Examples of Subordinate Mortgage Loan in a sentence
In the event of any conflict between the provisions of this Agreement and the provisions of any of the First Mortgage Loan Documents and the Subordinate Mortgage Loan Documents, the provisions of this Agreement shall control.
Without limiting the foregoing, the Subordinate Mortgagee agrees that all rights of the Subordinate Mortgagee to the Subordinate Mortgage Indebtedness and under the Subordinate Mortgage Loan Documents shall be expressly subject and subordinate: (x) to the rights of the First Mortgagee to the First Mortgage Indebtedness and under the First Mortgage Loan Documents; and (y) to any and all Protective Advances made and other expenses incurred under the First Mortgage Loan Documents.
Except for Subordinate Mortgage Loan Interests, pari passu notes, pari passu participation interests and subordinate participation interests, in the case of each Mortgage Loan, the related Mortgage Note is not secured by any collateral that secures a Mortgage Loan that will not be held by the Issuer after giving effect to the transfer to the Issuer and each crossed Mortgage Loan is cross-collateralized only with other Mortgage Loans sold pursuant to the Seller Transfer Agreement.
In respect of any Subordinate Mortgage Loan Interest evidenced by a subordinate note, Seller has delivered to Issuer or its designee the original promissory note, certificate or other similar indicia of ownership of such subordinate note, however denominated, together with an original assignment thereof, executed by Seller in blank.
In the event of a foreclosure on a Subordinate Mortgage Loan, the mortgagee and any other third party who takes possession or ownership of the Mortgaged Property will be required to comply with the requirements of 24 CFR § 200.213, et seq., 24 CFR § 200.217(a)(4), the Regulatory Agreement relating to the FHA-insured senior lien loan and any applicable HUD Handbook requirements, and file a Previous Participation Certification on HUD Form 2530.