The Mortgage Loans definition
The Mortgage Loans are serviced by Chase Manhattan Mortgage Corporation (in such capacity, the "Servicer"). The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as of [DATE] (the "Agreement") among the Company, the Servicer and [TRUSTEE], as trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth below. To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned in the Agreement. This Certificate is one of a duly authorized issue of Certificates, designated as Multi-Class Mortgage Pass-Through Certificates, Series [ ], Class M (the "Class M Certificates") and is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Also issued under the Agreement are Certificates designated as Multi-Class Mortgage Pass-Through Certificates, Series [ ], Class A (the "Class A Certificates") and Class B (the "Class B Certificates"). The Class A Certificates are senior to, and the Class B Certificates are subordinate to, the Class M Certificates in right of payment to the extent described herein and in the Agreement. The Class A Certificates, Class M Certificates and Class B Certificates are collectively referred to as the "Certificates". Pursuant to the terms of the Agreement, the Trustee or, if a Paying Agent has been appointed under Section 4.05, the Paying Agent, will distribute from funds in the Certificate Account the amount as described on the reverse hereof on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (the "Distribution Date"), commencing on [DATE]. Such distributions will be made to the Person in whose name this Certificate is registered at the close of business on the last Business Day of the month preceding the month in which such payment is made, or if such last day is not a Business Day, the Business Day immediately preceding such last day (the "Record Date"). Distributions on this Certificate will be made either by check mailed to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, or by wire transfer in immediately available funds to the account of such Holder at a bank or other financial or depository institution having appropriate facilities therefor, if such Holder has so notified the Paying...
The Mortgage Loans have an aggregate principal balance as of the Cut-off Date of $266,131,936.87. In consideration of the mutual agreements herein contained, the Company, the Master Servicer and the Trustee agree as follows:
The Mortgage Loans. The Mortgage Loans have the characteristics set forth on the Mortgage Loan Schedule, set forth as Exhibit I attached hereto.
Examples of The Mortgage Loans in a sentence
The Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement.
The Mortgage Loans have been sold by the Seller to the Purchaser on a servicing released basis.
The Mortgage Loans were not assigned or pledged by the Depositor and the Depositor had good and marketable title thereto, and the Depositor had full right to transfer and sell the Mortgage Loans to the Trustee free and clear of any encumbrance, participation interest, lien, equity, pledge, claim or security interest and had full right and authority subject to no interest or participation in, or agreement with any other party to sell or otherwise transfer the Mortgage Loans.
The Mortgage Loans were sold by EMC Mortgage Corporation ("EMC") to ▇▇▇▇ ▇▇.
The Mortgage Loans have an original term to maturity of not more than 30 years, with interest payable in arrears on the first day of each month.
More Definitions of The Mortgage Loans
The Mortgage Loans conform to the characteristics set forth in the Term Sheet;
The Mortgage Loans are serviced by Chase Manhattan Mortgage Corporation, ("CMMC") and ▇▇▇▇▇ Fargo Home Mortgage, Inc., ("▇▇▇▇▇ Fargo" and, together with CMMC, the "Servicers") and are secured by first mortgages on Mortgaged Properties. The Trust Fund was created pursuant to a Pooling and Servicing Agreement (the "Agreement"), dated as of March 1, 2001, among the Depositor, the Servicers, The Chase Manhattan Bank, as certificate administrator (the "Certificate Administrator"), and Citibank, N.A., as trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is one of a duly authorized issue of Certificates, designated as Mortgage Loan Asset-Backed Certificates, Series 2001-C1, Class IL (the "Class IL Certificates") and is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which Agreement such Holder is bound. Also issued under the Agreement are Certificates designated as Mortgage Loan Asset-Backed Certificates, Series 2001-C1, Class IA-1, Class IA-2, Class IA-3, Class IA-4 Certificates (the "Group I Class A Certificates") and the Class IIA-1 Certificates (the "Group II Class A Certificates"), Class IM-1 and Class IM-2 Certificates (together, the "Mezzanine Group I Certificates"), Class IIM-1 and Class IIM-2 Certificates (together the "Mezzanine Group II Certificates"), Class IC Certificates (the "Class IC Certificates"), Class IIC Certificates (the "Class IIC Certificates"), Class IP Certificates (the "Class IP Certificates"), Class IIP Certificates (the "Class IIP Certificates), Class IIL Certificates (the "Class IIL Certificates") and the Class R Certificate (the "Class R Certificate"or the "Residual Certificate").
The Mortgage Loans. A pool of fully amortizing, one- to four-family, fixed interest rate, non-relocation, residential first mortgage loans (excluding the fixed retained yield described in this prospectus supplement), substantially all of which have original terms to stated maturity of approximately 30 years. Certain of the mortgage loans will require only payments of interest for a term specified in the related mortgage note.
The Mortgage Loans. The Trust will consist of approximately $964.5 million of adjustable and fixed rate sub-prime residential, first-lien and second-lien mortgage loans.
The Mortgage Loans and all other debt financing of the Apartment Complex requires the noncontingent repayment of principal on or before a fixed maturity date, and will be considered and treated as a loan by lender.
The Mortgage Loans to the extent that the Master Servicer is not permitted to execute and deliver such documents pursuant to the preceding sentence. Upon receipt of such documents, the Depositor and/or the Trustee shall execute such documents and deliver them to the Master Servicer. In accordance with the standards of the preceding paragraph, the Master Servicer shall advance or cause to be advanced funds as necessary for the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances shall be reimbursable in the first instance from related collections from the Mortgagors pursuant to Section 3.6, and further as provided in Section 3.8. The costs incurred by the Master Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.
The Mortgage Loans have an aggregate Cut-off Date Principal Balance equal to $173,314,947.64. The Mortgage Loans are comprised of two Loan Groups. The Mortgage Loans are fixed-rate first lien mortgage loans having terms to maturity at origination or modification of not more than 15 years. The Group CB Loans consist of 1,590 Mortgage Loans with original principal balances less than or equal to $227,150. The Group NB Loans consist of 132 Mortgage Loans with original principal balances exceeding $227,150. In consideration of the mutual agreements herein contained, the Company, the Master Servicer and the Trustee agree as follows: