Split Mortgage Loan definition
Examples of Split Mortgage Loan in a sentence
To the extent that the Mortgage File for a Split Mortgage Loan relates to the related Companion Loan, the Trustee shall also hold such Mortgage File in trust for the use and benefit of the related Companion Loan Noteholder.
For purposes of the preceding sentence Appraisal Reduction Amounts with respect to a Loan Pair (including the Oakmonte Apartment Homes Whole Loan) shall be applied first to the related Companion Loan and then to the related Split Mortgage Loan.
Any transfer of Mortgage Loans or the Oakmonte Junior Portion, except in the case of the Split Mortgage Loans, pursuant to this paragraph shall be on a servicing-released basis; and, if any Mortgage Loan purchased pursuant to this Section 9.01 is a Split Mortgage Loan, the release, endorsement or assignment of the documents constituting the related Mortgage File and Servicing File shall be in the manner contemplated by Section 3.25 hereof.
Any transfer of the Mortgage Loans, except in the case of Split Mortgage Loans (other than the Oakmonte Senior Portion), pursuant to this paragraph shall be on a servicing-released basis; and, if any Mortgage Loan (other than the Oakmonte Senior Portion) purchased pursuant to this Section 9.01 is a Split Mortgage Loan, the release, endorsement or assignment of the documents constituting the related Mortgage File and Servicing File shall be in the manner contemplated by Section 3.25.
If a Mortgage Loan becomes a Split Mortgage Loan or a Modified Mortgage Loan such Mortgage Loan (including both the Main Mortgage Account and Warehoused Mortgage Account parts) shall remain in the Mortgage Portfolio.