Common use of Mortgaged Premises Clause in Contracts

Mortgaged Premises. A Non-Loan Prospector No Ratio Mortgage may be secured by a 1-4 unit Primary Residence, a second home, and a 1-4 unit Investment Property. The Seller represents and warrants that Non-Loan Prospector No Ratio Condominium Unit Mortgages meet ▇▇▇▇▇▇▇ Mac’s Class III Condominium Project requirements. The Mortgaged Premises may not be a: • Manufactured Home • Condominium Unit located in a Class I or Class II Condominium Project • Cooperative Unit

Mortgaged Premises. A Non-Loan Prospector No Ratio Income No Asset Verification and Documentation Mortgage may be secured by a 1-4 unit Primary Residence, a second home, and a 1-4 unit Investment Property. The Seller represents and warrants that Non-Loan Prospector No Ratio all Condominium Unit Mortgages meet ▇▇▇▇▇▇▇ Mac’s Class III Condominium Project requirements. The Mortgaged Premises may not be a: • Manufactured Home • Condominium Unit located in a Class I or Class II Condominium Project • Cooperative Unit