shall pass to the Servicer.

  • The Servicer shall deposit the Purchase Price for any Modified Residential Lot Loan in the Collection Account pursuant to Section 3.07(c) within one Business Day after the purchase of the Modified Residential Lot Loan.

  • With respect to each Residential Lot Loan, a fee simple estate in a parcel of improved, residential real property which does not have improvements thereon for the Mortgagor’s occupancy at the time of origination and with respect to each HELOC, the underlying real property, including improvements thereon.

  • The Board agrees to develop a plan to reduce the CRE and Residential Lot Loan Program concentrations and any segment of the portfolio that the Supervisory Authorities deem to be an undue concentration of credit in relation to the Bank’s capital account.

  • The Servicer shall promptly deliver to the Indenture Trustee a certification of a Servicing Officer to the effect that all requirements of this Section 3.07(c) have been satisfied with respect to the Modified Residential Lot Loan.

  • In the event of any arrangement pursuant to clause (iii) of this Section 3.01(a), the Servicer shall make timely advances on such Residential Lot Loan during such extension pursuant to Section 3.02(a) and in accordance with the amortization schedule of such Residential Lot Loan without modification thereof by reason of such arrangement.

  • Upon receipt by the Indenture Trustee of written notification of any such deposit signed by a Servicing Officer, the Indenture Trustee shall release to the Servicer the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be necessary to vest in the Servicer any Modified Residential Lot Loan previously transferred and assigned pursuant hereto.

  • The Board agrees to develop a plan to reduce the CRE and Residential Lot Loan Program concentrations and any segment of the portfolio that the Supervisory Authorities deem to be an undue concentration of credit in relation to the Bank's capital account.

Related to Residential Lot Loan

  • Residential Lot means a lot, the use of which is limited by law, covenant,

  • residential land means land used or capable of being used for residential purposes (but does not include land on which there is no residential dwelling).

  • Investor-Owned Residential Loan means a Loan, excluding advances made pursuant to a Home Equity Loan, that is secured by a mortgage on a one- to four family residences or stock of cooperative housing associations that is not owner-occupied or the borrower’s primary residence.

  • residential accommodation means accommodation which is provided in—

  • Residential facility means a home or facility that is licensed by the department of developmental disabilities under section 5123.19 of the Revised Code and in which a child with a developmental disability resides.

  • Investor-Owned Residential Loans means Loans, excluding advances made pursuant to Home Equity Loans, that are secured by mortgages on one- to four family residences or stock of cooperative housing associations that are not owner-occupied. These loans can be treated as Restructured Loans on a commercially reasonable basis and can be a restructured under terms separate from the Exhibit 5 standards. Please refer to Exhibit 2b for guidance in Calculation of Loss for Restructured Loans.

  • Residential property means improved property that:-

  • Residential Zone means a zone earmarked for buildings exclusively designed for human habitation and in no case shall include its use in whole or a part thereof for any other purpose e.g commercial activities, school, institution, shop, office, clinic, beauty parlor, guest house, marriage center, gymnasium, tuition center, club activities, work-shop, store or godown etc. or for the purpose of political, religious and sectarian activities. It includes parks, gardens, play grounds, sector shops and other open spaces located in the area earmarked in the residential zone.

  • Residential Unit means a home, apartment, residential condominium unit or mobile home, serving as the principal place of residence.

  • Residential means any school trip which includes an overnight stay.

  • Residential Project means a redevelopment project that is

  • Commercial loan means a loan that is not made primarily for

  • Residential area means land used as a permanent residence or domicile, such as a house, apartment, nursing home, school, child care facility or prison, land zoned for such uses, or land where no zoning is in place.

  • Residential mortgage loan means any loan primarily for

  • Initial Loan is defined in Section 2.1.

  • Residential housing or "Residence" means a single-family, owner-occupied dwelling located within the State that qualifies for financing by the Authority within the meaning of the Act, the Rules and Regulations, the Code and related regulations.

  • Residential real property means real property improved by a one to four family dwelling used or occupied, or intended to be used or occupied, wholly or partly, as the home or residence of one or more persons, but shall not refer to (a) unimproved real property upon which such dwellings are to be constructed or (b) condominium units or cooperative apartments or (c) property on a homeowners’ association that is not owned in fee simple by the seller.

  • Residential building means a building containing one or more residential dwellings.

  • Residential Dwelling Any one of the following: (i) a detached one-family dwelling, (ii) a detached two- to four-family dwelling, (iii) a one-family dwelling unit in a Xxxxxx Xxx eligible condominium project, (iv) a manufactured home, or (v) a detached one-family dwelling in a planned unit development, none of which is a co-operative or mobile home.

  • Residential care home or “RCH” means a residential care home as defined and licensed under the Residential Care Homes (Elderly Persons) Ordinance (Cap. 459), or as defined and issued with a licence or certificate of exemption under the Residential Care Homes (Persons with Disabilities) Ordinance (Cap. 613), or the boarding section of a special school subvented under the Education Bureau, or the residential facilities of the Skills Centre (Tuen Mun) of Vocational Training Council, or a nursing home as referred to in the Hospitals, Nursing Homes and Maternity Homes Registration Ordinance (Cap. 165) which provides residential services for persons aged 60 or above in Hong Kong.

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • Residential Dwelling Unit means any portion of a building that contains living facilities, including a room or rooms in a facility that have shared cooking, bathing, toilet, or laundry facilities such as dormitories, shelters, assisted living facilities, and boarding homes. "Residential dwelling unit" also means facilities that include provisions for sleeping, cooking, bathing, and toilet facilities for one or more persons and are used for extended stays, such as time-shares and extended-stay motels. "Residential dwelling unit" does not mean a guest room in a motel or hotel.

  • Loan Property means any property in which the applicable party (or a subsidiary of it) holds a security interest and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

  • College property means any property owned, leased, or controlled by a member college of the Virginia Community College System and the administrative office of the Virginia Community College System.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.