MH Contract definition

MH Contract means the installment loan agreement or retail installment sales contract executed by an Obligor evidencing indebtedness in connection with the financing of a Manufactured Home.
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MH Contract or “MH Contracts” means the promissory note, installment loan agreement and/or installment sales contract, which evidence the loans described on the Data Tape (together with all security interests, collateral securing such loans, and other items described in Section 2.01(b) below).
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MH Contract refers to a first lien manufactured housing conditional sales contract, including any Land-and-Home Contract and Chattel Paper, the ownership of which is evidenced by a Trust Receipt.
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Examples of MH Contract in a sentence

  • In connection with the assignment, transfer or conveyance of any individual Loan or MH Contract, the Note and other Loan Documents do not contain any provision limiting the right or ability of the applicable Qualified Originator to assign, transfer and convey the to any other person or entity.

  • Except with respect to the State of Colorado, or as otherwise notified to Buyer in writing, there is only one original executed Dealer Financing Agreement or MH Contract, which original Dealer Financing Agreement or MH Contract (or copy thereof accompanied by a lost Dealer Financing Agreement or MH Contract affidavit) has been delivered to the Custodian as part of the Loan File for such MH Loan on or before the Purchase Date.

  • In the event that Principals pay Purchaser Indemnified Parties for a claim under this Section 7 and such claim solely relates to the complete loss of a Manufactured Home or MH Contract existing as of the Closing, Purchaser shall cause Company to assign such Manufactured Home or MH Contract to Principals (or their designee), without any recourse or warranty whatsoever.

  • Conseco Finance has assigned all of its right, title and interest in such MH Contract and related mortgage, including the security interest in the manufactured home covered thereby, to the Custodian.

  • Borrower shall execute or cause to be executed only one original MH Contract on the Approved Contract Form.

  • Notwithstanding the foregoing, no such action set forth in instruments or documents identified on the attached Exhibit B (i) waives or otherwise adversely affects the regularly scheduled payments due under such MH Contract, (ii) adversely affects the ability of the holder of such MH Contract to realize upon the collateral securing such MH Contract, or (iii) adversely affects, contravenes or nullifies any representation or warranty made by the Principals pursuant to this Agreement.

  • Without limiting the foregoing, no MH Contract was in violation of the Home Ownership and Equity Protection Act of 1994 or any comparable state Law as of the date of its origination.

  • Each Manufactured Home securing an MH Contract is covered by a Hazard Insurance Policy naming Company as a loss payee for an amount equal to not less than the unpaid principal balance of the related MH Contract or the fair market value of the Manufactured Home, whichever is greater.

  • For any Home, Lease, and/or MH Contract securing the Loan that becomes Ineligible Collateral, Borrower shall promptly pay Lender that portion of the unpaid balance of the Note allocated to such Home, Lease and/or MH Contract as shown on Lender’s records and any unpaid interest due thereon, plus Lender’s reasonable fees and expenses incurred in connection with the transaction, including attorney’s fees (“Ineligible Collateral Payment”).

  • The Custodian has and will have a valid and perfected and enforceable first priority security interest in such MH Contract.