MH Loan definition

MH Loan means MH Paper which satisfies the MH Loan Eligibility Requirements. The term MH Loan includes Land-and-Home Loans. MH Loans are made under MH Contracts or MH Notes.
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MH Loan means a loan originated under an MH Contract, secured by a first lien on the obligor's Manufactured Home, but not by real property.
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MH Loan means fixed-rate Contracts originated or purchased by Origen. Each MH Loan includes, without limitation, all Servicing Rights and Records relating to such MH Loan and all related security interests, the Related Assets, and any and all rights to receive payments thereunder and all other proceeds thereof (including, without limitation, any recourse rights against third persons) from and after the related Purchase Date.
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Examples of MH Loan in a sentence

  • The consolidated principal amount does not exceed the original principal amount of the MH Loan.

  • With respect to any MH Loan bearing a stamp indicating that such MH Loan has been sold to another party, such other party's interest in such MH Loan has been released.

  • With respect to adjustable rate MH Loans, the Loan Interest Rate is adjusted, on each Loan Interest Rate Adjustment Date to equal the Index plus the Gross Margin, subject to the Loan Interest Rate Cap, with interest calculated and payable in arrears, sufficient to amortize the MH Loan fully by the stated maturity date, over an original term of not exceeding the approved term of the Loan under the applicable Underwriting Guidelines.

  • Except in connection with qualified Land-and-Home MH Loans, the related Manufactured Home (i) is personal property and is not considered or classified as part of the real estate on which it is located under the laws of the jurisdiction in which it is located and (ii) was personal property and was not considered or classified as part of the real estate on which it was located under the laws of the jurisdiction in which it was located at the time the related MH Loan was executed by the parties thereto.

  • Immediately prior to the transfer of the MH Loan by the Seller to the Buyer under the terms of this Agreement, the Seller had good and marketable title thereto free and clear of any encumbrance, equity, loan, pledge, charge, claim or security interest and was the sole owner thereof with full right to transfer the MH Loan to the Seller.

  • No MH Loan other than a Land-and-Home Contract has financed any amount in respect of real property.

  • Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds by a party other than the mortgagor, directly or indirectly, for the payment of any amount required under the MH Loan, except for interest accruing from the date of the Note or date of disbursement of the MH Loan proceeds, whichever is greater, to the day which precedes by one month the due date of the first installment of principal and interest.

  • In either case, the Buyer has the same rights as the secured party of record would have (if such secured party were still owner of the MH Loan) against all Persons (including the applicable Seller and any trustee in bankruptcy of the applicable Seller) claiming any interest in such Manufactured Home.

  • The MH Loan represents a "qualified mortgage" within the meaning of Section 860G(a)(3) of the Code.

  • The originator of each MH Loan did not engage in Predatory Lending Practices in connection with the origination of any MH Loan.


More Definitions of MH Loan

MH Loan means MH Paper which complies with the representations and warranties set forth on Schedule 1 to this Repurchase Agreement, which in no event shall include any loan which (a) is subject to Section 226.32 of Regulation Z or any similar state law (relating to high interest rate credit/lending transactions), (b) includes any single premium credit life or accident and health insurance or disability insurance, or (c) contains any term or condition, or involves any loan origination practice, that has been defined as "predatory", "covered" or "threshold" under applicable federal, state or local law, or which has been expressly categorized as an "unfair" or "deceptive" term, condition, or practice in any applicable federal, state or local law dealing with "predatory" or "high cost" lending (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for loans having high interest rates, points and/or fees). MH Loans are made under MH Contracts or MH Notes.
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MH Loan means any manufactured housing installment sales contract or installment loan agreement secured by a unit of manufactured housing and, in certain cases, a Mortgage on real estate on which such manufactured home is situated.
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Related to MH Loan

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Canadian Loan means a Loan made to a Canadian Borrower denominated in Canadian Dollars.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • Collateral Loan means a loan, debt obligation, debt security or participation therein acquired by the Borrower.

  • Permitted Loan means any bona fide loan or other extension of credit entered into by a Series A Preferred Unitholder or any of its Affiliates with one or more financial institutions and secured by a pledge, hypothecation or other grant of security interest in Series A Preferred Units, Series A Conversion Units, Common Units, or other assets.

  • PPP Loan means (i) any covered loan under paragraph (36) of Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act, or (ii) any loan that is an extension or expansion of, or is similar to, any covered loan described in clause (i).

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Sub-loan means a loan made or proposed to be made out of the proceeds of the Loan to a Beneficiary for a Development Project;

  • Total Loans at any time, the aggregate principal amount of the Loans of the Lenders outstanding at such time (after converting the outstanding principal amount of any Loans denominated in the Optional Currency into the Dollar Equivalent thereof at such time).

  • Permitted Loans means:

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • Refinance Loan Any Mortgage Loan the proceeds of which are used to refinance an Original Mortgage Loan.

  • Subsidiary Loan means any loan made pursuant to a Subsidiary Loan Agreement;

  • Borrower Loan means the mortgage loan made by the Governmental Lender to the Borrower pursuant to this Borrower Loan Agreement, in the maximum principal amount of the Borrower Loan Amount, as evidenced by the Borrower Note.

  • CD Loan means a Committed Loan to be made by a Bank as a CD Loan in accordance with the applicable Notice of Committed Borrowing.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Initial Loan is defined in Section 2.1.

  • Original Loan shall have the meaning set forth in the recitals hereto.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Permitted Advance means an advance of funds by the Assuming Bank with respect to a Shared-Loss Loan, or the making of a legally binding commitment by the Assuming Bank to advance funds with respect to a Shared-Loss Loan, that (i) in the case of such an advance, is actually made, and, in the case of such a commitment, is made and all of the proceeds thereof actually advanced, within one (1) year after the Commencement Date, (ii) does not cause the sum of (A) the book value of such Shared-Loss Loan as reflected on the Accounting Records of the Assuming Bank after any such advance has been made by the Assuming Bank plus (B) the unfunded amount of any such commitment made by the Assuming Bank related thereto, to exceed 110% of the Book Value of such Shared-Loss Loan, (iii) is not made with respect to a Shared-Loss Loan with respect to which (A) there exists a related Shared-Loss Loan Commitment or (B) the Assuming Bank has taken a Charge-Off and (iv) is made in good faith, is supported at the time it is made by documentation in the Credit Files and conforms to and is in accordance with the applicable requirements set forth in Article III of this Commercial Shared- Loss Agreement and with the then effective written internal credit policy guidelines of the Assuming Bank; provided, that the limitations in subparagraphs (i), (ii) and (iii) of this definition shall not apply to any such action (other than to an advance or commitment related to the remediation, storage or final disposal of any hazardous or toxic substance, pollutant or contaminant) that is taken by Assuming Bank in its reasonable discretion to preserve or secure the value of the collateral for such Shared-Loss Loan.