Owner-Occupant

Owner-Occupant

An Owner-Occupant is an individual who meets all of the following requirements: Resides in the Mortgaged Premises, using it as a Primary Residence Is listed as an owner of record (by deed or for a Cooperative Share Loan, on the Cooperative Share ownership documentation) Has executed the Note and the Security Instrument For a Land Trust Mortgage, a beneficiary of a Land Trust is deemed to be an Owner-Occupant if all of the following requirements are met: The beneficiary is an individual who resides in the Mortgaged Premises, using it as a Primary Residence The beneficiary has executed the Note The Land Trust is listed as an owner of record (by deed) The trustee of the Land Trust has executed the Security Instrument For purposes of this definition, if a Borrower is a Living Trust that is listed as an owner of record (by deed), then an Underwritten Settlor of that Living Trust who resides in the Mortgaged Premises, using it as a Primary Residence, and who has executed the Note and acknowledged the Security Instrument, is deemed to be an Owner-Occupant.