Underlying Mortgage definition

Underlying Mortgage has the meaning specified in the definition of “Assignment of Mortgage.”

Underlying Mortgage means a mortgage, consolidated mortgage, deed of trust, deed to secure debt, security deed or other security device which is customary and serves the same function as a mortgage under the law and practice in the jurisdiction in which the premises subject to the mortgage are located.

Underlying Mortgage means, individually or collectively, as the context may require, the mortgage, deed of trust, deed to secure debt or other instrument, creating a valid and enforceable first Lien on or a first priority ownership interest in (subject to Permitted Encumbrances) an estate in fee simple in real property and the improvements thereon or a ground lease, securing, among other things, the Underlying Mortgage Note.

Examples of Underlying Mortgage in a sentence

• The Mortgaged Property is undamaged by fire, earthquake, windstorm, flood, tornado or other similar casualty so as to affect materially and adversely the value of the Mortgaged Property as security for the Underlying Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair.

• Guarantor shall service the Underlying Mortgage Loans and Underlying REO Properties in accordance with this Agreement.

• Other than Pooled Loans, Nominee is the sole owner of record and holder of the Underlying Mortgage Loan and the Indebtedness evidenced by each Mortgage Note and upon the sale of the Underlying Mortgage Loans to Buyer, Servicer will retain the Asset Files or any part thereof with respect thereto not delivered to the Custodian, Buyer or Buyer’s designee, in trust only for the purpose of servicing and supervising the servicing of each Underlying Mortgage Loan.

• Guarantor hereby agrees to (i) comply with all applicable Federal, State and local laws and regulations, (ii) maintain all state and federal licenses necessary for it to perform its servicing responsibilities hereunder and (iii) not impair the rights of Buyer in any Underlying Mortgage Loans and Underlying REO Properties or any payment thereunder.

• For purposes of this Schedule 1-B-1 and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to have been cured with respect to an Underlying Mortgage Loan if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer adversely affects such Underlying Mortgage Loan or when no portion of the Purchase Price is allocated to such Underlying Mortgage Loan.

More Definitions of Underlying Mortgage

Underlying Mortgage means a mortgage lien or other lien or charge (exclusive of permitted encumbrances) prior to the lien of this Indenture upon any property, plant or equipment acquired by the Company after the execution and delivery of this instrument.

Underlying Mortgage means a mortgage, hypothecation, agreement or deed to secure debt or other instrument, creating a valid and enforceable Security on or a first priority ownership interest in an estate in fee simple or long leasehold estate (or the equivalent thereof in any relevant jurisdiction) in real property and the improvements thereon, securing any Underlying Loan.

Underlying Mortgage shall have the meaning given to such term in the Note Purchase Agreement.

Underlying Mortgage means a PrimeFirst® Loan, a Three Year ARM, or a Five Year ARM written through MLCC.

Underlying Mortgage means a mortgage that: 1) complies with all MCC Program Guidelines; and 2) is used to finance the purchase of an Eligible Property in connection with an MCC.

Underlying Mortgage means, as to each HELOC, the mortgage, deed of trust, deed or other security interest issued in favor of the Borrower in respect thereof.

Underlying Mortgage means a first priority mortgage or deed of trust, executed and delivered by an Underlying Borrower to Borrower as security for an Underlying Loan and encumbering the related Mortgaged Property.