Assumability. Either (i) the Mortgage Loan Documents provide that a related Mortgage Loan may only be assumed if the party assuming such Mortgage Loan meets certain credit requirements stated in such documents, or (ii) the Mortgage Note with respect to such Mortgage Loan contains a "due-on-sale" provision which prevents the assumption of the Mortgage Loan by a proposed transferee and accelerates the payment of the outstanding principal balance of such Mortgage Loan;
Appears in 2 contracts
Sources: Residential Mortgage Loan Purchase and Warranties Agreement (Peoples Preferred Capital Corp), Residential Mortgage Loan Purchase and Warranties Agreement (Peoples Preferred Capital Corp)
Assumability. Either (i) the The Mortgage Loan Documents provide that a related Mortgage Loan may only be assumed if the party assuming such Mortgage Loan meets certain credit requirements stated in such documents, or (ii) the Mortgage Note Loan Documents, except that with respect to such Mortgage Loan contains a "due-on-sale" provision which prevents Loans underwritten in accordance with the assumption underwriting guidelines of Seller, the Mortgage Loan by a proposed transferee and accelerates the payment of the outstanding principal balance of Documents relating to such Mortgage LoanLoans do not preclude assumability;
Appears in 2 contracts
Sources: Mortgage Loan Purchase Agreement (Chevy Chase Preferred Capital Corp), Mortgage Loan Purchase Agreement (Chevy Chase Preferred Capital Corp)