(t) Occupancy of one’s Mortgaged Assets. At origination and, to the best of the Seller’s knowledge, as of the related Closing Date, the Mortgaged Property is lawfully occupied in accordance with the related Mortgage and under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and, if applicable, fire underwriting certificates, have been made or obtained from the appropriate authorities. Seller has not received notification from any Governmental Entity that the Mortgaged Property is in material non-compliance with such laws or regulations, is being used, operated or occupied unlawfully or has failed to have or obtain such inspection, licenses or certificates, as the case may be. Seller has not received notice of any violation or failure to conform with any such law, ordinance, regulation, standard, license or certificate.
The credit Agreement isnt features maybe not become secure by one collateral but the brand new lien of relevant Home loan and also the protection attract of every appropriate coverage contract otherwise chattel mortgage introduced in order to in the term (i) a lot more than
(v) Deeds out of Faith. In the event the Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will become payable by the mortgagee or the trust to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor.
(w) Import out-of HELOCs. Except with respect to HELOCs registered bad credit personal loans Pennsylvania with MERS, the Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.
(x) Due-On-Product sales. The Mortgage contains an enforceable provision, to the extent not prohibited by applicable law as of the date of such Mortgage, for the acceleration of the payment of the unpaid principal balance of the HELOC in the event that the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder.
(y) Zero Buydown Terms; No Graduated Payments otherwise Contingent Welfare. The HELOC does not contain provisions pursuant to which Monthly Payments are paid or partially paid with funds deposited in any separate account established by Seller, the Mortgagor, or anyone on behalf of the Mortgagor, or paid by any source other than the Mortgagor nor does it contain any other similar provisions which may constitute a buydown provision. The HELOC is not a graduated payment mortgage loan and the HELOC does not have a shared appreciation or other contingent interest feature.
(z) Consolidation of Draws. Any Draws made prior to the related Closing Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term.
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(aa) No Condemnation Continuing. There have not been any proceedings pending and, to the best of the Seller’s knowledge, threatened for the total or partial condemnation of the Mortgaged Property.
(bb) Origination; Collection Techniques; Escrow Dumps; Interest rate Alterations. The origination and collection practices used with respect to the HELOC have been in all respects in compliance with Accepted Servicing Practices, applicable laws and regulations, and have been in all respects legal and proper. With respect to escrow deposits and Escrow Payments, all such payments are in the possession of, or under the control of, Seller and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. All Escrow Payments have been collected in full compliance with applicable state and federal law.
