Nature of Property Sample Clauses
The "Nature of Property" clause defines the specific characteristics and legal status of the property involved in the agreement. It typically clarifies whether the property is real or personal, tangible or intangible, and may describe its current condition, permitted uses, or any relevant encumbrances. By clearly outlining these details, the clause ensures both parties have a mutual understanding of what is being transferred or dealt with, thereby reducing the risk of disputes over the property's identity or condition.
Nature of Property. Each Mortgaged Property consists of a single parcel of residential real property, separately assessed for tax purposes, owned by the related Obligor in fee simple absolute and is improved by a one-to-four-family residential dwelling, which does not include condominiums, cooperatives, units in a planned urban development, town houses, or mobile homes and does not constitute other than real property under the state law. No Mortgage Property is a manufactured housing unit, as defined in the Fannie Mae/Freddie Mac Seller-Servicer's Guide;
Nature of Property. Each Mortgaged Property consists of a single parcel of residential real property, separately assessed for tax purposes, owned by the related Obligor in fee simple absolute and is improved by a one-to-four-family residential dwelling, which does not include cooperatives. No more than 3.53% of the Cut-Off Date Aggregate Pool Principal Balance is secured by Mortgaged Properties that are condominiums, townhouses or planned unit developments. No more than 0.61% of the Cut-Off Date Aggregate Pool Principal Balance is secured by Mortgaged Properties that are manufactured housing or mobile homes;
Nature of Property. Each Property to be Acquired on such Property Closing Date is located in the continental United States and consists of (i) Land on which a Development Project is to be performed pursuant to the Agency Agreement or (ii) a Facility on such Land.