Split Trust Mortgage Loan definition
Examples of Split Trust Mortgage Loan in a sentence
The Class IUU Representative shall be entitled to reimbursement of any cure payments made by it with respect to a Split Trust Mortgage Loan out of amounts subsequently received with respect to such Split Trust Mortgage Loan or any related REO Property; provided that such right to reimbursement is subordinate to the rights of the Trust to receive all amounts to which it is entitled with respect to the subject Split Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto.
Such option does not extend to any REO Property and, with respect to any HAF Split Trust Mortgage Loan, shall terminate upon the foreclosure of or the acceptance of a deed in lieu of foreclosure with respect to the related Mortgaged Property.
Concurrently with the payment to the Trust of the applicable Class IUU Purchase Price, the Special Servicer shall direct the Trustee to execute and deliver, or cause the execution and delivery of, such instruments of transfer or assignment, in each case without recourse, as shall be provided to it by the Class IUU Representative or its designee and as are necessary to vest ownership of the purchased Split Trust Mortgage Loan.
Collections on any particular Split Trust Mortgage Loan or related REO Property may only be applied to the reimbursement of Advances with respect to, or the payment of Additional Trust Fund Expenses that are related to, such Split Trust Mortgage Loan or REO Property.
If the Class IUU Representative makes such a cure of a monetary event of default, such cure shall be made for the entire subject Split Trust Mortgage Loan.
The Special Servicer shall deliver copies of all such Required Appraisals and updated Required Appraisals to the Trustee, the Master Servicer and, in the case of a Mortgaged Property that secures a Serviced Loan Combination, the related Non-Trust Mortgage Loan Noteholder(s), in each such case, promptly following the Special Servicer's receipt of the subject appraisal, and, upon request, to the Controlling Class Representative and, in the case of a Split Trust Mortgage Loan, the Class IUU Representative.
The Class IUU Representative shall exercise its purchase option by providing written notice to the Trustee, the Master Servicer and the -242- Special Servicer of its proposed purchase of any Split Trust Mortgage Loan as to which a Class IUU Purchase Option Event exists at least 10 days prior to the proposed purchase date (which notice shall not be rescinded by the Class IUU Representative any later than two Business Days prior to the proposed purchase date).
Concurrently with the payment to the Trust of the applicable Class HAF Purchase Price, the Special Servicer shall direct the Trustee to execute and deliver, or cause the execution and delivery of, such instruments of transfer or assignment, in each case without recourse, as shall be provided to it by the Class HAF Representative or its designee and as are necessary to vest ownership therein of the purchased HAF Split Trust Mortgage Loan.
Each of the Master Servicer and the Special Servicer shall notify the Class IUU Representative of any default in respect of a Split Trust Mortgage Loan with respect to which the Class IUU Representative is entitled to exercise cure rights in accordance with this Section 3.27(b), as soon as reasonably practicable after the Master Servicer or the Special Servicer, as the case may be, becomes aware of such default (provided that such default has not been previously remedied).
The right of the Class IUU Representative to cure a monetary event of default or non-monetary event of default with respect to any Split Trust Mortgage Loan shall be limited as follows: (A) there shall not be more than eight cure events during the term of such Split Trust Mortgage Loan and (B) no more than three consecutive cures of delinquent Monthly Payments are permitted.