1981-040 CRA - Laserfiche WebLink

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. . . . . Maximum Annual Debt Service means the largest amount of Debt Service for the t.otal principal amount of the Outstanding B.onds except the final maturity. Mortgage means a deed .of trust .or other instrument which constitutes a first deed of trust and lien in the State .on real pr.operty and improvements thereon, together with a promiss.ory n.ote, the holder .of which is either the Agency, the Trustee .or a Mortgage Lender, and the debt of which is secured by real property located as required in the Act and improved or to be improved by a Residence. Mortgage Insurance or Private Mortgage Insurance means insurance issued by a Mortgage Insurer under which the Mortgage Insurer, upon foreclosure or other recovery proceedings and conveyance of a marketable title to the mortgaged property, must pay a claim including unpaid principal, accrued interest and expenses .of foreclosure or other recovery proceedings or in lieu there.of may permit the mortgagee .or its assignee to retain title and may pay an agreed percentage of the claim. In order to qualify as Private Mortgage Insurance, the amount thereof must be at least equal to the percentage of the initial principal amount of the Mortgage L.oan shown on the f.oll.owing schedule: Ratio of M.ortgage Loan To Fair Market Value .. Insurance Coverage In excess .of 90%, In excess of 85%, In excess .of 80%, In excess of 75%, In excess of 70%, In excess of 60%, 60% or less but not exceeding 95% but not exceeding 90% but not exceeding 85% but not exceeding 80% but not exceedin9 75% but not exceedin9 70% 40% 35% 30% 25% 20% 15% 5% Mortgage Insurer means Verex Assurance, Inc., or any person, approved by the Agency, (i) licensed to insure mortgages in the State (ii) qualified to provide insurance on mortgages purchased by FNMA or FHLMC and (iii) recognized by Standard & Poor's Corporati.on as a mortgage insurer whose insurance p.olicy may elevate the credit rating of securities secured by a pool of conventional single-family mortgages to "AA". Mortgage Loan means an interest-bearing obligation made for the purpose of financing the acquisition of a Residence, secured by a Mortgage, the payment of which shall be insured, in part, by M.ortgage Insurance. Mortgage Loan Participation means the Agency's undivided ninety percent (90%) interest in the Mortgage Loan Pool, as evidenced by a Participation Certificate, all as provided for in the Mortgage Loan Participation Purchase and Servicing Agreement. Mortgage Loan Participation Purchase and Servicing Agreement means an agreement so designated by and among the Agency, the Trustee and the lender 8