Qualifying Mortgage Loan

Qualifying Mortgage Loan. Shall mean a Mortgage Loan, which meets the criteria of Section 4(a) hereof, is approved by Lender for inclusion in the Borrowing Base and with respect to which each and all of the following conditions and requirements have been met as evidenced by written certification delivered by Borrower to Lender: (a) Lender shall have received the Mortgage Loan Qualification Documents. (b) Lender shall have received the Mortgage Loan Collateral Documents, all of which remain in... full force and effect. (c) Each of the Mortgage Loan Documents evidencing, securing or otherwise relating to the Mortgage Loan shall have been executed by the Mortgage Loan Obligor and shall be legal, valid, and binding on and enforceable against the Mortgage Loan Obligor. (d) The making of such Mortgage Loan by Borrower was in all material respects in compliance with and was not in violation of Borrower's standard underwriting guidelines and criteria, as approved by Lender, and any applicable law. (e) Based on the Appraised Value of the Mortgage Loan Collateral for such Mortgage Loan, the loan to value ratio of such Mortgage Loan shall not be greater than seventy-five percent (75%) and the Mortgage Loan Collateral shall not have any material title, survey, environmental, entitlement/zoning issues or other defects. -6- (f) The Mortgage Loan is a Performing Mortgage Loan. (g) The representations and warranties in Section 6.24 shall be true and correct with respect to such Mortgage Loan. (h) The Mortgage Loan Documents shall be free and clear of all liens. View More