MERS Loans Sample Clauses
The MERS Loans clause defines the treatment and administration of mortgage loans that are registered with the Mortgage Electronic Registration Systems, Inc. (MERS). This clause typically specifies that the mortgage loan will be recorded in the name of MERS as nominee for the lender, and outlines the responsibilities and rights of MERS in relation to the loan, such as the ability to act on behalf of the lender in matters of assignment or foreclosure. Its core practical function is to streamline the process of tracking and transferring mortgage interests electronically, thereby reducing paperwork and simplifying the management of loan ownership and servicing rights.
MERS Loans. With respect to each MERS Loan, a Mortgage Identification Number has been assigned by MERS and such Mortgage Identification Number is accurately provided on the Loan Schedule. The related Assignment of Mortgage to MERS has been duly and properly recorded. With respect to each MERS Loan, Seller has not received any notice of liens or legal actions with respect to such Loan and no such notices have been electronically posted by MERS.
MERS Loans. With respect to each MERS Loan, the Seller shall, on or prior to the related Closing Date, designate the Purchaser as the investor pursuant to the MERS Procedures Manual and the Custodian as custodian, and no Person shall be listed as interim funder pursuant to the MERS Procedures Manual on the MERS System.
MERS Loans. With respect to each MERS Mortgage Loan, (i) a MIN has been assigned by MERS and such MIN is accurately provided on the Mortgage Loan Schedule, (ii) except with respect to any MERS Mortgage Loan that is a MOM Loan, the related Assignment of Mortgage to MERS has been duly and properly recorded and (iii) Seller has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been electronically posted by MERS.
MERS Loans. With respect to each Underlying Mortgage Loan for which the Sellers have designated MERS the related assignment of Mortgage to MERS has been duly and properly recorded.
MERS Loans. 16 ARTICLE V
MERS Loans. With respect to MERS Loans, Seller will cause Pass-Through Trust Trustee for the benefit of Pass-Through Trust (i) to be named as the owner of record on the MERS® System, (ii) to identify Buyer in the field “interim funder” on the MERS® System, and (iii) on the occurrence and continuance of an Event of Default hereunder, to take direction solely from Buyer.
MERS Loans. With respect to each MERS Loan, a Mortgage Identification Number has been assigned by MERS and such Mortgage Identification Number is accurately provided on the Loan Schedule. The related Assignment of Mortgage to MERS has been duly and properly recorded. With respect to each MERS Loan, Seller has not received any notice of liens or legal actions with respect to such Loan and no such notices have been electronically posted by MERS. Notwithstanding anything contained herein to the contrary, if the representations and warranties set forth in Schedules 1-B or 1-C conflict with the representations and warranties set forth in this Schedule 1-A, the representations and warranties set forth in Schedules 1-B and 1-C, as applicable, shall control.