FHA Buyout Loans Sample Clauses

FHA Buyout Loans. With respect to each FHA Buyout Loan, (i) Seller shall deposit FHA claims payments on such FHA Buyout Loan into the Collection Account within two (2) Business Days of receipt and (ii) Seller shall service such FHA Buyout Loan in Strict Compliance with all FHA requirements.
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FHA Buyout Loans. Subject to Section 11 hereof, with respect to each FHA Buyout Loan, (i) the Servicer shall complete the U.S. Department of Housing and Urban Development’s form for Single-Family Application for Insurance Benefits in Xxxxxx’x name and shall cause FHA to pay claims on such FHA Buyout Loan into the Xxxxxx Collection Account, including by ensuring that Box 12 of the form provides the HUD mortgagee identification number for Xxxxxx Funding LLC as “[***]”, and Box 16 provides [***], and (ii) the Servicer shall service such FHA Buyout Loan in Agency Compliance with all FHA requirements. Unless an Event of Default has occurred and is continuing hereunder, any foreclosure of an FHA Buyout Loan, and the resulting Eligible REO Property, shall be taken in the name of the Seller. Each FHA Buyout Loan is an FHA-insured mortgage loan. Each Eligible REO Property is entitled to the benefits of the FHA insurance policy with respect to the FHA Buyout Loan it was related to prior to foreclosure.
Sample 1
FHA Buyout Loans. With respect to each FHA Buyout Loan, (i) the Servicer shall complete the U.S. Department of Housing and Urban Development’s form for Single-Family Application for Insurance Benefits in Xxxxxx’x name and shall cause FHA to pay claims on such FHA Buyout Loan into the Xxxxxx Collection Account, including by ensuring that Box 12 of the form provides the HUD mortgagee identification number for Xxxxxx Funding LLC as “[***]”, and Box 16 provides [***], and (ii) the Servicer shall service such FHA Buyout Loan in Agency Compliance with all FHA requirements. Each FHA Buyout Loan is an FHA-insured mortgage loan.
Sample 1
FHA Buyout Loans. With respect to each FHA Buyout Loan, (i) Seller shall deposit FHA claims payments on such FHA Buyout Loan into the Collection Account within one Business Day of receipt and (ii) Seller shall service such FHA Buyout Loan in Strict Compliance with all FHA requirements.6376 (h) VA Buyout Loans. With respect to each VA Buyout Loan, Purchaser shall be entitled to, and Seller shall pay (or shall cause Servicer to pay) directly to Purchaser (except in the case of VA Claim Proceeds that are paid directly to Purchaser), (i) in the case of a VA Claim, the VA Claim Proceeds and (ii) in the case of a loan repurchased by Seller, the Repurchase Price. With respect to each VA Buyout Loan, (i) Seller shall deposit VA Claim Proceeds on such VA Buyout Loan into the Collection Account within one Business Day of receipt. Seller shall 6376 The subsection 17(g) was amended by Amendment No. 1, dated as of September 24, 2021.
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FHA Buyout Loans. Seller and Guarantor shall cause the Servicer to complete the U.S. Department of Housing and Urban Development’s form for Single-Family Application for Insurance Benefits in Xxxxxx’x name and shall cause FHA to pay claims on such FHA Buyout Loan to the Purchaser, including by ensuring that Xxx 00 of the form provides “Xxxxxx Funding LLC” and Box 16 provides “00-0000000”; provided that claim payments on loans that are not subject to this Agreement shall not be made to the Purchaser.
Sample 1
FHA Buyout Loans. With respect to each FHA Buyout Loan, (i) Seller and Guarantor shall cause the Servicer to complete the U.S. Department of Housing and Urban Development’s form for Single-Family Application for Insurance Benefits in Seller’s name and shall cause FHA to pay claims on such FHA Buyout Loan into the Collection Account, including by ensuring that Box 12 of the form provides “HLSS Mortgage Master Trust,” and Box 16 provides the Collection Account number, and (ii) Seller and Guarantor shall cause the Servicer to service such FHA Buyout Loan in strict compliance with all FHA requirements.
Sample 1
FHA Buyout Loans. Subject to Section 11 hereof, with respect to each FHA Buyout Loan, (i) the Servicer shall pay or shall cause FHA to pay all “Part A” claims (and following the occurrence of an Event of Default all “Part A” and “Part B” claims) on such FHA Buyout Loan into the Collection Account within two (2) Business Days of receipt thereof, and (ii) the Servicer shall service such FHA Buyout Loan in Agency Compliance with all FHA requirements. Unless an Event of Default has occurred and is continuing hereunder, any foreclosure of an FHA Buyout Loan, and the resulting Eligible REO Property, shall be taken in the name of the Seller. Each FHA Buyout Loan is an FHA-insured mortgage loan. Each Eligible REO Property is entitled to the benefits of the FHA insurance policy with respect to the FHA Buyout Loan it was related to prior to foreclosure.
Sample 1
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Related to FHA Buyout Loans

  • Equipment Loans Section 2.3(b) of the Loan Agreement shall be amended and restated in its entirety as follows:

  • Manufactured Housing Loans Only See Coding 1 = Owned 2 = Short-term lease 3 = Long-term lease 99 = Unavailable MH-2 Community Ownership Structure If the manufactured home is situated in a community, a means of classifying ownership of the community. Manufactured Housing Numeric – Integer 2 99 Manufactured Housing Loans Only See Coding 1 = Public Institutional 2 = Public Non-Institutional 3 = Private Institutional 4 = Private Non-Institutional 5 = HOA-Owned 6 = Non-Community 99 = Unavailable MH-3 Year of Manufacture The year in which the home was manufactured (Model Year — YYYY Format). Required only in cases where a full appraisal is not provided. Manufactured Housing Numeric – Integer 2006 YYYY Manufactured Housing Loans Only 1901 = Unavailable MH-4 HUD Code Compliance Indicator (Y/N) Indicates whether the home was constructed in accordance with the 1976 HUD code. In general, homes manufactured after 1976 comply with this code. Manufactured Housing Numeric – Integer 1 9 Manufactured Housing Loans Only See Codes 0 = No 1 = Yes 99 = Unavailable MH-5 Gross Manufacturer’s Invoice Price The total amount that appears on the manufacturer’s invoice (typically includes intangible costs such as transportation, association, on-site setup, service and warranty costs, taxes, dealer incentives, and other fees). Manufactured Housing Numeric – Decimal 72570.62 9(10).99 Manufactured Housing Loans Only >= 0 MH-6 LTI (Loan-to-Invoice) Gross The ratio of the loan amount divided by the Gross Manufacturer’s Invoice Price (Field MH-5). Manufactured Housing Numeric – Decimal 0.75 9.999999 Manufactured Housing Loans Only >= 0 to <= 1 MH-7 Net Manufacturer’s Invoice Price The Gross Manufacturer’s Invoice Price (Field MH-5) minus intangible costs, including: transportation, association, on-site setup, service, and warranty costs, taxes, dealer incentives, and other fees. Manufactured Housing Numeric – Decimal 61570.62 9(10).99 Manufactured Housing Loans Only >= 0 MH-8 LTI (Net) The ratio of the loan amount divided by the Net Manufacturer’s Invoice Price (Field MH-7). Manufactured Housing Numeric – Decimal 0.62 9.999999 Manufactured Housing Loans Only >= 0 to <= 1 MH-9 Manufacturer Name The manufacturer of the subject property. (To be applied only in cases where no appraised value/other type of property valuation is available.) Manufactured Housing Text “XYZ Corp” Char (100) Manufactured Housing Loans Only (where no appraised value is provided) MH Manufacturer name in double quotation mxxxx XX-10 Model Name The model name of the subject property. (To be applied only in cases where no appraised value/other type of property valuation is available.) Manufactured Housing Text “DX5-916-X” Char (100) Manufactured Housing Loans Only (where no appraised value is provided) MH Model name in double quotation mxxxx XX-11 Down Payment Source An indicator of the source of the down payment used by the borrower to acquire the property and qualify for the mortgage. Manufactured Housing Numeric – Integer 2 99 Manufactured Housing Loans Only See Codes 1 = Cash 2 = Proceeds from trade in 3 = Land in Lieu 4 = Other 99 = Unavailable MH-12 Community/Related Party Lender (Y/N) An indicator of whether the loan was made by the community owner, an affiliate of the community owner or the owner of the real estate upon which the collateral is located. Manufactured Housing Numeric – Integer 1 99 Manufactured Housing Loans Only See Codes 0 = No 1 = Yes 99 = Unavailable MH-13 Defined Underwriting Criteria (Y/N) An indicator of whether the loan was made in accordance with a defined and/or standardized set of underwriting criteria. Manufactured Housing Numeric – Integer 1 99 Manufactured Housing Loans Only See Codes 0 = No 1 = Yes 99 = Unavailable MH-14 Chattel Indicator An Indicator of whether the secured property is classified as chattel or Real Estate. Manufactured Housing Numeric – Integer 1 99 Manufactured Housing Loans Only See Codes 0 = Real Estate 1 = Chattel 99 = Unavailable PURCHASE AGREEMENT

  • Term SOFR Loans Except as otherwise provided herein, a Term SOFR Loan may be continued or converted only on the last day of an Interest Period for such Term SOFR Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Term SOFR Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the outstanding Term SOFR Loans be converted immediately to Base Rate Loans.

  • Mortgage Loans As of the Closing Date, in consideration of the Issuer’s delivery of the Notes and the Ownership Certificate to the Depositor or its designee, and concurrently with the execution and delivery of this Agreement, the Depositor does hereby transfer, assign, set over, deposit with and otherwise convey to the Issuer, without recourse, subject to Section 3.01, in trust, all the right, title and interest of the Depositor in and to all accounts, accounts receivable, contract rights, general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, notes, drafts, letters of credit, advices of credit, investment property, uncertificated securities claims and rights to payment of any and every kind consisting of, arising from or relating to any of the following: (a) the Mortgage Loans listed in the Mortgage Loan Schedule, and principal due and payable after the Cut-off Date, but not including interest and principal due and payable on any Mortgage Loans on or before the Cut-off Date, together with the Mortgage Files relating to such Mortgage Loans, (b) any Insurance Proceeds, REO Property, Liquidation Proceeds and other recoveries (in each case, subject to clause (a) above), (c) all Escrow Payments, (d) any Insurance Policies, (e) the rights of the Depositor under the Mortgage Loan Purchase Agreement, (f) the Depositor’s security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties, and (g) all income, revenues, issues, products, revisions, substitutions, replacements, profits, rents and all cash and non-cash proceeds of the foregoing to have and to hold, in trust; and the Indenture Trustee declares that, subject to the review provided for in Section 2.02, it has received and shall hold the Trust Estate, as Indenture Trustee, in trust, for the benefit and use of the Noteholders and for the purposes and subject to the terms and conditions set forth in this Agreement, and, concurrently with such receipt, the Issuer has issued and delivered the Notes and the Ownership Certificate to or upon the order of the Depositor, in exchange for the Mortgage Loans and the other property of the Trust Estate. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Issuer all of its rights and interest under the Mortgage Loan Purchase Agreement but without delegation of any of its obligations thereunder. The Issuer hereby accepts such assignment, and shall be entitled to exercise all the rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such purpose, it were the Depositor. Upon the issuance of the Notes, ownership in the Trust Estate shall be vested in the Issuer, subject to the lien created by the Indenture in favor of the Indenture Trustee, for the benefit of the Noteholders. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Indenture Trustee of any obligation of the Depositor, the Seller, or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. It is agreed and understood by the Seller, the Depositor and the Issuer (and the Depositor so represents and recognizes) that it is not intended that any Mortgage Loan to be included in the Trust Estate be (i) a "High-Cost Home Loan" as defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii) a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a "High-Cost Home Mortgage Loan" as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High Cost Home Loan" as defined in the Indiana Home Loan Practices Act effective January 1, 2005.

  • Third Party Loans In the event of a failed capital call, or the unavailability of a Manager Advance or Member Loan, the Manager may obtain a loan and/or credit from one or more third parties as it deems appropriate to further the business objectives of the Company. Such loan shall be made to the Company on such terms as the Manager deems reasonable and appropriate after taking into account the urgency and need for the funds.

  • Initial Loans 36 7.2 Initial and Subsequent Loans.................................................................39

  • Business Loans The Borrower warrants and represents that the Loans evidenced by the Notes are and shall be for business, commercial, investment, or other similar purposes and not primarily for personal, family, household, or agricultural use, as such terms are used in Chapter One (“Chapter One”) of the Texas Credit Code. At all such times, if any, as Chapter One shall establish a Maximum Rate, the Maximum Rate shall be the “indicated rate ceiling” (as such term is defined in Chapter One) from time to time in effect.

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Special Serviced Mortgage Loans If directed by the Special Servicer and solely at the Special Servicer’s option, each Servicer, other than WMMSC (a “Transferring Servicer”), shall transfer the servicing of any Mortgage Loan (other than a WMMSC Serviced Mortgage Loan) 90 days or more delinquent to the Special Servicer. The Special Servicer shall thereupon assume all of the rights and obligations of the Transferring Servicer, as Servicer, hereunder arising thereafter and the Transferring Servicer shall have no further rights or obligations, as Servicer, hereunder with respect to such Mortgage Loan (except that the Special Servicer shall not be (i) liable for losses of the Transferring Servicer pursuant to Section 3.09 hereof or for any acts or omissions of the Transferring Servicer hereunder prior to the servicing transfer date, (ii) obligated to effectuate repurchases or substitutions of Mortgage Loans hereunder including, but not limited to, repurchases or substitutions of Mortgage Loans pursuant to Section 2.02 or 2.03 hereof or (iii) deemed to have made any representations and warranties of the Transferring Servicer hereunder). Upon the transfer of the servicing of any such Mortgage Loan to the Special Servicer, the Special Servicer shall be entitled to the Servicing Fee and other compensation accruing after the servicing transfer date with respect to such Mortgage Loans pursuant to Section 3.14. In connection with the transfer of the servicing of any Mortgage Loan to the Special Servicer, the Transferring Servicer, at the Special Servicer’s expense, shall deliver to the Special Servicer all documents and records relating to such Mortgage Loans and an accounting of amounts collected or held by it and otherwise use its best efforts to effect the orderly and efficient transfer of the servicing to the Special Servicer. On the servicing transfer date, the Special Servicer shall reimburse the Transferring Servicer for all unreimbursed Advances, Servicing Advances and Servicing Fees relating to the Mortgage Loans for which the servicing is being transferred. The Special Servicer shall be entitled to be reimbursed pursuant to Section 3.08 or otherwise pursuant to this Agreement for all such Advances, Servicing Advances and Servicing Fees paid by the Transferring Servicer pursuant to this Section 3.19. In addition, the Special Servicer shall notify the Master Servicer of such transfer and the effective date of such transfer, and amend the Mortgage Loan Schedule to reflect that such Mortgage Loans are Special Serviced Mortgage Loans.

  • Sale and Transfer of Loans and Notes; Participations in Loans and Notes Each Lender may assign, or sell participations in, its Loans and Commitments to one or more other Persons in accordance with this Section 10.11.

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