Common use of Nature of Property Clause in Contracts

Nature of Property. Each Mortgaged Property consists of a single parcel of residential real property, separately assessed for tax purposes, owned by the related Obligor in fee simple absolute and is improved by a one-to-four-family residential dwelling, which does not include condominiums, cooperatives, units in a planned urban development, town houses, or mobile homes and does not constitute other than real property under the state law. No Mortgage Property is a manufactured housing unit, as defined in the Fannie Mae/Freddie Mac Seller-Servicer's Guide;

Nature of Property. Each Mortgaged Property consists of a single parcel of residential real property, separately assessed for tax purposes, owned by the related Obligor in fee simple absolute and is improved by a one-to-four-family residential dwelling, which does not include condominiums, cooperatives, units in a planned urban development, town houses, or mobile homes and does not constitute other than real property under the state law. No Mortgage Property is a manufactured housing unit, as defined in the Fannie MaeXxxxxx Xxx/Freddie Xxxxxxx Mac Seller-Servicer's Guide;

Nature of Property. Each Mortgaged Property consists of a single parcel of residential real property, separately assessed for tax purposes, owned by the related Obligor in fee simple absolute and is improved by a one-to-four-family residential dwelling, which does not include condominiums, cooperatives, units in a planned urban development, town houses, or mobile homes and does not constitute other than real property under the state law. No Mortgage Property is a manufactured housing unit, as defined in the Fannie MaeXxxxxx Xxx/Freddie Xxxxxxx Mac Seller-Servicer's ’s Guide;