View the reissued version of Mortgagee
In reviewing the language contained in the mortgage, the Court found the language to be "clear and unequivocal" when defining MERS as the mortgagee
and agreed with the trial justice's reasoning by finding that "the plaintiffs explicitly granted the statutory power of sale and the right to foreclose to MERS," and therefore that MERS had the "contractual authority to exercise that right.
In order for the first mortgagee
to claim priority over further advances, the subsequent registered mortgagees
must agree in writing to the priority of such advances.
As noted earlier, a mortgage foreclosure is an equitable remedy in which a mortgagee
seeks equitable relief from the court to foreclose the interest of the mortgagor and all subordinate interests to allow the mortgagee
to acquire title to its collateral and pursue a claim for deficiency if one exists.
No individual may be forced by a mortgagee
to contract out of these statutory rights.
What those firewalls and safeguards will ultimately look like will likely be further informed by the rule-making that HUD must undertake as outlined in Mortgagee
If at some future date the mortgagee
decided to sell the property the original 25% tax payer investment or 25% of the selling price (whichever is greater) would become immediately repayable above and beyond any debt owed to the mortgage company, thus ensuring the tax payer's investment is safeguarded against property values declining even further, and enhanced should property values increase in the future.
With these laws in place, the interests of a buyer and mortgagee
bank must be registered with the Dubai Lands Department and will have priority in accordance with the date of such registration," she commented.
Chapters cover the issues surrounding ground leases, the case law that governs them, model ground leases, possible approaches to leasehold mortgagee
protections, model construction and development provisions, model language used in a leasehold mortgage, memoranda of lease, landlord estoppels, and a ground lease review checklist.
In addition, a list of all of the relevant FHA Mortgagee
Letters is available at www.
Zurich North America Financial Enterprises is offering Mortgagee
the current note holder and mortgagee
on 701 acres of the land.