Commitment and Undertaking

noun

• The trait of sincere and steadfast fixity of purpose.
  • usage: "a man of energy and commitment"
  • synonyms: committedness
• The act of binding yourself (intellectually or emotionally) to a course of action.
  • usage: "his long commitment to public service"; "they felt no loyalty to a losing team"
  • synonyms: allegiance, loyalty, dedication
• An engagement by contract involving financial obligation.
  • usage: "his business commitments took him to London"
• A message that makes a pledge.
  • synonyms: dedication
• The official act of consigning a person to confinement (as in a prison or mental hospital. ).
  • synonyms: committal, consignment

• (n.) The act of referring or intrusting to a committee for consideration and report; as, the commitment of a petition or a bill.
• (n.) The act of committing or putting in charge, keeping or trust; consignment; especially, the act of committing to prison.
• (n.) A doing or perpetration, in a bad sense, as of a crime or blunder; commission.
• (n.) A warrant or order for the imprisonment of a person; -- more frequently termed a mittimus.
• (n.) The act of pledging or engaging; the act of exposing, endangering or compromising; also, the state of being pledged or engaged.

Commitment is a promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A promise by an investor to purchase mortgages from a lender with specific terms or conditions. An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to the completion of paper work or compliance with stated conditions.

noun

• Any piece of work that is undertaken or attempted.
  • usage: "he prepared for great undertakings"
  • synonyms: project, task, labor
• The trade of a funeral director.

verb

• Enter upon an activity or enterprise.
  • synonyms: undertake, set about, attempt
• Accept as a challenge.
  • usage: "I'll tackle this difficult task"
  • synonyms: undertake, tackle, take on
• Promise to do or accomplish.
  • usage: "guarantee to free the prisoners"
  • synonyms: undertake, guarantee
• Enter into a contractual arrangement.
  • synonyms: contract, undertake
• Accept as a charge.
  • synonyms: undertake, take in charge

• (n.) That which is undertaken; any business, work or project which a person engages in or attempts to perform; an enterprise.
• (p.pr.&vb.n.) of Undertake.
• (n.) Specifically, the business of an undertaker or the management of funerals.
• (n.) A promise or pledge; a guarantee.
• (n.) The act of one who undertakes or engages in, any project or business.

This is a promise by a Lawyer to ensure that certain conditions (usually of the lender) are met (usually after closing, due to time constraints). The best example is the' Undertaking' to register a discharge of an old first mortgage after the new one has been registered, because there is simply not enough time to do so at closing. It also governs such closing dynamics as releasing funds before a new mortgage document is officially registered.