Examples of First Lien Mortgage Loan in a sentence
Each First Lien Mortgage Loan is a valid, subsisting and enforceable First Lien on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing.
In connection with its activities as servicer, the Company agrees to prepare and present, on behalf of itself and the Purchaser, claims to the insurer under any PMI Policy in a timely fashion in accordance with the terms of such PMI Policy and, in this regard, to take such action <PAGE> as shall be necessary to permit recovery under any PMI Policy respecting a defaulted First Lien Mortgage Loan.
Except as set forth on the respective Mortgage Loan Schedule, with respect to each First Lien Mortgage Loan with an LTV of greater than 80% at the time of origination, the Company shall, without any cost to the Purchaser, maintain or cause the Mortgagor to maintain in full force and effect a PMI Policy insuring that portion of the Mortgage Loan over 78% of value until terminated pursuant to the Homeowners Protection Act of 1998, 12 USC Section 4901, et seq.
Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, existing and enforceable First Lien and first priority security interest with respect to each Mortgage Loan which is indicated by the Seller to be a First Lien Mortgage Loan on the property described therein and the Seller has full right to sell and assign the same to Company.
On December 23, 2008, as instructed, Schneider obtained a cashier’s check payable to Chase in the amount of $200,000 for payment in full for the Non-Performing Closed end First Lien Mortgage Loan Portfolio.