Mortgage Reserve Fund definition

Mortgage Reserve Fund or “MRF” means a trust account, or an account held by the Lender, for and on behalf of the Borrower, to which the Borrower contributes and from which withdrawals must be approved by HUD. The purpose of the fund, includes, but is not limited to, providing HUD a means to assist the Hospital to avoid mortgage defaults and to preserve the value of the Mortgaged Property and the Hospital’s business.
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Mortgage Reserve Fund means the Fund so designated which is established and created by the 1976 General Resolution.
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Examples of Mortgage Reserve Fund in a sentence

  • The Commissioner may also require financial and oper- ational information on the parent, other businesses owned by the parent, or affiliates of the proposed mortgagor and may also require a parent or affil- iate to be regulated by HUD as to cer- tain actions that could impact on the insurance of a mortgage loan for the benefit of the hospital.§ 242.14 Mortgage reserve fund.As a condition of issuing a commit- ment, HUD shall require establishment of a Mortgage Reserve Fund (MRF).

  • There is established within the Mortgage Reserve Fund, an account designated as such for each series of the Series Bonds.

  • Lender certifies to HUD that all funds, escrows, accounts, reserves, and deposits specified in this Request and any and all other funds held by or at the order of Lender in connection with the Loan transaction covered by this Request shall be funds held pursuant to Program Obligations and any applicable escrow agreements or Mortgage Reserve Fund Agreement, if applicable.

  • Upon issuance, sale and delivery of the Series Bonds, there shall be deposited in the appropriate Account(s) for the Series Bonds in the Capital Reserve Fund or the Mortgage Reserve Fund, as the case may be, from the sources, or by transfer from other Accounts therein, the amounts, as directed in an Officer’s Certificate delivered upon the Issue Date, which is equal to the Capital Reserve Requirement and the Mortgage Reserve Requirement for such Series Bonds.

  • Borrower grants to Lender a first-priority perfected security interest in Borrower’s interest in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Reserve Fund as additional security for payment of the Debt to the extent Borrower has an interest in same.

  • The loan agreement states that there is a $1,115,424 Mortgage Reserve Fund Requirement that must be met by the end of year 10.

  • Campos’s celebration of urban environments and toxic refreshment is more complex than it may appear.

  • Borrower grants to Lender a security interest in Borrower’s interest (if any) in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Reserve Fund as security for payment of the Debt to the extent Borrower has an interest in the same.

  • The Debtor was required to establish a Mortgage Reserve Fund (the “ MRF”) with the Trustee.

  • While Comdata has grown rapidly, HR Solutions has reported only tepid growth in recent periods.

Related to Mortgage Reserve Fund

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Reserve Funds means the Tax and Insurance Reserve Funds, the FF&E Reserve Funds, the Required Repair Funds, the PIP Reserve Funds, the Excess Cash Reserve Funds or any other escrow funds established by the Loan Documents.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Interest Reserve Account As defined in Section 3.4(d).

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • Carryover Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 4.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered holders of CWABS, Inc., Asset-Backed Certificates, Series 2001-3". Funds in the Carryover Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Debt Service Reserve Account shall have the meaning assigned to such term in the Depositary Agreement.

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Securities Administrator pursuant to Sections 3.07(b) and 3.07(c) in the name of the Securities Administrator for the benefit of the Regular Certificateholders and designated "Wells Fargo Bank, National Association in trust for registered Holders xx Xxrgan Stanley Capital I Inc. Trust 2006-HE2, Mortgage Pass-Through Cerxxxxxxtxx, Xxxies 2006-HE2." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-22". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Loss of Value Reserve Fund The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) designated as such pursuant to Section 3.05(g) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust Fund but not part of the Grantor Trust or any Trust REMIC.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Mortgage Interest Rate For any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage Loan pursuant to the terms of the related Mortgage Note.

  • Interest Reserve Amount has the meaning set forth in Section 5.1(d).

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Available Reserve Account Amount means, with respect to any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (after taking into account any interest and earnings retained in the Reserve Account pursuant to subsection 4.15(b) on such date, but before giving effect to any deposit made or to be made pursuant to subsection 4.11(i) to the Reserve Account on such date) and (b) the Required Reserve Account Amount.