Subject Mortgage Loan definition

Subject Mortgage Loan means a Mortgage Loan listed on Exhibit A to this Agreement.
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Subject Mortgage Loan. Any Mortgage Loan that comes into and continues in default and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to Section 3.07.
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Subject Mortgage Loan means a Mortgage Loan listed on Exhibit A to this Agreement.Section 2. Termination. DBSP hereby terminates the GMAC Servicing Agreement, pursuant to Section 6.01(b) thereof, with respect to the Subject Mortgage Loans, effective as of the Termination Effective Date. DBSP and GMAC hereby agree that the terms of Section 6.01(b) shall apply to the termination of the GMAC Servicing Agreement with respect to the Subject Mortgage Loans; provided that such Section, as it applies to such termination, is hereby modified by deleting the phrase “and Termination Fee” from the third and fourth sentences. Section 3. Costs. Each party will pay all costs and expenses incurred by it in connection with the negotiation and execution and delivery of this Agreement, including, without, limitation the fees, costs and expenses of its counsel.Section 4. Governing law. This instrument shall be governed by, and construed in accordance with, the laws of the State of New York, without reference to its conflict of laws provisions (other than Section 5-1401 of the New York General Obligations Law), and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.Section 5. Counterparts. This Agreement may be executed in separate counterparts, each of which when so executed and delivered shall be an original for all purposes, but all such counterparts shall constitute but one and the same instrument.Section 6. Amendments. No term or provision of this Agreement may be waived or modified unless such waiver or modification is in writing and signed by the party against whom such waiver or modification is sought to be enforced.Section 7. Effectiveness. This Agreement shall become effective on the Termination Effective Date after it has been duly executed and delivered by the parties hereto. This Agreement shall bind and inure to the benefit of the successors and assigns of the parties hereto.[Signature Page Follows] IN WITNESS WHEREOF, the parties hereto have each caused this Agreement to be duly executed as of the day and year first above written. DB STRUCTURED PRODUCTS, INC.,Seller By: /s/ Ernest Calabrese Its: DirectorBy: /s/ Rika Yano Its: Vice PresidentGMAC MORTGAGE, LLCServicer By: /s/ Wesley B. Howland Its: Vice President [Signature Page to Deboarding Agreement] Exhibit A Subject Mortgage Loans [ON FILE WITH DBSP]TERMINATION AGREEMENT This TERMINATION AGREEMENT (this “Agreement”), dated as of June 1, 2007, is by and between DB Structure...
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Examples of Subject Mortgage Loan in a sentence

  • The undersigned Option Holder acknowledges and agrees that its exercise of its Purchase Option Notice may not be revoked and that the undersigned Option Holder, or its designee, shall be obligated to close its purchase of the Subject Mortgage Loan in accordance with the terms and conditions of this letter and Section 3.18 of the Pooling and Servicing Agreement.

  • Interpersonal Skills A significant level of trust and diplomacy is required, in addition to normal courtesy and tact.

  • Within ten (10) Business Days of the date hereof, [the undersigned Option Holder] [______________, an Affiliate of the undersigned Option Holder] will deliver the Option Price to or at the direction of the Special Servicer in exchange for the release of the Subject Mortgage Loan and delivery of the related Mortgage File.

  • Any foreclosure that has been initiated may be discontinued if the Subject Mortgage Loan has been brought current (including the payment to the Collateral Account of all related Payment Advances and Servicing Advances) or if a refinancing or prepayment occurs pursuant to which the Subject Mortgage Loan is brought current (including the payment of all related Payment Advances and Servicing Advances), without notice to the Directing Holder.

  • Except as set forth above, this Article IX of this Agreement and the respective rights, obligations and responsibilities of the Directing Holder and the Master Servicer hereunder shall terminate and be of no further force and effect upon the final liquidation of the last Subject Mortgage Loan as to which the Directing Holder made any Election to Delay Foreclosure or any Election to Foreclose and the withdrawal of all remaining amounts in the Collateral Account as provided herein.

  • Any foreclosure that has been initiated may be discontinued if the Subject Mortgage Loan has been brought current (including the payment to the Collateral Account of all related P&I Advances and Servicing Advances) or if a refinancing or prepayment occurs pursuant to which the Subject Mortgage Loan is brought current (including the payment of all related P&I Advances and Servicing Advances), without notice to the Directing Holder.

  • The table below identifies more particularly the Data Tape used in our review for each Subject Mortgage Loan (the “Identified Data Tape”), using your internal loan identification number as set forth in the relevant Data Tape:Loan ID Nos.

  • Except as set forth above, this Article VII of this Agreement and the respective rights, obligations and responsibilities of the Directing Holder and the Servicer hereunder shall terminate and be of no further force and effect upon the final liquidation of the last Subject Mortgage Loan as to which the Directing Holder made any Election to Delay Foreclosure or any Election to Foreclose and the withdrawal of all remaining amounts in the Collateral Account as provided herein.

  • Upon discovery of any Defect (as defined herein) in a Mortgage File related to a Subject Mortgage Loan, Depositor or its assignee shall promptly notify Seller in writing of such Defect and request that Seller cure such Defect within 90 days from the date Seller was notified of such Defect; provided, however, that if such Defect would cause such Mortgage Loan to be other than a "qualified mortgage" under Section 860G(a)(3) of the Code, then such cure shall be within 90 days of discovery of such Defect.

  • If and when any such Subject Mortgage Loan is brought current by the Mortgagor (including the payment to the Collateral Account of all related Payment Advances and Servicing Advances), all amounts remaining in the Collateral Account in respect of such Subject Mortgage Loan (after adjustment for all withdrawals and deposits pursuant to this subsection) shall be released to the Directing Holder.


More Definitions of Subject Mortgage Loan

Subject Mortgage Loan means, individually and collectively, as the context may require, each (i) Purchased Mortgage Loan and (ii) Underlying Mortgage Loan. “Subordinated Debt” shall mean, as of the date of determination thereof, all indebtedness which has been subordinated in writing to the obligations owing to Buyer on terms and conditions acceptable to Buyer. “Subservicer” shall mean any Person that services Mortgage Loans on behalf of the Seller or any Servicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Seller under this Agreement that are identified in Item 1122(d) of Regulation AB. As of the date hereof, the only Subservicer shall be Compu-Link Corporation, dba Celink. “Subservicer Notice” shall mean the notice acknowledged by Subservicer and substantially in the form of Exhibit I hereto. “Subservicing Agreement” shall mean the written contract between Master Servicer or any Servicer, and Subservicer relating to servicing and administration of certain Purchased Mortgage Loans, as modified by the Subservicer Notice.
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Related to Subject Mortgage Loan

  • ARM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.