The Mortgage Note Purchase Agreement is essential when transferring ownership of mortgage obligations in the United States. This document is commonly used when financial institutions want to sell their mortgage portfolios, when investors seek to acquire mortgage assets, or during securitization transactions. The agreement ensures compliance with federal and state regulations while protecting both parties' interests through detailed representations, warranties, and covenants. It addresses crucial aspects such as due diligence requirements, purchase price calculations, transfer mechanics, and ongoing servicing arrangements.
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1. Parties: Identification of buyer and seller of mortgage notes
2. Background: Context of the transaction and nature of mortgage notes being purchased
3. Definitions: Key terms used throughout the agreement
4. Purchase and Sale: Core transaction terms including price and payment mechanisms
5. Representations and Warranties: Statements of fact and assurances from both parties
6. Closing Conditions: Prerequisites for completing the transaction
7. Covenants: Ongoing obligations of the parties
1. Servicing Rights: Terms regarding mortgage servicing rights transfer when included in the transaction
2. Due Diligence: Process for reviewing mortgage notes and related documents, typically used for larger portfolios or complex transactions
3. Repurchase Obligations: Terms for mandatory repurchase of defective notes when buyer requires additional protection
1. Mortgage Note Schedule: Detailed list of mortgage notes being purchased including key terms
2. Due Diligence Checklist: Required documentation and review procedures
3. Form of Assignment: Template for formal assignment of mortgage notes
4. Servicer Information: Details of current and future servicing arrangements
5. Required Consents: List of third-party consents needed for transfer
Relevant legal definitions
Applicable Law
Assignment
Business Day
Closing Date
Cut-off Date
Due Diligence Materials
Effective Date
Eligible Mortgage Note
Encumbrance
Event of Default
Governmental Authority
Interest Rate
Loan Documents
Material Adverse Effect
Mortgage
Mortgage Loan
Mortgage Note
Mortgaged Property
Mortgagor
Note Rate
Outstanding Principal Balance
Purchase Price
Purchased Assets
Purchaser
Related Property
Required Documents
Seller
Servicer
Servicing Agreement
Servicing Rights
Transfer Date
Transfer Documents
UCC
Underlying Documents
Assignment
Business Day
Closing Date
Cut-off Date
Due Diligence Materials
Effective Date
Eligible Mortgage Note
Encumbrance
Event of Default
Governmental Authority
Interest Rate
Loan Documents
Material Adverse Effect
Mortgage
Mortgage Loan
Mortgage Note
Mortgaged Property
Mortgagor
Note Rate
Outstanding Principal Balance
Purchase Price
Purchased Assets
Purchaser
Related Property
Required Documents
Seller
Servicer
Servicing Agreement
Servicing Rights
Transfer Date
Transfer Documents
UCC
Underlying Documents
Clauses
Purchase and Sale
Representations and Warranties
Purchase Price and Payment
Closing Conditions
Due Diligence
Delivery of Documents
Servicing Transfer
Repurchase Obligations
Indemnification
Confidentiality
Assignment and Transfer
Notices
Events of Default
Remedies
Force Majeure
Governing Law
Dispute Resolution
Amendment and Modification
Survival
Severability
Entire Agreement
Counterparts
Further Assurances
Costs and Expenses
Compliance with Laws
Record Retention
Third Party Rights
Waiver
Time of Essence
Set-off Rights
Representations and Warranties
Purchase Price and Payment
Closing Conditions
Due Diligence
Delivery of Documents
Servicing Transfer
Repurchase Obligations
Indemnification
Confidentiality
Assignment and Transfer
Notices
Events of Default
Remedies
Force Majeure
Governing Law
Dispute Resolution
Amendment and Modification
Survival
Severability
Entire Agreement
Counterparts
Further Assurances
Costs and Expenses
Compliance with Laws
Record Retention
Third Party Rights
Waiver
Time of Essence
Set-off Rights
Relevant Industries
Relevant Teams
Relevant Roles
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