Modification or Subordination of Mortgage Sample Clauses

The Modification or Subordination of Mortgage clause establishes the conditions under which the terms of an existing mortgage can be changed or its priority can be altered relative to other liens. In practice, this clause allows the lender and borrower to agree to modify aspects such as interest rates, payment schedules, or other key terms, or to subordinate the mortgage to a new loan, making the new loan take precedence in case of default. Its core function is to provide flexibility for both parties to adapt to changing financial circumstances or to facilitate refinancing, while clearly outlining the process and consent required to avoid disputes over lien priority or mortgage terms.
Modification or Subordination of Mortgage. Except and only to the extent as expressly consented to by the Bank in a writing signed and delivered by the Bank, the PFI has not done, and in the case of any Acquired Mortgage, no prior servicer or holder of any interest in such Mortgage has done, any of the following, except as may be necessary to reform the Mortgage documents for the purpose of correcting or conforming such Mortgage documents to accurately reflect the Mortgage transaction: (1) materially modified or waived any provision of the Mortgage; (2) satisfied or canceled the Mortgage in whole or in part; (3) subordinated the Mortgage in whole or in part; (4) released the Property in whole or in part from the Mortgage lien; or (5) signed any release, cancellation, modification or satisfaction of the Mortgage.
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Modification or Subordination of Mortgage. The Lender has not done any of the following: • materially modified the mortgage; • satisfied or canceled the mortgage in whole or in part; • subordinated the mortgage in whole or in part, unless it is represented to us as a second mortgage; • released the property in whole or in part from the mortgage lien; or • signed any release, cancellation, modification, or satisfaction of the mortgage. This warranty is not made if any of the things just mentioned have been done but have been expressly brought to our attention in a letter before we make payment to the Lender. The letter must be acknowledged by us in writing. 12/01
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Modification or Subordination of Mortgage. The Originator has not done, and in the case of any Mortgage which the Originator purchased, no prior holder of any interest in such Mortgage has done, any of the following, except as may be necessary to reform the Mortgage documents for the purpose of correcting or conforming such Mortgage documents to accurately reflect the Mortgage transaction: (1) materially modified or waived any provision of the Mortgage; (2) satisfied or canceled the Mortgage in whole or in part; (3) subordinated the Mortgage in whole or in part; (4) released the Property in whole or in part from the Mortgage lien; or (5) signed any release, cancellation, modification or satisfaction of the Mortgage. The warranty set forth in this subsection (h) is not made to the extent that any of the actions or occurrences set forth above have been done and have been expressly consented to by the Bank in a writing signed and delivered by the Bank prior to the Bank’s purchase of the Mortgage.
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Modification or Subordination of Mortgage. The Lender has not done any of the following: - materially modified the mortgage; - satisfied or cancelled the mortgage in whole or in part; - subordinated the mortgage in whole or in part, unless it is represented to us as a second mortgage; - released the property in whole or in part from the mortgage lien; or - signed any release, cancellation, modification or satisfaction of the mortgage. This warranty is not made if any of the things just mentioned have been done but have been expressly brought to our attention in a letter before we make payment to the Lender. The letter must be acknowledged by us in writing. --------------------- Page 5 of 22 --------------------- 06/96 --------------------- 12 ------------------------ SALE OF MORTGAGES AND PARTICIPATION INTERESTS LENDER'S WARRANTIES ------------------------ CONTRACT
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Related to Modification or Subordination of Mortgage

  • Trustee to Effectuate Subordination Each Holder of a Security by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes.

  • No Satisfaction of Mortgage The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, subordination or rescission. The Seller has not waived the performance by the Mortgagor of any action, if the Mortgagor's failure to perform such action would cause the Mortgage Loan to be in default, nor has the Seller waived any default resulting from any action or inaction by the Mortgagor;

  • MODIFICATION OF NOTE 3.1 From and after the Effective Date, the provision in the Note captioned "Promise to Pay" is hereby amended as follows: The date on which the entire balance of unpaid principal plus accrued interest shall be due and payable immediately is hereby changed from March 31, 2010 to March 31, 2012. 3.2 Each of the Related Documents is modified to provide that it shall be a default or an event of default thereunder if the Borrower shall fail to comply with any of the covenants of the Borrower herein or if any representation or warranty by the Borrower herein or by any guarantor in any Related Documents is materially incomplete, incorrect, or misleading as of the date hereof. As used in this agreement, the "Related Documents" shall include the Note and all applications for letters of credit, loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, or any other instrument or document executed in connection with the Note or in connection with any other obligations of the Borrower to the Bank. 3.3 Each reference in the Related Documents to any of the Related Documents shall be a reference to such document as modified by this agreement.

  • SUBORDINATION OF AGREEMENT 18.1 The parties hereto and the employees of the City are governed by the provisions of applicable Federal Law, State Law, and the City Charter. When any provisions thereof are in conflict with the provisions of this Agreement, the provisions of said Federal Law, State Law, or City Charter are paramount and shall prevail. 18.2 The parties hereto and the employees of the City are governed by applicable City Ordinances and said Ordinances are paramount except where they conflict with the express provisions of this Agreement.

  • Collection of Mortgage Loan Payments Continuously from the Closing Date or Servicing Transfer Date, as applicable, until the date each Mortgage Loan ceases to be subject to this Agreement, the Servicer shall proceed diligently to collect all payments due under each of the Mortgage Loans when the same shall become due and payable and shall take special care in ascertaining and estimating Escrow Payments and all other charges that will become due and payable with respect to the Mortgage Loans and each related Mortgaged Property, to the end that the installments payable by the Mortgagors will be sufficient to pay such charges as and when they become due and payable.