HUD Mortgage definition
Examples of HUD Mortgage in a sentence
Anything contained in this Agreement or in any transfer document to the contrary notwithstanding, this Agreement and the transfer documents to be delivered hereunder shall not constitute an agreement to assign any contract or any claim or any right or benefit arising thereunder or resulting therefrom if an attempted assignment thereof, without the consent of a third party thereto, would constitute a breach thereof or in any way affect the rights of Buyer thereunder, except for the HUD Mortgage.
This covenant shall survive the Closing Date until such time as Seller is released from any obligation and/or liability on the HUD Mortgage or until the HUD Mortgage is satisfied through Buyer's conventional financing.
The Facility maintains, and has maintained, without interruption, during the past three years, adequate and sufficient policies or binders of insurance covering such risks and events, including personal injury, property damage and general liability, as are maintained by similar facilities in the ordinary course of business and as required by the holder of the HUD Mortgage.
Seller and Buyer understand that the terms and conditions of the HUD Mortgage require certain acts that may not be satisfied prior to the Closing Date and they have therefore structured this Agreement to accomplish the desires of the parties with as minimal effect as foreseeable to the Seller's credit history.
Each Loan Application, Committed Loan, and Purchased Loan, including in each case as applicable the related application and loan documents, is in compliance in all material respects with all applicable Laws and guidelines, procedures, rules, regulations and other requirements of the Mortgage Programs and Mortgage Programs Sponsors, and, where applicable, HUD Mortgage Insurance is in full force and effect with respect to such Purchased Loan.
If Buyer assumes the HUD Mortgage, Buyer shall obtain the full release of Seller and any and all other signors, guarantors, makers or others from the HUD Mortgage and Buyer shall fund any replacement reserves and escrows and such existing reserves and escrows shall be returned to Seller.
None of the Serviced Loans or Purchased Loans covered by HUD Mortgage Insurance is a loan co-insured by HUD under the National Housing Act.
Notwithstanding the Closing, Buyer shall make good faith efforts to obtain all requisite approvals, consents and authorizations from any necessary party to the HUD Mortgage, or in the alternative, Buyer shall obtain conventional financing to refinance the HUD Mortgage.
This periodic post-sale reporting requirement shall end on the “Post-Sale Reporting Period End Date,” which is the date on which the fourth (4th) Post-Sale Report following the Transfer Date, as set forth in Exhibit J, has been delivered or the date on which each of the HUD Mortgage Loans has been liquidated, whichever occurs first.
Except as set forth on Section 3.13(d) of the Company Disclosure Letter, none of the Serviced Loans or Loans Held for Sale covered by HUD Mortgage Insurance is a loan co-insured by HUD under the National Housing Act.