MORTGAGE COLLATERAL Sample Clauses
The Mortgage Collateral clause defines the specific property or assets that are pledged by the borrower to secure a mortgage loan. In practice, this clause identifies the real estate or other assets that the lender can claim if the borrower defaults on the loan, and may include details such as property descriptions, legal boundaries, or asset lists. Its core function is to provide the lender with security for the loan, ensuring that there is a tangible asset available to recover losses in the event of non-payment.
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MORTGAGE COLLATERAL. The Borrower acknowledges that the Bank is permitting it to retain in its possession all Specific and Blanket Mortgage Collateral (together or separately the “Mortgage Collateral”) for purposes of servicing, collection and foreclosure, and the Borrower acknowledges that the Borrower will hold such Mortgage Collateral, and all proceeds and payments therefrom, in trust as the Bank’s security and for the benefit and subject to the direction and control of the Bank, and upon the following additional terms and conditions:
(a) At the Bank’s request and sole option, the Borrower shall immediately deliver to the Bank an Assignment of each item of Mortgage Collateral in the Bank’s form for the same. Further, at the Bank’s request and sole option, the Borrower will physically deliver to the Bank all documentation as to Specific Mortgage Collateral and/or Blanket Mortgage Collateral (including, without limitation, any participation certificates or other evidence thereof) and/or endorse in favor of the Bank all or any portion of same. Except as authorized by the Bank, the Borrower shall not withdraw any Specific Mortgage Collateral prior to its payment in full of all Obligations. The Borrower shall promptly notify the Bank in writing (i) whenever principal payments in excess of ten percent (10%) of the remaining unpaid balance are made by Borrower’s customers on any item of Specific Mortgage Collateral, (ii) whenever any item of Specific Mortgage Collateral is paid off in full by Borrower’s customers or involved in any foreclosure action, and/or (iii) whenever any building on property serving as Specific Mortgage Collateral is damaged by casualty or otherwise in excess of twenty-five percent (25%) of its appraised value (if the Borrower does not reasonably believe that such building can be promptly repaired). Such written notices shall not initially be required where a Borrower’s Blanket Mortgage Collateral provides collateral for the Obligations (i.e., if Sections 2(c) or 2(d) above has been utilized by the Borrower).
(b) The aggregate of the (i) market value of Securities Collateral and (ii) principal balances due under Mortgage Collateral shall be maintained at all times by the Borrower in an amount not less than that percentage of outstanding advances required by the Credit Policy.
(c) Upon written direction from the Bank, the Borrower will deposit all collections from Mortgage Collateral in a separate bank account designated as required by the Bank as a source of...
MORTGAGE COLLATERAL. (a) Except to the extent that FHLBank directs otherwise, Borrower and each Pledging Affiliate that has granted a security interest in Mortgage Collateral may retain possession of the same for purposes of servicing, collecting, and enforcing such Mortgage Collateral. Borrower and each Pledging Affiliate shall hold such Mortgage Collateral and the proceeds of and collections from such Mortgage Collateral in trust for FHLBank’s security and
MORTGAGE COLLATERAL. Promptly and in any event within one hundred twenty (120) days after the date hereof (subject to extension by the Administrative Agent in its sole discretion and without the need for approval from the Requisite Lenders) (the “Mortgage Recording Deadline”), the Borrowers will (a) provide to the Administrative Agent those items required by the definition of Mortgage Collateral Deliverables, and Section 8(h) hereof, and (b) provide to the Administrative Agent reasonably satisfactory evidence of the payment in full of any and all title insurance premiums, title company service charges, record and lien search charges, filing fees and charges, mortgage recording taxes and intangible taxes incurred in connection with the issuance of the Mortgage Policy, diligence related to the Mortgage Collateral Deliverables and the recordation of the Mortgage and Assignment of Leases on the Mall. The Administrative Agent may elect to record the Mortgage despite the failure of the Borrowers to deliver all of the Mortgage Collateral Deliverables so long as the items described in clauses (b) and (d) of the definition of Mortgage Collateral Deliverables have been delivered and in such event, the Mall shall be deemed to satisfy the Mortgage Collateral Deliverables requirement. To the extent the Borrowers are unable to either (x) obtain a Mortgage Policy for the Mall or (y) record such Mortgage and Assignment of Leases within such one hundred twenty (120) day period due to the closure of the applicable local recording or filing office, the Administrative Agent shall grant one or more extensions of such one hundred twenty (120) day period for the delivery of such Mortgage Policy and/or to record such Mortgage and Assignment of Leases as reasonably required to account for such closure and without the need for approval from the Requisite Lenders.
MORTGAGE COLLATERAL. Shall include (i) loans or participations therein secured by mortgages, deeds of trust or similar liens on residential or commercial properties; (ii) loans or participations therein secured by security interests in or similar liens on shares issued by cooperative housing corporations and the related proprietary leases or occupancy agreements; (iii) conditional sales contracts or installment sales or loan agreements or participations therein secured by manufactured housing or other residential or commercial properties; (iv) mortgage loans, certificates or other securities guaranteed by the Government National Mortgage Association; (v) mortgage loans, certificates or other securities issued or guaranteed by the Federal National Mortgage Association; (vi) mortgage loans, certificates or other securities issued or guaranteed by the Federal Home Loan Mortgage Corporation; (vii) mortgage pass-through certificates, collateralized mortgage obligations or other types of mortgage-related securities issued by any person or entity; and (viii) similar assets;
MORTGAGE COLLATERAL. Under no circumstances shall the Bank be obligated to assume, perform or fulfill any obligation of the Institution as a lender or otherwise.