Examples of Co-op Loan in a sentence

The Servicer shall sell such property prior to the close of the third calendar year beginning after the year in which such foreclosure or conversion occurs or such longer period as would not prevent such Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan) from constituting "foreclosure property" within the meaning of Section 860G(a)(8) of the Code.
The Servicer shall be permitted to earn income with respect to any Mortgaged Properties (or stock allocated to a dwelling unit, in the case of a Co-op Loan), provided such income does not constitute "net income from foreclosure property" within the meaning of Section 860G(c) of the Code.
With respect to each Co-op Loan, each Assignment of Proprietary Lease contains enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization of the material benefits of the security provided thereby.
The Servicer shall be responsible for all other costs and expenses incurred by it in any such proceedings; provided, however, that it shall be entitled to reimbursement thereof from the proceeds of liquidation of the related Mortgaged Property (or stock allocated to a dwelling unit, in the case of a Co-op Loan), as contemplated in Section 3.08 hereof.
With respect to each Co-op Loan, there is no prohibition against pledging the shares of the cooperative corporation or assigning the Proprietary Lease.

More Definitions of Co-op Loan

Co-op Loan. A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.: A private, cooperative housing corporation, having only one class of stock outstanding, which owns or leases land and all or part of a building or buildings, including apartments, spaces used for commercial purposes and common areas therein and whose board of directors authorizes the sale of stock and the issuance of a Co-op Lease.

Co-op Loan. No Pledge. With respect to each Co-op Loan, there is no prohibition against pledging the shares of the cooperative corporation or assigning the Proprietary Lease. With respect to each Co-op Loan, (i) the term of the related Proprietary Lease is longer than the term of the Co-op Loan, (ii) there is no provision in any Proprietary Lease which requires the Mortgagor to offer for sale the Co-op Shares owned by such Mortgagor first to the Co-op Corporation, (iii) there is no prohibition in any Proprietary Lease against pledging the Co-op Shares or assigning the Proprietary Lease and (iv) the Recognition Agreement is on a form of agreement published by Aztech Document Systems, Inc. as of the date hereof or includes provisions which are no less favorable to the lender than those contained in such agreement; and

Co-op Loan means a Contributed Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential Co-op Corporation and collateral assignment of the related Proprietary Lease.

Co-op Loan. Financing Statements. With respect to each Co-op Loan, a search for filings of financing statements has been made by a company competent to make the same, which company is acceptable to Xxxxxx Mae and qualified to do business in the jurisdiction where the Co-op Unit is located, and such search has not found anything which would materially and adversely affect the Co-op Loan; (ggg)

Co-op Loan means a loan secured by an assignment of a Co-Op Lease and a first lien and security interest in Co-Op Shares appurtenant to such Co-Op Lease and which is evidenced by a negotiable promissory note executed by each Person who is a lessee under such Co-Op Lease and owner of an interest in such Co-Op Shares and which conforms to such additional underwriting standards as may be in existence in the secondary market at such time as determined by FHLMC or FNMA, as applicable.

Co-op Loan means a First Mortgage Loan evidenced by a co-op note and committed for purchase by an Approved Investor.